Ripple was created to reduce the money transfer cost and time. It is an open-source, decentralized public ledger that was created to facilitate the electronic transfer of money. Total numbers of XRP coins in existence are 100 billion, and all coins are pre-mined. As the XRP coins are pre-mined, there is no proof of work concept or mining. Ripple’s team owned the maximum number of coins to avoid excess market liquidity.
Ripple can disrupt many industries and has the support of regulators. It is backed by the experts at Ripple Labs who are working very hard for its adoption. The price of Ripple is currently trading around $0.20. When the coin was launched in 2012, its approx price was $0.005. Till 2017, the coin saw no price hike, and the first price hike happened in May 2017 when the coin soared at $0.36. The second peak was in January 2018 when it hit an all-time high of $3.84, but then the price started to fall gradually, and the year closed with a price of $0.35. Many experts have predicted that by the end of 2020, XRP will be around $1.20, and it will give tough competition to the cryptocurrencies like Litecoin and Dash.