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What is XRP


¿What is XRP?

XRP is a fully centralized cryptocurrency created in the year 2012 by Chris Larsen, Brad Garlinghouse.

Known as the currency of banks, since it is perfect for this type of entity.

It is used to figure the transfers through its Ripple network.

Whose objective is to serve the banking sector.

¿What does it offer?

It offers the exchange and conservation of value within the Ripple network, it is important to highlight that its management is optional and not mandatory.

This cryptocurrency is useful in certain cases to be used as a bridge when the liquidity of a certain currency is very low.

XRP does not require so many confirmations unlike bitcoin, it is a currency that banks and financial institutions seek to acquire.

¿How does it work?

It works with the Ripple protocol that is intended to be a complement to the current banking system, the protocol helps international transfers change legal tender even in air miles.

The name of the protocol is the ripple protocol consensus algorithm (RPCA) in this way ripple has a server responsible for transactions.

60% of xrps are in the hands of its developers, Ripple has the support of several banking entities such as Santander, UBS, among others.

The sale of xrp to members of the network takes place in various ways, on the one hand, the company has sold XRP at low prices to banks and companies to encourage them to join the network.

Similarly, they have sold xrp to cryptocurrency exchanges to expand trading with this coin to other users.

¿How is Ripple XRP regulated?

XRP is regulated by RED RIPPLE and its banking entities, xrp does not work under blockchain technology, instead, it uses DLT technology and its own consensus protocol (RPCA) that are executed within the ripple net system.

The banking entities and companies that participate in the Ripple network have to confirm all transfers through consensus, this process lasts from 2 to 5 seconds.

¿Why do people use XRP?

People use XRP as it is a plus that determines or solves a recurring problem for banks or financial institutions around the world.

¿How is XRP different from other stablecoins?

Unlike other currencies, XRP is a centralized currency, it stands out for its high confirmation speed when making a transaction anywhere in the world, programming more than 1,500 per second with a confirmation time of 3 to 5 seconds on average , unlike other currencies that take 13 seconds or even 10 minutes.

XRP is one of the coins that has a link with banks like Bank of America. Santander, UBS and is backed by certain of the world’s largest companies.

¿Where can i buy it?

One of the ways where you can buy XRP is through Binance as it has a lot of tradable variety in the trade, you can exchange a cryptocurrency, fiat cryptocurrencies or just use a debit or credit card to buy the stablecoin, deposits are also allowed banking.

¿Where to find more information?

For more information such as movements, prices, explorers, contracts and more you can visit the following link:

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