Ripple Review

Ripple Review

What Is Ripple? / Definition

Ripple was created by OpenCoin. OpenCoin was co-founded by Chris Larsen and Jed McCaleb from Mt. Gox. Many people on board the Ripple team come from Bitcoin.

Ripple’s main function is to make payments between banks easier and simpler. It aims to break down the walls that surround banking systems. Presently, transferring funds or making other transactions among banks can be both tedious and challenging. Ripple makes it easier.

Ripple’s intention is to work alongside Bitcoin.

It allows easy currency transfer, converting easily from any currency. It addition, it hopes to make transfer between Bitcoin a lot easier.

It hopes to bring stability as well as make transferring more simple. As a peer-to-peer system, it goes through quickly.

To make a transaction, you have to pay only a portion of a ripple (about 1/1000th of a penny).

History of Ripple

Ryan Fugger created Rippleplay in Canada in 2004. It was intended as a decentralized monetary system through which people can make independent transactions through a global network.

Then, in 2011, another group added to this development by creating a digital currency system where transactions were agreed upon by all parties. This was different in nature than the creation of transactions via mining or blockchain. So, it was actually created in order to do away with Bitcoin’s need to rely on a specific, centralized exchanges, use less energy, and be quicker. This team joined up with Ryan Fugger, and they put their ideas together. Together, they created OpenCoin Inc.

Together, OpenCoin created the Ripple Transaction Protocol (RTXP). It creates a fast transfer of currency. The waiting time and the fees of other banking situations can be avoided. USD, Euro, RMB, and more can be transferred–even air miles.

Security is created because all the transactions depend on a single ledger. It operates by being constantly compared to a collectivity of servers which compare information about transactions. This helps to validate and confirm the legitimacy of transactions. These servers may belong to banks or mechants, or technically, any person who joins the network.

XRP, a digital currency, was also created at this time. It allows the institutions to transfer money quickly and easily.

In 2013, the XRP digital currency became fully incorporated into OpenCoin and linked with the Bitcoin Protocol via the Bitcoin Bridge. With this bridge, people on the Ripple network can send payments in various currencies to Bitcoin addresses. Soon after, they changed the name of OpenCoin to Ripple Labs. The Ripple software and server became free to use.

Ripple’s verification system can integrate easily with banks, creating easy transfer of funds.

More offshoot projects were developed. For example, an Iphone App was developed so Iphone users could easily transfer money to each other. They also considered a new Smart Contract system.

Ripple continued to offer its services to major financial institutions and corporations. These transactions can take place regardless of borders or currencies. Fidor Bank was the first bank to use Ripple. Cross-River Bank and CBW Bank joined. They began working with Earthport, a money transfer service. Earthport also works with Bank of America and HSBC. This created great growth for Ripple, marking it as one of the biggest cryptos.

Since then, many companies joined forces with Ripple. They also proclaimed themselves as being pro-government regulation. In 2015 and 2016, Ripple continued growing. In 2016, they garnered a BitLicense. And in Japan, 42 banks decided to create a network whereby Ripple will be used, and this number could grow. In 2016 Ripple also brought out a service specifically to transfer money between banks. Bank of America, CIBC, and RBC have joined, and many more.

These transactions could be recorded by using a ledger that would be common to all. The company also created its own cryptocurrency, a little like Bitcoin.

How Ripple Works

Ripple works in a simple way. When two parties want to make a transfer of funds, they can do so either by sending online payments via fiat currency or by Ripple currency XRP. When transferring XRP, Ripple’s internal ledger is used. If other assets are exchanged, Ripple will record the amount.

This system is banked by various securities. Users pick the currency they wish to transfer, so they have a say in what security they need. For example, if two people who send money (not XRP) to each other via Ripple agree that they feel secure with each other, they adjust the transaction amount on their own, in accordance to their own agreements.

If the two people do not know each other, Ripple will create the transaction by utilizing two parties that do have a security agreement in place. Everything is automatically balanced this way. “Rippling” basically means exchanging money through parties based on trust.

Why Invest in Ripple?

  • It had a strong market capitalization and is gaining value, however its price point is still under $1
  • It has the potential to become one of the best new cryptos
  • It is already integrated into the world’s greatest banking systems, so the growth potential is there
  • It is compatible with Bitcoin technology
  • It has unmatched potential in the financial world when it comes to working with banks and corporations to easily transfer money

Ripple Cost

Ripple has seen a great deal of growth, especially in 2017.


Ripple Value - Date

Ripple - Amount in USD

January 2014


July 2014


January 2015


July 2015


January 2016


July 2016


January 2017


July 2017



Financial institutions that work with Ripple:

  • BMO
  • CIBC
  • RBC
  • Bank of America

How To Invest in Ripple

If you’re ready to invest in Ripple, there are a few online exchanges you can try. As of July 2017. Check our brokers page 

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