Ripple is the name of a digital payment network powered by blockchain technology, while XRP is the native token to the platform. The network facilitates a payment settlement protocol and remittance system similar to the SWIFT system used by banks and financial institutions for international money transfers.
It is also the common name for the native token issued on the network, known as XRP, although the use of XRP is not mandatory on the network. Ripple transactions use less energy than Bitcoin, cost very little and can be confirmed in a shorter time than Bitcoin, making it more attractive for users that need to conduct high volume and high-speed transactions.
The XRP token is commonly used as a bridge to transact against other currencies; a user does not necessarily have to transact with a single currency on the Ripple network, as they can transfer currencies to trusted gateways in the Ripple ecosystem that automatically convert the received currencies to the recipient’s preferred currency.
Ripple started as an idea in 2004 but came into fruition in 2012 when Jed McCaleb and Chris Larson joined Ryan Fugger to build the platform. Initially called OpenCoin, it was rebranded to Ripple a year later. That same year banks reported widespread interest in using the network to facilitate instant, cost-effective cross border payments.
There is a maximum supply of 100,000,000,000 XRP coins and is a consistent top 10 cryptocurrency by market cap. See the chart above depicting the XRP price data and use the Buy button to start trading.