Ripple plays a double role, it is a digital currency symbolized as XRP and an open payment network too, within which the currency is transferred. Founder of Ripple is Chris Larsen & Jed McCaleb. Ripple is another cryptocurrency just like bitcoin but not based on Bitcoin. It aims to reach and connect different payment systems together.

Designed for peer-to-peer debt transfer.

Let’s understand it this way. Suppose Michael wanted to send $100 to bob who resides in another country. Now, Michael will hire a local agent, Kate and send him the money along with a password that bob is required to answer correctly. Kate alerts bob’s agent, Rose of the details. If Bob gives rose the correct password, money would reach to bob. Now if you can see this whole process is dependent on a key term “Trust”. Trust between all the four is essential. Here, Ripple uses a medium referred as Gateway that works as the link in the trust chain amid two parties wanting to carry out a transaction. With the help of Gateway, currencies are sent and received to public addresses over the Ripple network. Ripple is to enable people to break free the big walls of financial networks.
Ripple uses the gateway as a medium to link the chain of trust and also works as a bridge currency to other currencies. It does not discriminate between other cryptocurrencies and thus can be exchanged with other currencies. For example, If Bob wanted payment in form of bitcoins, it is not necessary that Michael should send him bitcoins only. He can send him Canadian dollars through his gateway and bob can receive bitcoins through his gateway. To initiate a transaction, it is not necessary to have one gateway, multiple gateways can be exercised.
The currency has become popular enough that, according to records, Ripple’s Market Cap Click here!