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XRP 101

4 Mins read

Fast fact: XRP is a Cryptocurrency without blockchain technology which was reported as the world’s third-largest coin by market cap as in 2020, following Bitcoin and Ethereum.

What is Ripple?

Ripple (XRP) created by Ripple Labs Inc. (U.S based Tech Company) is a global decentralized Cryptocurrency as well as a platform/company that provides cheap and instant transaction facility worldwide. It initiates payments as fast as information moves today.

Ripple being one among the top coin market cap cryptocurrencies, has been the king for cross border payments. Its platform looks ambitious and futuristic.

Just like e-mail changed the way messages were sent through telegrams from post offices similarly, ripple has the capability to change the way banking sector works.


Ripple vs Ripple Net vs XRP

Ripple is the company that runs RippleNet while Ripple Net is the digital payment platform that uses its Cryptocurrency (XRP) for settling international payments for banks and other money services businesses. The XRP Ledger is not based on blockchain; instead, it is built upon a distributed open-source protocol that stores information of all Ripple accounts.

Ripple net is known to be an RTGS (Real-Time Gross Settlement) system that aims to transfer money of any size instantly on a global level with no chargebacks.

Suppose there are people who have some things in extra while some are in search of the same things. The ripple system will then search for the cheapest and shortest combination to provide them with what they need.

You can transfer funds using not only XRP but its payout capabilities have reached up to 40+ currencies including Bitcoin with the lowest commission of just $.00001. Yeah, you read correctly. Its fee is near to nil.


Creators of Ripple (XRP)

In 2004, developer Ryan Fugger came up with a platform known as RipplePay. It aimed to provide secure payment options for an online community via a global network without any bank involvement.

Later on, in 2012 Jed McCaleb and Chris Larson convinced Fugger to use their digital currency with his platform. Together they came up with a platform named OpenCoin.

In 2013 they reverted the name from OpenCoin to Ripple Labs Inc.


Let us know more about the 2 brilliant minds behind the topnotch tech Ripple:

Jed McCaleb:

Jed McCaleb was mentioned as one of the top 10 people leading the blockchain revolution by The New York Times in 2018.

Born in 1975, Jed has been a successful entrepreneur, programmer and an American banker. He is not only famous for Ripple but also for Stellar, eDonkey & Mt. Gox.

His accomplishments include being the co-founder & CTO of famous platforms like Stellar & Ripple. He created the oldest Bitcoin trading exchange Mt. Gox, which once upon a time handled 70% of all Bitcoin transactions in the world.


Chris Larsen:

Chris is the Cofounder, Executive Chairman and former CEO of Ripple Labs.

Born in 1960, He is an angel investor and a business executive. He is known to have co-founded several Silicon Valley technology startups. His accomplishments also include starting an online mortgage lender E-loan in 1996.

Forbes placed Larsen ahead of Mark Zuckerberg, at fifth place in their list of world’s richest people. He was estimated to have a worth of $59 billion. He is also known to be the richest person in CryptoWorld.

No Wonder, Chris and Jed are two of the finest brains known to us in the crypto world.


If ripple doesn’t have a Blockchain, then how does it work?

A Cryptocurrency without blockchain but provides blockchain solutions sounds unique and that too when it is doing wonders day by day.

To ensure that every transaction is secure, Ripple uses its own patented technology known as Ripple protocol consensus algorithm (RPCA).

It doesn’t even work on Proof-of-work (PoW)/Proof-of-Stake (PoS) like Bitcoin (BTC). In fact, the transactions are processed by XRP Ledger every 4-5 seconds. The word Consensus in RPCA itself states that once every node during the transaction comes to a consensus, there is no issue and the transaction is further validated and processed.

Ripple uses its products xRapid and xCurrent for cross-border payments. xCurrent is the most adopted product of Ripple.


Banks that support Ripple:

  • Banco Rendimento
  • Axis Bank
  • Yes Bank
  • WestPac
  • Santander
  • Union Credit
  • NBAD
  • UBS

Other Ripple Customers List:

  • American Express
  • MoneyGram
  • PNC
  • SBI Remit
  • NIUM
  • Interbank
  • Bee Tech
  • Pontual
  • Ria


How can one buy/ sell XRP?

XRP can be bought from any crypto exchange that offers digital currencies.

DYOR before choosing an exchange or you can go through our list of Good exchanges where XRP can be bought and sold.


How can XRP be stored?

XRP can be either stored on a Crypto exchange or in a hot or cold wallet. Good Crypto exchanges that store XRP are responsible for the safety of your assets that you own.


Ripple (XRP) coin future/ is Ripple a Good investment?

Ripple has been performing leaps and bounds in the past. It can both be an amazing short and long term investment.

XRPs all-time high was $3.84

& all-time low was $.002802.

Ranked #3 on with a market cap of $9,174,246,809 USD.

Disclaimer: There is nothing like a 101% safe investment. All assets & securities are subject to market risks. DYOR before investing. It is totally upon you to choose whether to invest or not.

Latest Ripple News: Banco Rendimento has become the first bank to use ripple cloud technology entirely.

We can help you out with a list of Ripple’s Pros & Cons:


  • Imagine a world where there are instant financial transactions of whatever size they may be and that too for a cost near to nil.
  • Speedy payment settlements
  • Being an organization Ripple has a brand name and value in the market.
  • Its team is a powerhouse of minded people like its founders Jed and Chris who we mentioned above and CEO Brad Garlinghouse.
  • The value of XRP is going to grow with time as more banks are going to use it in the future.
  • Its capabilities know no boundaries. It has already reached over 100 banks for cross border payments.



  • Centralized: Cryptocurrencies were made to avoid being controlled but Ripple is highly centralized. It’s totally on Ripple developers to decide when and how much Ripple has to be released.
  • Ripple owns 61% of the XRP coins which creates its monopoly in the market.
  • Its trait of being open source can be a pain for it because there are chances of hackers affecting its safety.


Experts speak on Ripple:


“RippleNet has given us a competitive edge in India, where we’re making a real difference to people’s lives by providing faster and cheaper remittances. We’re also developing new relationships and expanding to new geographies so we can become a global real-time payment service.”

Daumantas Dvilinskas, Co-Founder and CEO at TransferGo


“Although currently there isn’t a platform to exchange fiat currency for Ripple (XRP) this may change sooner than you think.”

John-Paul McCaffrey, associate director at Long Island University

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