XRP Ledger (XRPL) was launched in the year 2021 and is an open-source, decentralized but permissionless technology. The major benefit of XRPL includes the low transaction cost which is $0.0002, speed for completing the transaction which is 3-5 seconds, scalability which is 1,500 transactions per second, and carbon-neutralization.
There is another feature provided by XRP ledger network which is the decentralized exchange (DEX) and capabilities for custom tokenization that have been built in the protocol. XRP Ledger network has closed 70 million ledgers over the years and has been operating reliably.
There is a total supply of XRP coins which is 99,987,342,059 XRP.
The maximum supply is 100,000,000,000 XRP and the circulating supply here is 56,113,081,096 XRP.
The current price of the XRP coin is $0.5962.
Fully diluted market cap is $59,677,489,103.
About 80 billion XRP were gifted to Ripple by the XRP ledger architects to build use cases like global payments, RippleNet, etc.
There is a wide range of applications and use cases presented by XRP Ledger network in regards to the payments such as DeFi, micropayments, and NFTs. XRP was deployed in 2012 where the XRPL provides support, a powerful utility, and flexibility to the Python, Java, and JavaScript developers and enterprises.
They can easily access different tutorials on the website to start using coding languages as they require, build apps, manage accounts, etc.
XRP Ledger along with its native coin which is XRP has been in use by developers for the creation of solutions to get over inefficiency issues. This includes remittance and asset tokenization.
With the PoW consensus algorithm in Bitcoin cryptocurrency, transactions are validating using a concept where miners have to solve cryptographic puzzles. Even the mining process in Bitcoin is electricity-intensive and results in high network fees with slow transaction speed. This blocks the creation times making it hard to scale the blockchain.
XRP Ledger network does not rely on mining, it employs a consensus mechanism with social governance which is the XRPL Consensus Protocol consuming negligible amounts of energy. For verification of the transaction authenticity, participating nodes conduct poles which also enable the near-instantaneous confirmations, lower transaction fees, and enhanced scalability. The network transaction fees are different from that of the exchange or broker transaction fees.
Typically, the transactions made on XRP, according to the XRP coin update, take about 3-5 seconds to be confirmed. However, time taken for Bitcoin transactions to complete can take up to 10 minutes to several hours for confirmation. In the XRP transactions, users do not have to pay any fees like they have to in Bitcoin but there is a certain amount of XRP coins taken which are burnt by the XRP Ledger network.
About 0.00001 XRP is the standard amount that is burnt. There has been a high fee of $128.45 for Bitcoin transactions which was $6 in May 2024.
The coin is listed on multiple crypto exchange platforms that include Kraken, Binance, KuCoin, Ethereum, Coinbase, Bitcoin, OKX, Bitstamp, Huobi.
Binance, KuCoin, Coinbase, and Kraken are pretty famously known and used exchange platforms.
Bitstamp: World’s longest-running European cryptocurrency exchange found in 2011 that allows trading between Bitcoin, fiat currency, and other crypto coins.
Huobi: A Seychelles-based platform for crypto trading which was founded in China as Huobi and now has offices in Hong Kong, Japan, South Korea, and the U.S. It was publicly listed in August 2018.
