XRP is one of the mainstream digital assets throughout all crypto exchanges. As of October 2022, its price is $0.45, the market cap is over $22 billion, and the daily trade volume exceeds $1 billion. What is XRP Ripple, and what history does it have? Let’s talk about it in this article.
Ripple brings many benefits to its users:
- it allows instant money transfers worldwide;
- minimum fees;
- no middlemen, no delays.
The project has all the chances to surpass the popular Swift financial system, offering the solution for its drawbacks. If you have tried to send money abroad, you understand those troubles with high commissions and delays. Ripple eliminates all these issues, offering a functional and instant solution.
The first name of the project was Ripplepay. It was released in 2004 – long before we first heard the word “Bitcoin”. The Ripplepay project was initially aiming to ensure instant and secure money transfers.
Later the project was renamed to OpenCoin with a ledger-based mechanism that different financial establishments used. Then in 2013, the project was once again renamed to Ripple Labs with its network open source. Two years later, the project got its name – Ripple.
In 2017, the project made many new partnerships adding large world banks such as BBVA and others.
Since the company has legislative issues with SEC that demands Ripple Labs to claim the XRP toke security, the XRP Ripple price did not change much, even amid sharp market movements. Judicial proceedings do not let the company develop at full scale, which is why its asset does not show growth. What maintains the XRP Ripple price and what keeps this asset on the top of the ranking? The matter is that large investors have long ago bought Ripple tokens and hold them in the long term. The project is promising and has great chances to boost in the future as soon as judicial proceedings end. So we are all waiting for that moment.
Looking at the Ripple graph, we can see that the peak price of XRP was in 2018 – $3.30. In 2019 the price dropped to 0.35, then lowered to 0.14 and again rose to 0.58. You can check out the Ripple chart on the WhiteBIT platform and see the asset’s price fluctuations.