XRP is a cryptocurrency that's part of Ripple, a privately held company that is building a payment and exchange network. Ripple’s main purpose is to connect banks, money services, and digital exchanges, enabling faster, cost-effective, and frictionless global payments.
XRP is used for transferring value across the Ripple Network. The average international transaction time for XRP is 4 to 5 seconds. Compare that with several days or even weeks for the regular banking systems and you can see why XRP is considered by many to be an important innovative disruptor.
XRP features
Here are some of the features of XRP.
Why You Want It
Energy-efficient, fast, and low-cost + Seamless cross-border payments.
Provinces
ALL
Features
Produced By Mining
Decentralized
Limited Supply
Circulating Supply
60,107,199,237 XRP
Current Price
$3.48
All-time High Price
$5.38
All-time High Date
January 04, 2018
* As the price changes often, this price was included for illustrative purposes only and is subject to change. For the most up-to-date information, please visit the site directly.
XRP product rating: 4.5 stars
XRP is a popular cryptocurrency, especially with banks and financial institutions. That said, the XRP coin isn’t necessarily required for a transaction.
Just like any other cryptocurrency, XRP is considered to be very volatile in price behaviour. At its height, the cryptocurrency hit a record intraday high of US$5.38 on January 4, 2018. Today the coin is trading at a reduced price of US$3.48 per coin, according to coinmarketcap.com.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of XRP
So, what exactly are the pros of XRP?
Pros
It is still an affordable investment
XRP is currently trading at US$3.48 per coin, which is low compared to its previous high of US$5.38, back in 2018. So given its ever-increasing mainstream appeal and its current trading price, picking up some XRP is a relatively low-risk option that could have the potential for a decent return on investment in the next few years.
Allows for a seamless transfer of money
Ripple offers cross-border payments in every type of money; they are 100% secure, instant, and practically free.
XRP is more than a cryptocurrency
XRP is part of a privately held San Francisco-based company with over 500 full-time employees, including marketing specialists whose main goal is to promote the technology to financial institutions, banks, investors, and the general public. The company continues to grow a thriving ecosystem of bankers, financial institutions, and payment processing companies.
Instantaneous transaction speed
XRP can consistently handle over 1,500 transactions per second (TPS) which is almost 7 times faster than PayPal. The company is assuring its investors that XRP will be able to scale to at least 50,000 TPS. This would put it close to the same level as Visa.
The cons of XRP
So, what are some of the negatives about XRP?
Cons
The majority of XRP is held by Ripple itself
Ripple’s executives hold massive amounts of XRP, as do other senior board members. At this point, Ripple owns about 55 billion of the 100 billion XRP created. They also control what portion of XRP’s reserves enter into circulation each month. Many investors continue to feel uncomfortable with the amount of XRP concentrated in just a few hands.
Not decentralized
Although XRP is considered to be a cryptocurrency, it does not use blockchain technology. Unlike Bitcoin, which is mined, XRP was specifically designed and created all at once by Ripple for the banking and finance industry. As mentioned above, Ripple controls most of the XRP coins, which has led to questions regarding its "true" decentralized nature.
Stiff competition
SWIFT, the largest international payment network (used by 11,000 financial institutions to quickly, accurately, and securely send and receive money transfer instructions), is the biggest competitor of Ripple. It won’t be easy for Ripple to convince the banking sector that its services are better, faster, and cheaper than SWIFT.
XRP alternatives
Let us take a closer look at how XRP compares with other cryptocurrencies.
 |  |  |  | |
|---|---|---|---|---|
| Account | XRP | Ethereum | Bitcoin | Litecoin |
| Genius Rating | ||||
| Why You Want It | Energy-efficient, fast, and low-cost + Seamless cross-border payments. | Easily build and execute smart contracts + Decentralized design. | Make fast, 24/7 payments + Top performing asset class for 10 years. | 4x faster transactions and circulating supply than Bitcoin + Low fees. |
| Produced By Mining | | | | |
| Decentralized | | | | |
| Limited Supply | | | | |
| Circulating Supply | 60,107,199,237 XRP | 120,696,447.97 ETH | 19,947,671 BTC | 76,515,470.73 LTC |
| Current Price | $3.48 | $4,895.53 | $144,340.67 | $141.42 |
Show More | ||||
| Open an account See more XRP products Compare | Learn More See more Ethereum products Compare | Learn More See more Bitcoin products Compare | Learn More See more Litecoin products Compare |
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FAQ
Is XRP a good investment?
XRP is sitting comfortably in its position as the third-largest cryptocurrency and many traders believe the upside on XRP can be huge. Some experts even think the coin can reach its all-time-high again in the next crypto bull run. However, don’t forget that cryptocurrency is by nature a risky investment and that it is always important to do your own research.
Is XRP better than Bitcoin?
XRP is very different from Bitcoin. The two coins have very different objectives in mind. Bitcoin is a store of value and a new digital way that allows anyone to send money across the world without a third party. XRP, on the other hand, is mainly used to connect numerous banks and other financial institutions, allowing for fast and cheap exchanges of any valuables.
Where can I buy XRP?
XRP can be purchased on various cryptocurrency exchanges such as Binance, Kraken, and Coinbase. Learning how to buy XRP or any other cryptocurrency is going to be your first step in the world of cryptocurrencies. There are multiple online guides that can help you buy XRP.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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