XRP is a digital asset and cryptocurrency that is largely associated with Ripple Labs. It is designed to enable fast and low-cost international money transfers. Ripple owns a portion of XRP in circulations, and that is an incentive for it to help the cryptocurrency grow and be successful over time. Another proportion of XRPs is held in reserve for regular release into the market through sales. On July 14th, XRP price jumped $.47 to $.80 ~70% increase. Yet, in the 30 days following that massive spike, XRP has crept back down to around $.55 -24.13%. Ripple is a privately-held fintech company, and its global payment solution behind XRP is a patented payment network called Ripple Network also known as RippleNet. RippleNet is a payment network that is built on top of Ripple’s consensus ledger, called XRP Ledger also known as XRPL. Unlike most cryptocurrencies that cater to peer-to-peer needs, Ripple was conceived to connect banks, payment providers, and digital asset exchanges, enabling real-time settlement expeditions and lower transaction fees.
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