Ripple Price Today in US Dollars – Price of XRP Live Chart

About Ripple

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What is Ripple?

Ripple is an innovative crypto project that serves as a cryptocurrency and a digital payment platform for financial transactions. Although in the news, Ripple and XRP are both often used interchangeably, they are pretty different.

Ripple is the company behind the cryptocurrency XRP. XRP is the native cryptocurrency for all Ripple labs products, which users use for asset exchange, remittance, and settlement. XRP coin is pre-mined, and it makes use of a more straightforward mining method compared to cryptocurrencies like Bitcoin.

Along with that XRP price and market cap, Ripple is ranked the sixth-largest cryptocurrency out there (by the time of writing).

Ripple is arguably one of the most energy-efficient cryptocurrencies in the world.

The network consumes just 0.0079 KWh for every transaction. Although Ripple got released for the first time in 2012, its conception had been in the pipes long before that.

What Drives the Price Of Ripple?

The Ripple network doesn’t run on proof-of-work like Bitcoin or even a proof-of-stake like Cardano. However, it does rely on a consensus protocol that helps it validate account balances and transactions on its system. So what drives the price of Ripple?

For one, the availability of XRP drives its price either upward or downward. Ripple can increase the value of the XRP coin by destroying a small amount of the coin with every Ripple transaction.

It creates a diminishing supply that helps increase or balance the demand of Ripple in the market. In addition, multiple use cases can drive the price of Ripple. If Ripple gets more use cases to add to in-app purchases and international money transfers, it gets more desirable.

As use cases grow, a larger audience will need to buy them, and so you’d expect the demand for XRP to rise as well as its price. What’s more, even hype from the media and popular cryptocurrency influencers can drive the price of Ripple.

When people talk about a cryptocurrency like XRP and the media talks about it positively, expect a surge in price. Besides, sentiments by Ripple traders can also affect the price of the crypto. The more they are in number, the greater the price change, either positive or negative.

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