Ripple Historical Price Charts – XRP Price History - FX LeadersFX Leaders

Ripple Historical Price Charts – XRP Price History

Posted Monday, December 28, 2020 by
Arslan Butt • 3 min read

Ripple (XRP) is a peer-to-peer-powered cryptocurrency, which was mainly designed to work perfectly with the internet, to enable a direct, fast and secure way to send all kinds of payments on the web. Put simply, Ripple is a system of real-time gross settlements (RTGS), and an exchange and money transfer system. Thus, the Ripple is also known as the Ripple Transaction Protocol (RTXP) or Ripple Protocol. It is also worth mentioning that Ripple is the third-largest cryptocurrency after Bitcoin and Ethereum.

From a historical point of view, the Ripple coin was first produced by Ryan Fugger, a Web developer in Vancouver, BC, Canada, in 2004. In 2005, Ryan Fugger started to build Ripplepay as a financial service, to give online community members reliable payment options through a global network. Based on this protocol, a new digital currency system developed in May 2011, for which the cryptocurrency XRP was issued. This, in turn, resulted in the development of the new system by Jed McCaleb in 2011. It was created to undermine Bitcoin’s reliance on centralized exchanges, to perform transactions and to use less electricity than Bitcoin.

Then, in 2012, the RTXP was introduced; its main purpose is to “secure, instant and almost free global money operations of any size without any chargebacks.” The protocol aids payments with fiat currency, cryptocurrency, goods or other units, such as passenger bonus miles or mobile minutes.

The transactions in this system are authenticated by the agreement of network participants, unlike in the Bitcoin network, which in turn underpins trust in banks and payment networks. For example, the RTXP is used by the Earthport service payment system, working in 65 countries, particularly the Bank of America and the HSBC bank.

Current XRP/USD Price: $

XRP/USD

Three Major advantages of Ripple XRP:

1: The Ripple coin is powered by mathematical algorithms and obeys fixed rules, which can never be changed. This, in turn, has become one of the key factors that makes it secure and reliable. However, the reason behind its reliability and security could also be the fact that no person or organization controls XRP. Thus, it cannot be created, falsified or duplicated. All payments are peer-to-peer. It can be used without any third parties, intermediaries or other institutions.

2: Ripple XRP performs an essential role in security service within the network. Every transaction ruins a tiny amount of cryptocurrency, as a transaction commission. This security cost is insignificant to any normal user – even extremely high-volume users will lose the equivalent of just a few pennies, at the most. However, corrupt users who attempt to spam the network with excessive transactions will soon be caught.

3: Another security strength is the reserve system. The reserve is the smallest amount of coins needed for actions that require network resources. These reserves are small for any normal user – equivalent to less than a dollar. However, attempts to overload the network with excessive actions becomes more costly. It is also worth mentioning that the Account Reserve is the minimum amount of digital currency needed to activate an account. It prevents the creation of excessive numbers of accounts that could overload the network.

Major Factors that Influence the Ripple XRP:

Regulation: 
Many cryptocurrencies are currently uncontrolled by governments and central banks. If there are any changes in the coming years, it could have an impact on the value of Ripple.

Technology:
Ripple’s underlying technology, as a platform for international transactions, is what makes it different from other cryptocurrencies. Many large banks have declared that Ripple’s technology will be tested, which could influence its price in the future.

Press:
Positive media interest and coverage of ripple’s technology are expected to affect ripple’s value positively.​

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.