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The Ripple (XRP) project has been around longer than Bitcoin. In 2004, the first precursor to the Ripple protocol, “Ripplepay”, was developed. The Ripple network as we know it today and its cryptocurrency XRP were not introduced until 2012, i.e. after Bitcoin. In contrast to Bitcoin, XRP is not a decentralised cryptocurrency and is supported by more and more traditional financial service providers.
XRP is issued by the company Ripple, instead of being produced by a mining process. This is why Ripple uses less computing and processing power, while allowing higher transaction speeds but is not really decentralised. Ripple’s goal with XRP is not to become an independent alternative to traditional currencies, but rather a global processing network in close cooperation with banks and payments service providers. In the long term, Ripple aims to enable the simultaneous and fastest possible processing of numerous transactions worldwide.
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Depending on future liquidity from newly formed partnerships in the Ripple network, the general expectation is that Ripple will continue to grow, not least due to the relatively stable XRP share price and sustained high market capitalisation. In addition to its portfolio, XRP is an interesting alternative to traditional cryptocurrencies such as Bitcoin and Ethereum.
Unlike Bitcoin, which is run by a decentralised peer-to-peer network and controlled by no single entity, the cryptocurrency XRP was created and is run by a single company. While Bitcoin and other cryptocurrencies are positioning themselves as independent alternatives to traditional currencies, the goal of Ripple is pretty much the exact opposite: Ripple wants to act as a global settlement network and hence, works closely together with banks and financial institutions. The goal of XRP is to act as a flexible middle-man currency to allow the exchange of any unit of value, from fiat currencies such as the US dollar or euro, and cryptocurrencies like Bitcoin to commodities or frequent flier miles.
