In the LATOKEN Review series, we aim to keep our traders and readers up to date with both hot and hidden-gem tokens. In today’s post, we will discuss Ripple (XRP), one of the top tokens on the LATOKEN Exchange by market capitalization.
Getting Down to Basics
XRP is a digital asset that is used on the Ripple Network, also known as RippleNet. We will discuss the platform later in this LATOKEN Review. Now, let’s start with the basics.
XRP is currently traded at around .60 USDT on the LATOKEN Exchange. Ripple has a market capitalization of $28,445,624,735. Currently, there are 46,171,815,477 Ripple tokens in circulation. The maximum supply is 100,000,000,000.
About the Ripple Network
Ripple Network is created by US-based company, RippleLabs. The main mission of this network is to bridge global money transfers between banks, exchanges, and payment providers worldwide. What makes the platform special is that they aim to make this process cost effective and in real-time. xCurrent is the Enterprise solution created by RippleLabs. Its main function is connecting different ledgers and make transactions and validation processes possible across different institutions.
What is the Function of XRP token on the Ripple Network?
RippleLabs also created an on-demand liquidity solution, xRapid, that is designed to allow banks and exchanges to use XRP tokens in order to transfer both fiat and cryptocurrencies globally.
This is where the XRP comes in. Since the Ripple Network is designed to be a global money transaction network, XRP acts as a single interchangeable currency in this process. FOr example, someone from India can send money to someone in Japan, in real time, just by using the Ripple platform and XRP as the main currency.
Why does XRP token or Ripple platform matter?
As the crypto market matures, there are going to be more and more people using different cryptocurrencies. Also, adding in the fiat use to the mix, it can become too complicated or too costly to do money transfers worldwide.
This creates higher demand for a unified network and a unified token for that network.
Global financial system is getting onto an entirely new level. A few years back, consumers were okay with waiting or paying a lot to global money transfers. But now, consumers want to have it all, fast, secure, cost-effective, user-friendly transfers. This demand is the main reason why Ripple and XRP got to the level that they are today. Both the Ripple Network and its token, XRP, is likely to continue to be one of the main players in the crypto world.
Where to buy XRP, you might ask? You can buy XRP in less than 30 seconds on the LATOKEN Exchange and be part of the crypto journey of this network.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.