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Ripple is gaining a lot of attention for its work in finance and for empowering a borderless economy, let’s take a look at Ripple’s ecosystem. In this article, we will learn the fundamentals, institution adoption, onchain metrics and more.
Fundamentals of XRP and Tech stack:
XRP is the native token of Ripple. Ripple was launched in 2012 by Arthur Britto, Chris Larsen, Jed McCaleb, and Ryan Fugger. The total supply of XRP is capped at 100 billion tokens. Transactions using XRP are confirmed quickly, typically taking just 4-6 seconds, and the transaction fees are minimal. While anyone can use XRP, Ripple primarily focuses on helping banks and financial institutions utilize XRP for cross-border payments.
XRP Ledger:
The XRP Ledger is the main chain that processes and records all transactions involving XRP. It is a decentralized network that uses a consensus mechanism to validate transactions quickly, allowing for fast and low-cost transfers. Ripple uses blockchain for decentralization and to create a fast, low-cost payment network.
XRPL Sidechain:
XRPL sidechain is an independent ledger that runs parallel to the main XRP Ledger. It has its own rules, transaction types, and consensus mechanisms. Sidechains allow developers to create applications or features.
Sidechains allows:
Addition of smart contract layer.
Also has Ethereum Virtual Machine (EVM) compatibility.
Learn more: https://xrpl.org/docs/concepts/xrpl-sidechains
Developer Ecosystem:
XRP Software Development Kit (SDK) is available for many languages such as Python, Javascript, Java, HTTP & WebSocket APIs support
To learn more visit: https://xrpl.org/docs/tutorials
Code Samples to refer: https://github.com/XRPLF/xrpl-dev-portal/tree/master/_code-samples
institutional adoption:
- Santander: Utilized Ripple’s technology through its One Pay FX platform for international transfers, which could leverage XRP for settlement.
- SBI Remit: Expanded its remittance services using Ripple’s XRP for foreigners living in Japan, enhancing the speed and efficiency of cross-border payments.
- American Express: Partnered with Ripple to enable real-time, blockchain-based payments for its corporate customers.
- National Bank of Georgia: Partnered with Ripple for a Digital Lari (GEL) pilot project, aiming to evaluate practical use cases and benefits for the public sector, businesses, and retail users, using the Ripple CBDC Platform.
- Bank of America: There have been discussions about Bank of America’s interest or past use of XRP for internal transactions, although specifics on current adoption are less clear.
- You can also take a look at Customer Case Studies
Partnerships and Updates:
- Ripple has recently partnered with Chainlink to enhance the adoption and utility of its RLUSD stablecoin within the decentralized finance (DeFi) ecosystem. This collaboration involves the integration of Chainlink’s decentralized oracle network to provide secure and reliable price data for RLUSD transactions on both the XRP Ledger and Ethereum. This partnership aims to support RLUSD’s use in trading, payments, and lending by ensuring access to high-quality, real-time market data.
- Ripple officially launched RLUSD, a stablecoin pegged 1:1 to the US Dollar, on both the XRP Ledger and Ethereum blockchains. This move is aimed at enhancing the utility of XRP in DeFi applications, with the Chainlink partnership providing crucial price feeds to ensure the stablecoin’s stability and adoption in DeFi markets. It will offer an efficient on-ramp and off-ramp.
- Recently Ripple’s CEO Brad Garlinghouse, confirmed a meeting with President-elect Donald Trump was posted on January 7, 2025. That raises concern about they had political connections.
Great dinner last night with @realDonaldTrump & @s_alderoty.
— Brad Garlinghouse (@bgarlinghouse) January 8, 2025
Strong start to 2025! pic.twitter.com/UjM6lahUG4
- Ripple have did 100+ partnerships. Some notable partnership include Chainlink, Mercado Bitcoin, Bitstamp, SBI remit, and more. You can check more information from here.
XRPL Ecosystem:
XRPL ecosystem is growing fast, Let’s explore it’s ecosystem.
As of January 10, 2025, here are some key statistics of the ecosystem:
- Tokens: 18,863 different tokens are available on the XRP Ledger.
- NFTs: There are 5,530,773 non-fungible tokens (NFTs) created on the platform.
- NFT Volume: The total volume of NFT transactions amounts to $31,793.
- Market Cap: The overall market capitalization of XRP is approximately $297,582,712.
- CEX Volume: Centralized exchange (CEX) trading volume for XRP is $4,671,611.
- DEX Volume: Decentralized exchange (DEX) trading volume stands at $10,899,447.
Top Tokens:
- In XRPL ecosystem there are 18,863 different tokens are available.
- Let’s take a look at the top 5 tokens according to XPmarket
- Sologenic (SOLO) had a market cap of $175.5 million and 219.9K holders. SOLO is primarily used to pay transaction fees on the Sologenic gateway.
- ARMY (ARMY) had marcap cap of $31.1 million and 10.3K holders. ARMY is meme token on XRPL
- Coreum (CORE) had $28 million in market cap and 66.9K holders. CORE is the native token of the Coreum sidechain, which was also developed by the Sologenic team.
- Phoenix (PHNIX) had $26.7 million in market cap and 12.7K holder. PHNIX is a meme token on XRPL.
- Bitstamp BTC (BTC) had a market cap of $19.3 million and 4.3K holders. Bitstamp BTC is a wrapped version of Bitcoin provided by Bitstamp.
Top NFTs:
- XPUNKS: XPUNKS leads as the top NFT collection on XRPL, featuring a substantial trading volume and a high valuation. With a vibrant community of nearly 3K traders and a wide holder base.
- Floor Price: 230 XRP
- Volume: 4.6M XRP
- Valuation: 3.3M XRP
- Traders: 2.9K
- Total Sales: 7.8K
- Assets: 5.8K
- Holders: 1.6K
2. Bored Apes X: Bored Apes XRP Club, a digital collection of 10,000 unique NFTs, ranks second.
- Floor Price: 168 XRP
- Volume: 2.8M XRP
- Valuation: 1.6M XRP
- Traders: 2.3K
- Total Sales: 15.5K
- Assets: 9.9K
- Holders: 1.7K
3. xSPECTAR: It ranks third with nearly 2k holders. xSPECTAR’s Genesis Collection featuring Agent #6443.
- Floor Price: 18 XRP
- Volume: 1.3M XRP
- Valuation: 938.5K XRP
- Traders: 2K
- Total Sales: 12.7K
- Assets: 9K
- Holders: 1.7K
You can check all the NFTs collections from here.
Non-custodial wallets for XRP:
Onchain Metrics:
- Current Market Cap: $132,703,207,299 (Coingecko)
- Price Metrics: (Token Terminal)
- Current Price: $2.31
- All-Time High: $3.40
- All-Time Low: $0.002686
- Launched: 22 May 2014
- Fully Diluted Valuation (FDV): $230,962,166,613 (Coingecko)
- Circulating supply: 57,449,049,415 (Coingecko)
- Core developers/30d%: 23
- Code commits (30d)/30d%: 83
The XRP is helping banks and companies make international payments easier and cheaper. With its quick transaction times and low fees, it stands out in the world of digital money. But the uncertainty about global crypto regulations could create challenges for XRP’s adoption. The way Ripple addresses these issues will be key to its ongoing success.
Also, check this out, Deep Dive into Hyperliquid – Talk of the Town!
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