Are XRP and Ripple the same?
Ripple is a private enterprise software company that founded an open-source protocol called Ripple Protocol that includes the Ripple Consensus Ledger (RCL) and Ripple net.
RCL is a distributed ledger technology that supports the transfer of tokens representing cryptocurrency, fiat currency, or other units of value. The protocol is open, which means anyone can access it without any sort of approval from Ripple. Participants from the Network validate the transactions by consensus.
XRP is a native token of RCL which is used to facilitate the transfer of money between different currencies across the network. Initially, there were 100 billion XRP units being created, and according to the protocol, the number will not increase or decrease. XRP was created before the Ripple lab was founded. The XRP creators gifted the 80% of the XRP to the company keeping 20 billion to them.
Is Ripple a buy?
Cryptocurrencies are infamous for their volatility, but there are many competing factors that have a positive or negative effect on the coins or tokens. You need to carefully assess the factors to determine whether Ripple will grow or decline in the future.
Ripple offers fast transactions in negligible fees, which provides a key advantage over the existing transfer methods that are expensive and time-consuming. As the global remittance payments are going to grow by 3.4%; therefore, the market for Ripple is going to expand significantly. Ripple is created to facilitate international money transfers by working as a settlement layer. It allows people to transfer their money internationally with minimal fees. Another factor is its credibility. The corporate commitment in bringing Ripple to the business world and XRP’s widespread availability on the exchanges makes Ripple highly credible in the eyes of the public, which can increase its demand in the future.