XRP's price today is US$2.22**, with a 24-hour trading volume of **$3.44 billion. The cryptocurrency has maintained its value over the last 24 hours. Currently, XRP has a circulating supply of 59.07 billion tokens, with a maximum supply capped at 100 billion.
What Is XRP?
XRP is the native digital asset of the XRP Ledger, an open-source, decentralized blockchain designed for fast and cost-effective transactions. Launched in 2012, XRP was specifically engineered for cross-border payments and settlement, completing transactions in 3–5 seconds.
👉 Discover how XRP compares to other leading cryptocurrencies
Key Features of XRP
- Speed: Settles transactions in seconds.
- Scalability: Handles 1,500+ transactions per second.
- Sustainability: Uses a consensus mechanism instead of energy-intensive mining.
A Brief History of XRP
Developed by Jed McCaleb, Arthur Britto, and David Schwartz, the XRP Ledger (XRPL) went live in June 2012 with a focus on improving payment systems. Today, XRP ranks among the top cryptocurrencies by market capitalization due to its utility in financial services.
How XRP Works
The XRP Ledger operates as a Layer 1 blockchain with the following mechanics:
- Consensus Algorithm: Validators (not miners) confirm transactions.
- Unique Node List (UNL): Over 100 trusted nodes (run by universities, businesses, etc.) ensure ledger integrity.
- Transaction Validation: Requires approval from 80% of nodes for ledger inclusion.
Validator Participation
Anyone can operate a validator, promoting decentralization. Popular entities running nodes include:
- Universities
- Cryptocurrency exchanges
- Financial institutions
Uses of XRP
XRP serves three primary purposes:
- Network Transactions: Pays for transaction fees.
- Spam Prevention: Mitigates ledger spam via small fee costs.
- Currency Bridging: Facilitates trades on XRPL’s native decentralized exchange (DEX).
👉 Learn more about XRP's role in decentralized finance
FAQ
Q: How fast is an XRP transaction?
A: 3–5 seconds, significantly faster than traditional banking systems.
Q: Can XRP be mined?
A: No—XRP uses a pre-mined supply with validators securing the network.
Q: What’s the max supply of XRP?
A: 100 billion, with ~59 billion currently circulating.
Q: Is XRP eco-friendly?
A: Yes, its consensus mechanism consumes minimal energy compared to Proof-of-Work blockchains.
Q: Who controls the XRP Ledger?
A: No single entity; it’s decentralized with open participation.
Q: Where can I buy XRP?
A: Major exchanges like OKX, Binance, and Kraken support XRP trading.