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What is XRP?
XRP is the native cryptocurrency of the XRP Ledger (XRPL), a decentralised blockchain designed for fast and low-cost international transactions. It facilitates transactions on the network, protects the ledger from spam, and acts as a bridge currency in the XRP Ledger’s decentralised exchange (DEX).
How does XRP work?
XRP operates on the XRP Ledger, a decentralised, layer-1 blockchain known for its reliability and efficiency. It uses a consensus protocol that confirms transactions in about 4 to 5 seconds, handling up to 1500 transactions per second. The consensus algorithm involves a Unique Node List (UNL) where validators check proposed transactions, ensuring agreement on the next state of the ledger. The XRP Ledger is also working to integrate smart contracts via an EVM sidechain.
What are the potential use cases for XRP?
XRP is primarily used for:
- Fast and cost-effective cross-border payments.
- Providing liquidity in the cryptocurrency market.
- Central Bank Digital Currency (CBDC) services for managing digital currencies.
- Tokenizing real-world assets on the XRPL.
- Enabling stablecoin integration with projects like Ripple's RLUSD.
Real-world applications include banking for improved liquidity management, potential use in supply chain management, and partnerships with financial institutions and platforms like Archax for tokenizing assets.
What is the history of XRP?
XRP was created by David Schwartz, Jed McCaleb, and Arthur Britto, who launched the XRP Ledger in June 2012. Initially named NewCoin, the company was soon renamed Ripple. The XRP Ledger was integrated into the Ripple payment protocol to enable quick international money transfers. Over the years, XRP gained recognition with partnerships like American Express and became one of the top cryptocurrencies by market capitalisation. In 2020, the XRPL Foundation was established to promote the adoption of XRP's decentralised ledger. Through ongoing development, XRP has solidified its role in the global payments ecosystem by offering a sustainable and scalable alternative to Bitcoin.
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Frequently Asked Questions (FAQs)
What is the current price of XRP (XRP)?
The XRP price is $3.5541 AUD, representing a -2.39% from the day prior.
Where is the best place to buy XRP (XRP) in Australia?
The best place to buy XRP (XRP) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell XRP (XRP) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of XRP (XRP)?
The trading volume of XRP (XRP) is $16.3B AUD in the last 24hrs, representing a -2.39% from the day prior.
How can I buy XRP (XRP)?
XRP (XRP) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of XRP (XRP)?
The current market cap of XRP (XRP) is $196.6B AUD.
Can I convert XRP (XRP) to cash?
Yes - With Coinstash you can convert your XRP (XRP) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many XRP (XRP) are there?
The current circulating supply of XRP (XRP) is 57.3B.
Is Coinstash a safe place to buy XRP (XRP) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling XRP (XRP) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.