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Ripple aims to facilitate international payment transactions between banks by making them more efficient and less expensive. The payment network focuses on transactions between different currency areas and attempts to make inefficient payment corridors more efficient. Ripple is not just a conventional cryptocurrency, but offers a comprehensive system of several products being actively researched and developed by Ripple Labs. These include xCurrent, xVia, and xRapid. The latter ensuring liquidity in international payment transactions, minimising costs, and accelerating transactions. It fixes a major problems of banks and payment service providers by reducing the capital requirements on the nostro and loro accounts, where units of every currency exchanged need to be held until a transaction is complete. Liquidity can be offered on-demand with the help of Ripple’s native XRP token.
xCurrent, on the other hand, is an application enabling cross-border transactions cost-effectively, end-to-end, and within a few seconds. Ripple estimates that banks could recuse their payment transaction costs by around 33% when using their system. xCurrent can moreover be used as a means to confirm incoming and outgoing transactions in real-time and unalterably.
Ripple's price today is 0.1842 USD with a 24-hour trading volume of 1.2 Billion USD. XRP's price has changed -0.7% in the last 24 hours.
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Ripple Labs has focused on building partnerships with bank and remittance services to increase adoption of its XRP token. While many of these are still in the testing phase, other services have started entering this competitive market. XRP's success will partly depend on whether payment partners will want to use this third-party platform, or develop their own solution.
The best exchange to trade Ripple with USD is the Bitfinex Spot Market, where 1 XRP is worth 0.1855 USD with a 24 hour trading volume of 1.3 Million USD.
The cryptocurrency XRP is often criticised and sometimes controversially discussed. The main reason being that the token was not issued in a decentralised way, but is mostly held centrally by its developers. About 55% of all XRP coins are currently reserved for the developers and stored on a cryptographically secured Escrow account. This ensures that the developers do not have continuous access to the entirety of the reserved 55 billion XRP. Recently, an average of around 300 million XRP have been introduced into circulation every month by this measure.