Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native cryptocurrency called XRP (ripple).
The Main use case of Ripple is Global / cross border payments. Its competitor is SWIFT
Ripple is a cheaper alternative to SWIFT
Banks use SWIFT to make cross border payments. SWIFT takes 1 to 3 days or even more depending on your bank and location.
With ripple the transfer is instant and cheaper.
SWIFT has been enjoying monopoly for a long time, now it is facing the heat as banks are showing interest in ripple.
Even though SWIFT may seem obsolete, like a bullock cart in the digital age, it all comes down to adoption,
Some of the previous big news regarding ripple :
Ripple expands into India, opens office in Mumbai with former banking executive Navin Gupta as lead operations in the country. Gupta has multiple decades of experience in global banks including HSBC and Citibank.
Zoe Cruz joins Ripple Board of Directors.
-senior banking executive and former co-president of Morgan Stanley
“SBI Ripple Asia has signed a partnership agreement with some of the largest credit card companies in Japan in a bid to bring Ripple’s enterprise blockchain solutions to the Japanese market of payment cards.”
Ripple is now mainstream with mainstream media Nasdaq and CNBC talking highly of ripple.
I am not a financial advisor invest at your own risk, do your own research. I didn’t believe it could go to 2 USD this year neither did other cryptocurrency enthusiasts because of the high supply but it did and one big reason is because institutions and media are talking positively about it and this is exactly what happens when big institutions come on board.
Ripple is centralized thats why many cryptocurrency enthusiasts who believe in decentralization don’t like ripple but the banks like it.
Right now ripple seems to the strongest contender which would surpass bitcoin’s market cap in the future. (market cap not price).
One thing you need to understand is that Ripple payment network and XRP which is native currency of ripple are not the same. It is not necessary that if banks use Ripple network they would have to use XRP currencry too. They may choose to not use XRP currency and just use Ripple network / protocol. Still if ripple gets popular its likely that its native currency XRP would also rise.
So How to buy ripple ?
Here is a video tutorial
If you want to store ripple (XRP) for long term then you should either buy a hardware wallet or store ripple in offline desktop wallet like rippex