What is Ripple XRP?
Helping solve the global remittance problem Besides Bitcoin and Ether, XRP is the third-largest cryptocurrency by market capitalization at the time of writing. Like the top two cryptocurrencies, XRP, the token, is linked to a technology platform, Ripple, which was conceived as a way to facilitate cheaper ripple crypto and money transfers across borders — and because of this, it has received significant interest from major banks around the world.
Those who love the cryptocurrency point to its potential to radically reduce friction in the global finance system. Despite this fact, XRP remains popular with cryptocurrency investors and the Ripple platform has attracted strong interest from major players in the financial industry.
McCaleb — who previously owned a part of ill-fated Bitcoin exchange Mt. Gox — later went on to found the Stellar project. Larsen has been a Silicon Valley entrepreneur and founded online mortgage platform e-Loan in They joined forces with Ryan Fugger of OpenCoin and continued developing the software that would grow into the present-day Ripple platform.
What does this mean? Imagine that a person in Mexico wishes to send a large amount of money to a relative in Russia. To transfer Mexican pesos to Russian rubles, he or she would probably need to first change into US dollars in order to make the transaction.
Newsroom Left Nav
And guess what? Changing Mexican pesos to Ripple crypto dollars and US dollars into Russian rubles afterwards costs money — sometimes lots of money, depending on market rates and which financial institutions are involved. That same transaction from Mexico to Russia also tends to be quite slow, sometimes taking several days to clear and settle.
It is for such a use case that Ripple partnered with Intermex, a ripple crypto remittances service provider to help facilitate cross-border transfers in Latin America.
With over 30 million payment transactions per year to a network of payer locations, Intermex serves a huge swathe of the US-Mexico remittances market.
Future outlook Considering the size of the worldwide remittances market, the possibilities for adoption of the Ripple technology would seem to be quite big. A host of well-known financial institutions have started exploring Ripple as a means to combat this friction, including Santander, UBS and Union Credit. However, it is important to note that the Santander extreme in trading case does not use the XRP itself.
TechCrunch founder Michael Arrington said that "whatever happens to Ripple, XRP will continue to exist," because it's "independent of the company. Several cryptocurrency exchanges have delisted trading of the XRP token this week following the Securities and Exchange Commission's complaint against its developer, Ripple Labs. Exchanges and finance platforms including Crypto. Wirex, a crypto-payments firm, and Ziglu, an app, followed suit, according to The Block.
The Ripple platform allows users to issue their own token to facilitate transfers between them. You can trade over 37 other cryptocurrencies and over currency pairs through Bitcoin Suisse Online, including Bitcoin, Ethereum, Litecoin, Tezos, Bitcoin Cash and more.