Coin Review: All you need to know about Ripple (XRP)

The Ripple coin (XRP) has been in the ripple news lately, with the plans of charted standard extending the use of XRP in more cross border payment in five countries.( News Source). The cryptocurrency has come a long way in helping banks foster cross border payments.


According to wikipedia

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network created by the Ripple company. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol,[3] it is built upon a distributed open source internet protocol, consensus ledger and native cryptocurrency abbreviated as XRP(ripples). Released in 2012, Ripple purports to enable “secure, instantly and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes.[ At its core, Ripple is based around a shared and public database or ledger,which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.

The network can operate without the Ripple company. Among its validators are companies, internet service providers, and the Massachusetts Institute of Technology.[8][9]

Used by companies such as UniCredit, UBS and Santander, Ripple has been increasingly adopted by banks and payment networks as settlement infrastructure technology,[10] with American Banker explaining that “from banks’ perspective, distributed ledgers like the Ripple system have a number of advantages over cryptocurrencies like bitcoin.”

As of the first week of March 2018, XRP is the third largest coin by market capitalization.


Due to this obvious reasons, we decided to put together a review about all you need to know about ripple and everything about ripple,

This article will give reasons why you need Ripple, how to buy ripple, where to buy ripple, nine things you need to know about xrp. It will cover questions like do you need xrp to use ripple, can you buy xrp with usd? Etc.


Below are some of the things we will be looking at as we study Ripple and XRP

  • Definition
  • Short-Form and Symbol
  • Key Personnel
  • The Ripple Company
  • Mining Process
  • Growth of Price with Chart;compared to Major fiats.
  • Ripple Supply (Circulating and Total)
  • Ripple Concept
  • How to Earn with Ripple
  • Crypto Currency Services
  • Associated Risks
  • Are crypto currencies Legal & Taxed?
  • On a Final Note




  • Definition

What is Ripple Xrp

Ripple is a non-minable crypto currency. It is a cryptocurrency designed as a payment network. The Ripple network accommodates other virtual currencies and also supports automated currency trades.
XRP isthe native currency of the Ripple Network.It only exists within the Ripple system. Ripple or (XRP)is currently divisible to 6 decimal places, and the smallest unit is called a drop with 1 million drops equaling 1 XRP. There exists 100 billion XRP created at Ripple’s inception, and no more is allowed to be created according to the protocol’s rules. Therefore, the system was designed so XRP will be a scarce resource with decreasing available supply, not dependent on any third party for redemption, XRP is the only currency in the Ripple network that does not entail counterparty risk, and it is the only native digital asset.

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol,it is built upon a distributedopen source Internet protocol, consensus ledger and native currency called XRP (ripples). Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.”

“…we think that the bigger opportunity is not just to create another digital currency – there are plenty of those – but rather to use that technology as a way of building a settlement system with no central operator.”
— Ripple CEO Chris Larsen in December 2014
“…as an open protocol, Ripple enables a peer-to-peer server architecture to facilitate the movement of value among financial institutions. This allows financial services companies to make payments directly to each other, whether across different networks, geographic borders or currencies.”
— Consultative Group to Assist the Poor in 2015

The short form of Ripple is (XRP)

The symbol of Ripple is the image below:






The key persons behind the Ripple Company are,



Chris Larsen.


Jed McCaleb



The Company, Ripple, is the creator and a developer of the Ripple payment protocol and exchange network. Originally named Opencoin and renamed Ripple Labs until 2015, the company was founded in 2012 and is based in San Francisco, California.

The Company was founded in the year 2012 with

Headquarters in San Francisco, California, United States of America. With

One Hundred and fifty employees as at the year 2016.

The Founders are, Jed McCaleb, and Chris Larsen.

McCaleb is well-grounded in digital currency, coming from Mt. Gox, which currently handles the majority of the world’s bitcoin trades. Larsen previously co-founded and led the online financial company E-LOAN. Other developers on Ripple’s team also have bitcoin background.




The XRP is a non-minable crypto currency. By this, I mean that the total number of the crypto which is (100 Billion) cannot be increased or mine further.



The year 2016 was a cool and fair year for the XRP, though it is off its peak price. XRP/USD was traded at $0.009244, while XRP/BTC was traded at 0.00001416 BTC.

Unlike Bitcoin, Ripple doesn’t involve production by mining. Instead, the cryptocurrency is designed as a payment network. The Ripple network accommodates other virtual currencies and also supports automated currency trades.
Ripple is one of the virtual currencies that have benefited from venture capital investors’ growing interest in cryptocurrencies. Google Ventures (GV) is among the investors in Ripple.
More than 35 billion units of Ripple are available, with the supply capped at 100 billion. Ripple has a market cap of more than $328 million.




PRICE OF 1XRP TO MAJOR FIATS: as at today May  5th, 2018

USD: 1XRP= $0.88338

XRP Price Chart…Source:


  • Concept

The idea is to provide a protocol that allows banks and non-bank financial services companies to incorporate the Ripple protocol into their own systems, and therefore allow their customers to use the service. According to Ripple’s website, it  describes the opensource protocol as “basic infrastructure technology for interbank transactions – a neutral utility for financial institutions and systems.” Currently, Ripple requires two parties for a transaction to occur: first, a regulated financial institution “holds funds and issues balances on behalf of customers.” Second, “market makers” such as hedge funds or currency trading desks provide liquidity in the currency they want to trade in. At its core, Ripple is based around a shared, public database or ledger that has its contents decided on by consensus. In addition to balances, the ledger holds information about offers to buy or sell currencies and assets, creating the first distributed exchange. The consensus process allows for payments, exchanges and remittance in a distributed process. According to the CGAP in 2015, “Ripple does for payments what SMTP did for email, which is enable the systems of different financial institutions to communicate directly.”

In Ripple, users make payments between each other by using cryptographically signed transactions denominated in either fiat currencies or Ripple’s internal currency (XRP). For XRP-denominated transactions Ripple can make use of its internal ledger, while for payments denominated in other assets, the Ripple ledger only records the amounts owed, with assets represented as debt obligations. As originally Ripple only kept records in its ledger and has no real-world enforcement power, trust was required. Ripple is now integrated with various user verification protocols and bank services. Users have to specify which other users they trust and to what amount. When a non-XRP payment is made between two users that trust each other, the balance of the mutual credit line is adjusted, subject to limits set by each user. In order to send assets between users that have not directly established a trust relationship, the system tries to find a path between the two users such that each link of the path is between two users that do have a trust relationship. All balances along the path are then adjusted simultaneously and atomically. This mechanism of making payments through a network of trusted associates is named ‘rippling’.



You need to know that there are many ways to earn with Ripple; there are also many trading platforms where one can trade Ripple.

To earn with Ripple;

  • One can buy and Hold the coin (To hold means to buy at a cheaper rate and wait for rate to increase, then, one can sell and make some gains)
  • One can also buy and exchange with local currency, whence, dollar rate fluctuate against ones local currency, then one will make some gains too.
  • One can also contribute with Ripple on a peer to peer donation platform accepting it. Etc.

There are many trading platforms supporting Ripple and it’s pairing with other coins, these include but not limited to:

# Source Pair Volume (24h) Price Volume (%)
1 Bithumb XRP/KRW $197,584,000 $0.264433 50.08%
2 Coinone XRP/KRW $45,537,400 $0.263560 11.54%
3 Korbit XRP/KRW $39,058,500 $0.263560 9.90%
4 Poloniex XRP/BTC $30,807,400 $0.269587 7.81%
5 Bittrex XRP/BTC $17,770,700 $0.270183 4.50%
6 Bitfinex XRP/USD $16,165,100 $0.270380 4.10%
7 Kraken XRP/EUR $6,064,780 $0.266307 1.54%
8 Bitstamp XRP/USD $6,047,370 $0.269500 1.53%
9 Poloniex XRP/USDT $5,012,430 $0.269899 1.27%
10 Kraken XRP/USD $4,528,800 $0.268970 1.15%
11 HitBTC XRP/BTC $3,727,760 $0.270366 0.94%
12 Bitfinex XRP/BTC $3,521,260 $0.268900 0.89%
13 Bitstamp XRP/EUR $2,875,880 $0.265955 0.73%
14 Bittrex XRP/USDT $2,461,940 $0.269384 0.62%
15 Kraken XRP/BTC $2,192,590 $0.269770 0.56%
16 Bitstamp XRP/BTC $1,340,820 $0.269816 0.34%
17 BTC38 XRP/CNY $1,193,970 $0.262968 0.30%
18 RippleFox XRP/CNY $997,217 $0.249516 0.25%
19 Bittrex XRP/ETH $777,088 $0.269174 0.20%
20 BX Thailand XRP/THB $754,294 $0.264847 0.19%
21 Ripple China XRP/CNY $721,013 $0.248215 0.18%
22 Gatehub XRP/USD $715,672 $0.252316 0.18%
23 Bitstamp (Ripple Gateway) XRP/USD $615,326 $0.254816 0.16%
24 Gatehub XRP/BTC $530,630 $0.258971 0.13%
25 Bitcoin Indonesia XRP/IDR




To get information and monitor crypto currencies, there are avenues and websites offering such services. For instance;

CoinMarketcap is a very convenient and excellent way to check on the market capitalisation, price, available supply and volume of crypto currencies.

Reddit is a great way to stay in touch with the community and follow trends.

CryptoCoinCharts is full of information ranging from a list of crytocoins, exchanges, information on arbitrage opportunities and more.

CoinWarz is a website for miners. This site can help miners determine which coin is most profitable to mine given their hash rate, power consumption, and the going rate of the coins when sold for Bitcoins. You can even view each coins current and past difficulty.

Liteshack gives visitors the avenue to view the network hash rate of many different coins across six different hashing algorithms. They even provided a graph of the network’s hash rate so you can detect trends or signs that the general public is either gaining or losing interest in a particular coin.



You need to know that this is a largelyinvestment in prediction. There is a host of cryptocoin unpredictability that you need to be aware of. Hackers have gained unauthorized access to digital wallets and cryptocurrency exchanges. As recently as 2016, more than $50 million in Ethereum was stolen from investors in a fund known as the DAO.

Also, cryptocurrency market prices are often highly volatile. The DAO hack previously mentioned caused the price of the cryptocurrency, Ethereum, to tumble, leading to a violent market correction. Such events can be notoriously hard to predict and following the pulse of the digital currency community can be a daunting task to any investor.



The Financial Crimes Enforcement Network (FinCEN) has issued guidelines for Cryptocurrencies. In the United States, the IRS has ruled that Bitcoin is to be treated as property for tax purposes, making Bitcoin subject to capital gains tax.The issued guidelines from (FinCEN) contains an important caveat for Bitcoin miners: it warns that anyone creating Bitcoins and exchanging them for fiat currency are not necessarily beyond the reach of the law. It states “A person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.”

Miners seem to fall into this category, which could theoretically make them liable for MTB classification. This is a bone of contention for Bitcoin miners, who have asked for clarification. This issue has not been publicly addressed in a court of law to date.

While cryptocurrencies are legal in most countries, Iceland and Vietnam being an exception – Iceland mainly due to their freeze on foreign exchange, they are not free from regulations and restrictions. China has banned financial institutions from handling bitcoins and Russia, while saying cryptocurrency is legal, has made it illegal to purchase goods with any currency other than Russian currency.



Crypto trading is an emerging market. It requires specialized knowledge that may be inscrutable to the uninitiated. Rampant growth has led to volatility. And while it may seem attractive to invest in digital currencies, this brand new field does have some instability to consider before investing. As with any new investment, be sure you weigh the risk and reward so you can make the right choice for your situation.Investing, Earning and Trading in Crypto currency may have the potential for a rewarding return. But I can tell you from experience when you see such volatility, press coverage and your neighbors start giving you advice on when to buy and sell, it’s probably a good idea to apply the breaks.



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