Ripple is a San Francisco-based blockchain startup led by chief executive Brad Garlinghouse that dates back to 2012. The network focuses on digital payments in any governmental currency like USD or Euro. It works with a number of institutions including UBS, Santander and American Express to apply blockchain technology to payments, making them faster and cheaper.
This is what makes Ripple different from Bitcoin; Ripple wants to simplify transactions of existing coins, where Bitcoin wants to have its own coin. Over 100 banks are already part of the Ripple network, with American Express, the Spanish bank BBVA or the France based Crédit Agricole as examples.
Over 100 banks are already part of the Ripple network, with American Express, the Spanish bank BBVA or the France based Crédit Agricole as examples. All transactions are logged in a specialized blockchain that gives the necessary transparancy, all this in a timeframe of somewhere between 3 and 5 seconds.
The Ripple network has its own digital currency, called XRP. One of the benefits of this currency is that it allows for the cheapest currency conversion possible. For some transfers, USD will be directly converted to Euro, but if this isn't the most cost-efficient path then the currency conversion can go from USD to Yen to XRP and then finally to Euro.
Looking at the reason why the Ripple network is booming, we would have to look at the recent success of Bitcoin, where Ripple rides along the same wave. Apart from that, investors are looking for a cryptocurrency where the 'big boom' still has to happen. So to conclude, the steep increase in value is based on nothing substantial, but the Ripple network is here to stay.
Trade with Ripple XRP at
https://covex.io/
