Ripple is a software created by a technology company to provide uninterrupted transfer of money globally. It is a real-time settlement software that connects banks, digital asset exchange companies and payment providers.it is built on an open source internet protocol, meaning that it is a decentralized software that promotes a user to user interaction.
It is also created on a consensus ledger and decentralized digital assets. An XRP, on the other hand, is an internet ledger used to develop block chains. Blockchain’s are digital ledgers that cannot be altered. They record economic transactions and virtually anything digitally valuable. They are global, are updated continuously, shared and continually reconciled. The block chains are decentralized, meaning that they lack a single point of entry and anything that happens in it is a function of the whole network. Their lack of easy accessibility reduces their points of failure thus providing security against hacking.
Blockchains are hosted on different electronic devices simultaneously. Since they are also open sourced, their source code is available to any user on the internet. This openly sourced property ensures transparency as it has many observers.
XRP is a digital asset that allows settling of payments. It is a native asset for the ripple network. It is faster as it is uninterrupted, secure as it is decentralized and highly affordable as it has nearly free transactions.
Although ripple and XRP seem to be overlapping in the digital cryptocurrency market, there exists a clear distinction between the two. Technology and financial company that provides the software that allows connectivity of money transfer institutes around the world use ripple, while xRP is a software used to develop the Best Bitcoin Wallet for the different enlisters that use XRP ledgers, such as ripple.
Another significant difference between ripple and XRP is that ripple uses XRP and XRP ledgers in its products, while XRP is a digital asset product developed independently, to facilitate the creation of other soft wares that make the whole experience of money transfer and trade better.
XRP is a technology company that provides solutions to the problem of slow, insecure and expensive global money transfer by providing a cheap, fast, reliable and secure alternative, while XRP is an openly sourced block chained digital asset that cannot be owned by a single entity.
The application of XRP technology by ripples creates xRP ripples that, besides being more secure than other digital currencies, are easily monitored by the internet users that have acquired them. They are however not listed on the Securities and Exchange Commission report. Them not being included could be due to their failure to pass the Howey test, which is a test set by a supreme court to determine whether a particular exchange qualifies as an investment.
But according to David Schwartz, the protocol can effectively operate without the XRP as their purpose in the market is to inflate the ripples value.
In conclusion, though the XRP and ripple may be different, the ripple is dependent on XRP to provide the better services to the financial institutions and payment providers that require reliable paths to conduct their digital transactions.
Ripple image via Shutterstock.