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The Ripple (XRP) effect

Cryptos are getting hotter by the day, with more government and retail companies beginning to accept them as a valid form of payment. Not only has this increased credibility but also news coverage and demand.

Some key finance industry analysts have even stated that cryptos represent one of the strongest investment opportunities since the internet explosion. Now that’s saying something.

For many, the term crypto and Bitcoin are one and the same. Think again! There are numerous cryptos out there, and companies like TransferGo have chosen the most popular and credible ones for their customers to buy and sell.

Introducing XRP… it’s code for Ripple

XRP was launched in 2012 as a ‘real-time gross settlement system’ and ‘currency exchange’. This means that regardless of size, currency transfers are paid immediately rather than at a later point in the day. The key to Ripple’s success is that it enables secure, instant and almost free global financial transactions of any size, with no chargebacks.

XRP is currently the third most popular crypto

The cryptocurrency’s popularity has been driven by:

  • The offer of extremely fast transaction validation times, usually less than 5 seconds. Bitcoin transaction verification time can take one hour or more. Now that’s super fast.
  • It’s a bridge currency. This means it’s incredibly easy to change from one currency to another when sending payments. For example, the sender may make payment in XRP and the recipient may choose to receive the payment in Bitcoin. Amazing!
  • There’s a limit to the amount of XRP available. At launch, 100 billion XRP were created – and that’s all that exists. It’s in demand.
  • Anyone can be a ‘market maker’ – this is someone who buys and sells cryptos at all times. So XRP is for all.
  • The crypto is divisible to 6 decimal places. The smallest unit is a “drop” with 1 million “drops” equal to 1 XRP. See how much XRP is valued with the TransferGo app.

XRP has a special place amongst cryptos

XRP works with a wide range of commodities, traditional major currencies, other cryptos, and any items that have value such as mobile minutes or frequent flier miles. It’s almost like the glue that helps bring all these differing assets together and essentially get along.

It is the only other crypto where futures are traded under the regulation of the UK’s Financial Conduct Authority. Now that’s an achievement.

The founding company, Ripple, is not necessary for the crypto to operate. MIT, internet service providers and other companies are amongst XRP validators. It’s even been adopted by companies such as UBS, Santander and UniCredit in back end systems to help with business processes.

Download the TransferGo app

Soon TransferGo customers will be able to buy or sell the likes of XRP, Bitcoin, Bitcoin Cash, Ethereum and Litecoin. We’re sure this new service will be in high demand. Make sure you’re one of the first to know when it’s here. Simply download our iOS app to register your interest and see the live prices feature now.

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