XRP is a virtual currency for transferring value across the Ripple network. The Ripple is currency as well as a platform that allows cheaper and fastest transactions. Ripple has its own XRP currency, but the platform allows everyone to create their own through the network of Ripple. The XRP remains as a mediator for both fiat exchanges and cryptocurrencies. It converts itself into any other currency. In simple words, it can become dollar with dollar conversion or Euro with Euro conversion so that the commission minimizes.
The XRP initiated its name in 2013, and after that, it gradually gained popularity. The transaction commission of the Ripple is nearly $0.00001, which helped to exchange currencies that are unable to convert directly. It is a mediator that converts currency into USD and then also converts USD into another currency. But as the commission cost is low, it does not affect much.
It has faster international transactions as the average time is just 4 seconds which helps in the real-time transfer. The main focus of the currency is to provide easy accessibility for the day-to-day payment system in quickest means and at cheaper rates. The ripple ha trust of many banks and is an official organization that makes it a trustworthy and good investment.
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