Ripple [XRP] the third largest cryptocurrency rocking the $32.8 bln cap is one of the top performing coins out there during 2017 with 37,233% gain from $0.0060 in the beginning of the year to $2.24 end of December.
For starters, Ripple is not the name of the cryptocurrency that we are talking about as it is officially called XRP so the right way to say I bought 100 Ripple I bought 100 XRP. The term Ripple that everybody uses comes from the firm that actually developed the digital currency – Ripple Labs. However, as it seems people do find it easier to remember and its a lot catchier.
Alongside the crypto-XRP, Ripple delivers more products that are not using XRP at all, like xCurrent. xCurrent has been developed with the purpose of allowing banks to transact with each other while providing compatibility with currencies in general like fiat and not only digital ones. In fact, this is the product used in the well-known partnership with American Express and Santander.
Although there are 100 billion XRP tokens in existence, the majority of them aren’t in circulation yet. Ripple Labs owns about 60 billion XRP as of this writing, 6.25 billion of which are directly owned and 55 billion of which are in escrow accounts for future distribution. Over the next few years, 1 billion XRP will become available per month to be distributed.
To have it clear, it is not that all digital currencies are designed to be methods of payments as there are already many that are trying to do that. However, various coins/tech are planned to offer solutions to existing financial problems or make the existing methods better. Ripple is cryptocurrency with the goal to act a method of payment transfer; in which case being supported by the above mentioned coin, money would move faster, cheaper and more efficient.
The latest reports claim that Ripple (XRP) is getting more and more recognized on the territory of Asia, as well as the EU. Some of the news from these areas even claim that five additional companies are planning to enter a partnership with this digital currency. The plan seems to be to tap into Ripple’s API, and make a well-defined, new corridor that will be used for sending funds throughout RippleNet.
According to reports, the remittance companies that are planning to partner themselves with Ripple include , , , , and .
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![Ripple [xrp] 101 and its upcoming partnerships to look forward](https://ethereumworldnews.com/wp-content/uploads/2018/04/xrp-xrp.jpg "Ripple [xrp] 101 and its upcoming partnerships to look forward")
The CEO for Ripple has highlighted transparency in the ecosystem, along with the multiple production contracts, which the altcoin signed in the Q1 as a major factor that is really propelling the company, adding that Ripple signed “more than one production contract a week in Q1”.
At the ‘Ask Me Anything’ session which was anchored by Chief Market Strategist of Ripple, Cory Johnson, when the CEO of Ripple was asked about the highlights of Q1 for the company, Brad noted that the adoption of Ripple’s xCurrenct by (SAMA), collaboration with other banks like Banco do Brasil (Banks of Brazil), Bank of England, and IndusInd India were major ones for the company in the Q1.
Having SAMA as a client of Ripple is undoubtedly a great accolade for the company, even though Brad earlier stated on a light note that hiring Cory Johnson was part of their highlight, while Cory replied saying: “certainly that was, for me.”
Ripple Transforming The Financial World.
As the section continues, Brad said the need for Ripple’s tool as a payment solution is rising on daily basis due to the lasting growth of global commerce as Ripple poses to be a God sent tool that is transforming the financial world from “analogue to digital in terms of cross border transactions.”
Over the last ten years, due to high capital needed for transactions, the number of banking relationships has dropped by 50%, and here is Ripple slashing the required fund for transfer to the lowest minimum.
Talking about the Santander-Ripple’s collaboration as also a top highlight, Brad said the release of One Pay FX App which allows Santander’s customers to make same day fund transfer to people in UK and Spain is also an exciting one for the company.
While Ripple helps to solve real problems for customers globally, its vision is to modify payment experience, by creating new and innovative payment corridor that helps to simplify transaction in all areas.
About xRapid and xVia:
Brad illustrated some terms about the Ripple tools as a major driver for the company. He said just as xRapid poses to crack down liquidity problems, it is piloting the affairs of 6 customers among which Western Union, Cambridge FX, and others.
Brad added that xVia is a Ripple tool with simple API interface that grants allows companies the ability to access numerous currencies and payment networks across the world with meager cost. He flagged that “Ripple remains the leader in real production enterprise de case for a bockchain technology”.
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