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Is Ripple The Cryptocurrency of 2021? - In Depth Review of Ripple XRP


March 19, 2021 | 

JOHN K MWANIKI |  1 Comments | 



Ripple is one of the best-performing cryptocurrencies. It currently ranks fourth after Bitcoin, Ethereum, and Tether. With the thousands of digital currencies in the market, it takes real value to rank as high.

This guide has everything you need to know about Ripple and the crypto XRP. Follow through to learn the features, market solutions, and how it works. You will also understand if the project is a worthwhile investment; 

What is Ripple? 

Ripple is an open payment network targeted toward international financial services. It is both a network and a digital currency. Its developers use an open-source protocol to provide the holders with several benefits. 

Ripple operates in two main forms; XRP and IOU. XRP is the platform's native currency. It helps in transferring money within the financial service providers. IOU is a representation of debt. It can be used as a representation of any asset. 

Ripple has faced some backlash from the cryptocurrency community. This is due to its role in enabling the current financial systems when the other cryptos want to do away with it. It looks to bridge the two sides. 

Ripple was first released in 2012 before the stable version came in February 2018. The brains behind the crypto are Arthur Britto, Ryan Fugger, and David Schwartz. The Ripple protocol, on the other hand, is the work of Chris Larsen and Jed McCaleb.  

McCaleb has also started other crypto-based startups like Stellar and Overnet. 

Banking problems and Ripple solution 

The technological age has been great for most of the sectors except the financial. It has failed to progress much over the years. The major concern is on the international money transfer plans. 

  • Expensive 

One of the major challenges of the banking world is cost. It costs a lot of money for one to complete any cross-border money transfer. The bank transfers have been known for such through the years. 

Worse, even modern inventions like PayPal face similar challenges. For example, it costs around 2.9% for international money transfers through PayPal. The customers also lose more money over currency conversion. 

Ripple reduces the cost of transactions by up to 60%.

  • Slow 

The world of the internet means almost every other thing is currently instant. International money transfer, however, still lags. Some payment options can take even up to 5 days to complete. 

The waiting time is no fun for the customers.

The Ripple payment system increases the transaction speeds from the days to 5-10 seconds. 

  • Payment failure 

Not all cross-border money transfers are successful. It has a failure rate of around 4%. Failure to fulfill a transaction is time-consuming and is inconvenient for both sender and receiver. 

Ripple solves the failure by tracking all transactions through the blockchain. This limits the possibility of a transaction failing. 

  • Other Ripple use cases

Other than the banking problems, Ripple also comes with other use cases. Top of these is forex, real-time gross settlement, and payment for digital services. It is also usable for voting and P2P purchases. 

How does Ripple Work? 

Ripple network works based on a set of rules known as the Ripple Transaction protocol. It also has a chain of computers within the system called validators. They are spread throughout the protocol to maintain the blockchain. 

The validators are responsible for ensuring the fulfillment of all the transactions. They ensure all the transactions follow the network rules. The ripple network is open to anyone to run the validators to maintain it.

The Ripple network allows access to other companies through getaways. Banks run them to allow entry to entities that are not part of the network. 

Ripple operates like any other banking service. It allows companies access to a form of banking called Ripple Nets. The companies can then use one of the Ripple products like xCurrent, xVia, and xRapid. 

Ripple also provides for a single currency; XRP. Instead of banks trading fiat currencies for cross-border transactions, they trade in the crypto. For example, a US bank sending money to the UK would change the USD to XRP. The receiving bank would then exchange the XRP to GBP. While this might seem time-consuming, it takes around 5 seconds to complete. 

The Ripple services don't affect how the banks offer services. The customers don't even have to know when their bank moves to the Ripple platform.

Ripple Mining 

Mining is one of the most prevalent factors in the crypto world. Bitcoin and Ethereum depend on mining to ensure platform security. They use it as a means to validate transactions. 

Ripple works differently. It does not have any form of crypto mining. The system instead relies on validators to validate transactions. The validators verify the transaction through voting. 

A transaction is valid if more than 80% of the validators approve of it. The transaction then reflects on the Ripple ledger

The system has a way to find impartial and honest validators. They then become part of a Unique Node List. After which, every validator can decide the list they prefer for a transaction. The system also has a list of default trusted validators. 

Unlike Bitcoin and Ethereum, where miners get compensated, Ripple validation does not pay. 

Ripple Partnerships 

RippleNet is an advanced community with financial institutions, banks, and professionals. These are mostly entities looking to use Ripple's advanced blockchain system for financial solutions. 

The success of Ripple in revolutionizing cross-border money transfer has made it attract several big names. Some of the notable partners are; 

  • Standard Chartered Bank

Standard Chartered Bank started dealing with Ripple in 2016. Together with other investors, it put $55million into the development of Ripple technologies. 

  • Bank of America 

The Bank of America officially announced joining Ripple in 2020. It later emerged the bank had been testing the Ripple protocol for some time before the announcement. It means they approve of the viability of the technology. 

  • Royal Bank of Canada

Royal Bank of Canada is another financial institution that took time to test the Ripple protocol. After which, it released a report titled "Imagine 2025."

The report found that RippleNet would reduce the cost of banking by 46%. It also increases the transaction speeds to 3-5 seconds. It established that Ripple technologies are an improvement to the current banking system. 

  • MoneyGram 

MoneyGram is one of the world's most popular money transfer services. It has also struggled with the banking challenges on the cost of transactions and speeds. The partnership with Ripple increases its cross-border money transfer services. 

  • SBI Holdings 

This was one of the first and most impactful Ripple partnerships. The deal came about in 2016 to allow the bank to integrate Ripple technologies into its services. It was a way to improve remittance and ensure instant cross-border transactions. It opened up the other banks to take up the Ripple services. 

Trading Ripple 

Investing in Ripple is quite accessible. It is similar to investing in any other digital currency. You only need a reputable crypto exchange and wallet for storage. Some of Ripple's top crypto exchanges are Binance, eToro, Bittrex, KuCoin, and Poloniex. 

Once you choose an exchange, create and verify an account. The verification would need identification documents. If you already have cryptocurrencies, you can transfer them to the exchange wallet. 

Most of the exchanges also allow depositing through fiat currencies. You first have to connect your bank account or debit/credit cards to the exchange account. The platform sends a verification to the bank, and you also have to prove ownership of the bank account. Only then can you exchange fiat currency for XRP. 

The setting takes a few minutes (or days for banks), after which you are good to start trading. You can trade the crypto as you like. Buy, sell, and store according to your trading strategy. 

Ripple Pros

  • Low transaction fees of 0.00001XRP per transaction. This translates to around $0.29 per 1XRP. It is quite cheap, almost free.  

  • High transaction speeds of around 3-5 seconds. These are faster than most traditional financial services. 

  • Wide range of partnerships made of reputable financial institutions and professionals.

  • A capable team with a mix of experience and expertise 

Ripple Cons 

  • Ripple is a centralized entity. Ripple Labs controls most of the stake hence has more authority on transactions and developments. 

  • Ripple is mostly for large corporations. The basic consumer and retail do not have much to gain from the crypto.

  • Ripple faces competition from the other financial services cryptos like Stellar. 



Low transaction fees


High transaction speeds

Usable only by large corporations

Several partners

Face stiff competition

Capable team

Widespread acceptance

Ripple Competition 

Ripple has continued to battle several competitors within the crypto sector. Top of these challengers are; 

Ethereum – the second-largest crypto is a threat to Ripple. It is a platform and program for developers to build and distribute decentralized applications. 

IOTA – It is crypto looking to provide secure communication and payment options within the IoT machines. It looks to expand as the machine world takes over the world. 

Stellar – It has a similar goal to that of Ripple of disrupting cross-border financial payments. Stellar allows users to send money quickly across borders. It also looks to enable easy exchange of assets on the network. 






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Future of Ripple

For a long time, the future of Ripple felt certain. Most top banks and financial institutions had taken it up. It is, however, currently at an uncertain time. This follows complaints from the Securities and Exchange Commission over its developer, Ripple Labs. 

The complaints have seen several crypto exchanges drop it from their platforms. Some of the exchanges to have dropped it are; Coinbase, OKCoin, and Crypto.com. 

Whatever happens to Ripple, it will still exist. It is already integrated into most financial systems. It might only decline in value. 

Bottom Line 

Ripple is one of the most successful cryptocurrencies. It has helped revolutionize cross borders transactions. It improves speeds while decreasing costs. Even though currently on a patchy, the project is here to stay. 


Yosef Eliyahou Az  will go up again!!!  2 years ago from Israel

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