Similar to other cryptocurrencies, Ripple also passes transactions in an immutable way through its XRP ledger. It enables the transactions of the tokens representing any unit of value. The ledger is what fuels XRP operations through a permissionless P2P network. It is important to note that since XRP runs on the electronic blockchain, it has no dependency on Ripple. Ripplenet is where the token powers all the transactions. It is also the core of the platform’s ODL service.
Unlike most cryptocurrencies, XRP doesn’t use the PoS or PoW consensus mechanisms and instead runs on the Federated Consensus algorithm. Here, a new block is created when there is an agreement from the validators. With over 100 validates, the platform validates all XRP transactions in less than 5 seconds. Out of 36 validators in the unique node list of Ripple, the protocol runs five of them.
XRP also prioritizes security, as the transactions here are secured cryptographically with public and private keys. Where XRP stands out is its ability to conduct transactions in seconds, which makes payments in fiat currencies for both parties.
XRP was launched in 2012 with 100 billion tokens and soon became one of the most traded cryptos at that time.
During the rise of investors favoring macro cryptos, XRP gained a lot of credibility in a short span of time.
At the moment of writing, ripple price live is around $0.4612 with a market cap of $23,926,519,312. The current ripple price fell quite a lot throughout the last year but is now slowly getting traction in 2023.
With a circulating supply of 51,873,152,538 coins, XRP is trending among the top 10 cryptocurrencies at present.
When it comes to the price of ripple, there are a lot of factors that have determined its value in the past as well. From market sentiments and whale activities to news and listing updates influences the question, "How much is one ripple ?"
These are the common factors that have an impact on the XRP token and have proven to influence its price history.