What is Ripple and how does it work?

Ripple is another cryptocurrency but not just any one. It has many peculiarities in comparison with any other cryptocurrency. It was launched in mid-2013 with a really low starting price, it was walking around the 0.005 dollars back then. It had approximately those values ​​until 2017, the year in which it has grown as the foam arriving in early 2018 at $ 3.74. However, few days later the price has suffered a correction.

This crypto is "based" on the blockchain but it is not minable. It means there are currently 100 billion XRP and when all those coins are in circulation no new currencies will be created.

Ripple is known as the cryptocurrency of banking. The reason is that it allows you to settle transactions at high speed, with an average time between 5 and 10 seconds. Currently there are many banks making tests with this crypto for the future, as Santander, BBVA or American Express.

Ripple is held and managed by private company, in this case there is a main company called Ripple Labs and two branches - the payment network called RippleNet and the token that we buy is the XRP.

A feature of Ripple is that to keep your Wallets active you must have a minimum of 20XRP, for example: you have 100 XRP in your Wallet and you want to change the Wallet or make a payment with them, in that case you will not be able to make a transaction that exceeds 80 XRP.

If you want to know in which Wallet to store your Ripple we recommend you take a look at this article where we recommend the most recognized Wallets of this cryptocurrency.

To track any Wallet or transaction made with XRP you just have to access this website, it is an explorer which gives you the available information of the transactions.

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