The popular crypto ranking Coinmarketcap offers digital assets existing in the market that can be placed according to their market cap and price and includes their charts and essential indicators. One of the top ten best crypto assets is XRP. It ranks 7th and has a market cap indicator of over $17 billion. The XRP price is low compared to other leading digital coins, $0.34. What is Ripple, and how is it used? Let’s answer these questions in this article.
Ripple XRP Cryptocurrency – Essence and Applications
Ripple Labs is a company that started to work on the creation of speedy and cheap money transfers even before the crypto market started to grow and develop. The company released its own crypto – XRP, which directly participates in currency conversion and transfers on the Ripple network. The platform initially aimed at financial corporations and banks to make their work with clients easier, providing speedy and cheap currency conversion and transfer services across borders. Thus, Ripple rivals the popular SWIFT system for it offers the bowling benefits:
- 1500 transactions per second;
- no intermediaries;
- no bureaucracy;
- low commissions – $0.0002 per transaction.
The network is already integrated into over 100 financial institutions worldwide. It aims to capture the bank’s service and improve its work.
The Ripple network is also used by individuals who just want to avoid lengthy and expensive bank services on currency conversion and transfers to other states and businesses.
Ripple offers transparent and cost-efficient solutions for enterprises competing with traditional banks’ services, meaning the Ripple network is much more attractive for businesses than traditional financial companies.
Businessmen use the network to get a wider audience, attract new clients, facilitate money transactions, and thus, receive more profit.
Here are the key solutions for enterprises:
- Payments are delivered to any point in the globe in real-time.
- Crypto liquidity is accessed to power money transactions, payments and treasury functions.
- Tokenize value by implementing a secure and sustainable bank currency that complies with the central bank’s standards.
Crypto is able to drive business, enterprises and innovations, expanding their transparency, scalability and sustainability and allowing them to generate more income. Read the Ripple reviews from business people and buy the crypto asset on the WhiteBIT exchange.