Ripple is a money transfer network that serves the needs of the financial services industry and helps process transactions around the world (both with fiat money and with cryptocurrencies).

It was initially created as an analogue of the SWIFT system, which serves as a trusted agent between two parties to a transaction and confirms that the exchange has taken place. For this, the network charges a small amount of ripple cryptocurrency as a commission - only 0.00001 XRP. This is much cheaper than the commissions of classic bank transfers.

Let's consider some of the main advantages of Ripple:

Fast transaction confirmation. If transfers take 4-5 days through a bank, then in Ripple they usually take from four to five seconds. Sometimes it takes a few minutes, and at most - a few hours (if verification of Bitcoin transactions is required).

Very low fees. As you may have guessed, the cost of making a transaction on the network is only 0.00001 XRP.

Universal exchange network. The Ripple network works not only with XRP, but also with other fiat currencies and cryptocurrencies.

It is respected among large financial institutions. Even Santander and Bank of America use Ripple as a transaction platform.$XRP