Ripple, a virtual currency is traded as XRP in the crypto market, was invented by Ripple Labs Inc, a technology company based in San Francisco. An independent authentication server validated its digital signatures. Its ledger was first introduced in June 2012 with 100 billion tokens. After Chris Larsen joined Ripple Labs Inc, they founded NewCoin in September 2012.
Its name has changed from OpenCoin to Ripple. Despite regulatory concerns, the coin's value soared to a three-year high above $1 at the beginning of April 2021. In addition to being exchangeable for most other currencies, Ripple can save users time and effort associated with bank queues.
Unlike Bitcoin and Ethereum, Ripple is not a blockchain-based cryptocurrency. It is a digital currency with a "hash tree" and cannot be mined due to a limited supply (100 billion coins). XRP's hash tree mimics the blockchain with numerous nodes for processing a transaction. During payment, the financial details are assigned a single value and released to a decentralized public network to validate server nodes.
Is Ripple popular?
A robust regulatory structure by gambling laws has made eSports betting safe and fast-growing. Many digital coins, including Ripple, are replacing traditional currencies. Sports betting with XRP has recorded significant growth over the last few years. Since Ripple is quite affordable for most sports bettors, it is ideal for sports betting. At the time of writing this article (January 2022), its value was $0.7429.