Ripple (XRP) Review

Most Stable or Volatile Cryptocurrency? (2022 Update)

Keeping track of the economy and all you need to learn about finances, cryptocurrencies, banks, and everything else, is more difficult than it initially seems. But when you give it some time, you will notice that it is possible to get used to all the load of data you are adding and storing in your brain. 

The problem lies in what information you should focus on and why it is important. 

If you ask us directly for some advice, we would recommend investing time in everything related to cryptocurrency and do your best to understand it and see if it is possible to take part in any of the opportunities available. 

Ripple is part of the elements you should be learning about besides the usual and common ones you have heard many times (Bitcoin and Ethereum). 

Therefore, we decided to give it some space and go over the details involving this platform and cryptocurrency that, despite all the options available in the market, is making its way to the top and being part of the main cryptos considered by investors and individuals overall. 

The Basics: Knowing What Is Ripple (XRP)

Ripple XRP is a type of cryptocurrency that has been gaining traction in the market since it can be used to send money anywhere in the world and makes it easy for any buyer or merchant to work with it.

Ripple offers faster transaction times, lower fees, and more stability than Bitcoin or Etherium. 

However, more than just being another of the many cryptocurrencies nowadays, Ripple also works as a digital payment network for financial transactions.  

The main process of the platform and coin is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is often used by banks and financial middlemen dealing across currencies.

What does XRP play here? This is basically the ticker symbol used to refer to the platform’s cryptocurrency, and it is unique for Ripple as both a network and company. 

XRP aims to act as an intermediary mechanism for exchange between two currencies, networks, or tokens.

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Taking Part in the Market – Ripple’s Founders

When the cryptocurrency world was starting, many people doubted how it was going to change the perspective of money and investment. 

However, it has proven to be one of the best investments you can make when it comes to placing your money in or coming up with a new coin that can make you take part in the industry. 

With this in mind, who came up with the idea of Ripple and decided to bet in this new niche? 

Chris Larsen is one of the people we have to thank for his contribution. 

Born in 1960, he is an American business executive that is also known for being an angel investor and co-founder of OpenCoin. 

This company was rebranded as Ripple, and therefore, the creation of the brand takes back to the origins of OpenCoin. 

This entire rebranding process took them to be Ripple Labs as well, which led to developing their own blockchain technology to improve payments between several banking systems worldwide. 

Larsen has a history in the cryptocurrency world, but his contribution to it or the most known ones are definitely those related to Ripple. 

While he was the CEO of the company, he made two donations of his personal XRP. 

In May 2014, he donated the first 7 billion XRP to an unnamed cause, while in April 2019, he and his wife donated another $25 million XRP to San Francisco State University.

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Since 2016, Larsen has taken the role of executive chairman, and thus, he stepped down as CEO of Ripple. 

If you dig a bit about his background, you will discover that he was part of co-founding the online mortgage lending company E-Loan and Proper Marketplace, a peer-to-peer lending company. 

Learning History: Ripple’s (XRP) Background

Before it turned to what it is today, the network and currency were originally a money transfer platform known as RipplePlay. 

Unlike many beliefs, Chris Larsen wasn’t the brain behind RipplePlay in specific but rather Ryan Fugger, a software developer who came up with the idea back in 2004. 

Ripple’s current function is the result of many changes and improvements over the years. Several people played essential roles in that journey, including Jed McCaleb and Arthur Britto. 

The triad of engineers opted to look outside of Bitcoin (BTC) to build their own solution following Bitcoin’s launch in 2009. The result was the XRP Ledger which was launched in 2012.

The platform went through several administrative and structural changes to make it part of the market we know nowadays. 

Something to keep in mind is that right now, in 2021, after Larsen’s resignation in 2016 and position as the executive chairman, Brad Garlinghouse assumed the role of Ripple CEO in 2017 and remains in the position. 

How does this influence history? The fact that Brad has been involved in the progress and growth of the XRP coin due to the significant hit in price, which reached about $3 per coin in early 2018, considering how the coin was performing with a value below the $0.05 level in early 2017, gives you the answer of why Brad must be mentioned and personally included. 

Essentially Ripple and XRP are part of the same crypto industry, and you can expect them to work regularly and have grown over the years. 

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Among the most recent news, Ripple was the subject of regulatory uncertainty in December 2020. 

According to a complaint made by the United States Securities and Exchange Commission (SEC), Ripple sold XRP to investors in the U.S. and the global public as part of an unregistered securities sale that garnered over $1.3 billion.

The regulatory status of cryptocurrency assets has been a hot topic since its infancy compared to traditional finance. 

According to the SEC’s action against Ripple, the commission claimed XRP was a security. This would place Ripple under the SEC’s jurisdiction. 

A petition came forward from a group of people that bought XRP, citing arguments for XRP’s classification as something other than a security, although holes exist in the petition’s rationale.

Ripple argued that the SEC’s actions came too late after the creation of XRP and that other U.S. government agencies have given XRP a different classification than security.

Making It Work – Ripple’s Process & System

Learning how a blockchain works shouldn’t be that difficult, but it is. At least, for most people who aren’t familiar with technology and how they can handle it.

This is why we will do our best to make it simple. 

First, Ripple operates on an open-source and peer-to-peer decentralized platform; thanks to this, it allows to transfer money in any form, including dollars, euros, or even bitcoin and other cryptocurrencies. Ripple counts financial institutions and major banks among its customers. 

Ripple does not use blockchain mining. Instead, it uses a consensus mechanism via a group of bank-owned servers to confirm transactions. Compared to other currencies and alternatives, the transactions are less energy-intensive and can be confirmed in seconds. 

You can understand the system by looking at a money transfer structure in which the parties in the transaction use their preferred intermediaries to receive the money. 

In effect, Ripple functions as a digital hawala service. If you are not familiar with this service, it is only an informal way to transfer money across borders without physical money moving.

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Suppose you want to spend $200 to a friend who lives in another city. For this, you could give the money to a local agent so that this person can send the money to your friend. 

You will also create a password your friend will need to access the funds you are sending when doing this. 

When your local agent sends the funds, this person will need to notify your friend’s agent and provide all the information to receive the money, like the recipient, funds to be refunded, and password. All your friend needs to provide is the correct password. 

Things get complicated here: the person giving the funds is your friend’s local agent since their account is the source of the money, which is why YOUR agent will own your friend’s agent some money. 

Don’t worry; this isn’t difficult to settle since the local agent has two options: keep a record of all the debts of your agent or make counter-transactions that would balance the debt. 

The Ripple network is more complicated than the example above, but it still shows the basic principles of how the Ripple system operates, and we hope you can get a good picture of the network. 

You need to keep in mind before anything else that trust is a must during those transactions since intermediaries are required. 

In the case of Ripple, Gateway is the intermediary that links two parties who wish to make a transaction. 

Gateway is the one that receives and sends currencies to public addresses over the Ripple network. Anyone or any business can register and open a gateway, which authorizes the registrant to act as the middleman for exchanging currencies, maintaining liquidity, and transferring payments on the network.

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But what happens with XRP? 

In this case, the currency or coin will act as a bridge between other currencies. In other words, it can help exchange other coins for different ones. 

For example, if you send dollars, you can receive Bitcoin or Ethereum in exchange when using the network along with XRP. 

Is Ripple Worth Your Time?

As with any other cryptocurrency and platform, it will be volatile, and you can have a hard time figuring out when it is time to invest or let it go and look for another option. 

Overall, we consider cryptocurrencies a good investment as long as you are good at reading the mood and want to bet on your luck for a bit. 

Otherwise, it is very difficult to achieve the results you want, considering that you can lose money quickly and almost have no time to retrieve what you have invested or spent. 

This is why we would say that it is worth your time as much as any other currency: not so much. 

We personally prefer more stable and safe businesses that bring independence and aren’t volatile. 

Lead generation is part of our top since it helps us build a safe and stable income that won’t bring us any problems in the future. 

It does require hard work and some investment, but the results can be extremely good. 

It is all about choosing a niche, contacting companies or small businesses, offering them to build websites to generate leads, and ranking those sites on Google to achieve the desired results. 

Leads are potential clients they can convert, and you get paid for every lead you generate on the sites you created.

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It is that simple and profitable since you can build hundreds of websites and get a passive income quite easily. 

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Written by Dame Cash

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