Built on a standard blockchain technology that is advanced, secure, scalable, and interoperates a myriad of networks, Ripple provides optional access to the world’s most scalable and one of the fastest cryptocurrencies for transactions and payments. Ripple was created and released in 2012 by a company of the same name, Ripple as an open source protocol in order to ensure a secure payment network with nearly free and instant global transactions with no chargebacks. This cryptocurrency is built on a technology similar to Bitcoin. However, the source code is owned and kept safe by the company. Although it cannot be verified by any external body or individual except the company, the network is decentralized and it can function without the intervention of the company, Ripple. However, it is still regarded as a cryptocurrency.
Being an open-source protocol, it serves as a means of digital interbank transactions that allow banks and non-bank financial services bodies to incorporate the Ripple protocol into their own system.
Due to this, Ripple has a popular network globally and its principle is now used by many banks as the basis for their settlement infrastructure. Ripple has consistently been among the top 5 cryptocurrencies by market capitalization for several years since its release and is not showing any signs of slowing down which would have it moving down the rankings.