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XRP is the native digital currency used on the XRP Ledger, an open-source, decentralised blockchain platform designed for high-speed global transactions. XRP was originally created by Ripple, a fintech company that provides fast and cost-effective ways to transfer funds worldwide using RippleNet.

Here’s a breakdown of the XRP ecosystem:

  • Ripple: The fintech company behind RippleNet, XRP, and the XRP Ledger.

  • RippleNet: A global payment network that uses the XRP Ledger to validate transactions between banks and financial institutions.

  • XRP: The native digital asset used on the XRP Ledger, functioning as a payment method for settlements, asset exchange, and remittances.

  • XRP Ledger: A permissionless network of peer-to-peer servers that validates XRP transactions.

Like Bitcoin, XRP can be sent between two independent participants without intermediaries. XRP transactions use the XRP Ledger Consensus Protocol, enabling fast, global transactions without energy-intensive mining. Independent, verified validators secure the network instead of traditional mining.

Since its launch in 2012, XRP has evolved from an international payments solution to a broader Web3 ecosystem. The XRP Ledger now supports smart contracts and dApps, allowing developers and DeFi users to leverage the network.

In 2024, Ripple launched RLUSD, the first USD-pegged stablecoin built on the XRP Ledger. RLUSD received NYDFS approval and is also compatible with Ethereum’s ecosystem.

You can explore more about XRP and other digital currencies on UP UMMI Learn, your comprehensive guide to crypto.

Ripple-XRP Faq

If you want to buy XRP on an Australian crypto exchange that is easy to use and accessible anywhere, UP UMMI is the perfect choice. The platform supports a wide range of cryptocurrencies, offers low trading fees, and makes it simple to trade XRP frequently to maximise your potential returns.

UP UMMI integrates real-time charts and market data, allowing you to analyse XRP and other digital assets based on historical performance. Features include:

  • Automated Trading: Execute trades automatically at certain price points or scheduled intervals.

  • Online Customer Support: 24/7 personalised support for any questions or issues.

  • Demo Mode: Practice trading strategies with zero financial risk before using real funds.

XRP and the XRP Ledger were created by Ripple, a San Francisco-based fintech company. Ripple, formerly called Ripple Labs, was founded in 2004 by Ryan Fugger. In 2012, Jed McCaleb and Chris Larsen took over operations. Brad Garlinghouse is the current CEO of Ripple Labs.

Buying XRP in Australia is straightforward with UP UMMI. You can trade XRP instantly via the mobile app.

Step-by-step guide:

  1. Create your account – Provide your full name, email, phone number, and create a secure password.

  2. Verify your account – Verify your phone number, email, and ID (passport or driver’s license). Verification can take as little as 5 minutes.

  3. Deposit funds – Add AUD via Bank Transfer, OSKO, PayID, or Debit Card.

  4. Buy XRP – Choose the amount of XRP or AUD equivalent, confirm your order, and XRP will appear in your UP UMMI wallet immediately.

The best place to buy XRP is UP UMMI, which offers:

  • Fast and secure transactions

  • User-friendly platform

  • Competitive fees

  • Excellent customer support

XRP’s price is driven by market supply and demand. The number of buyers and sellers at any given time affects the price.

Factors that influence XRP demand include:

  • Adoption rates

  • Macro-economic factors

  • News events

  • Technology upgrades and network advancements

  • Investor sentiment

Direct credit card purchases may not be supported. However, credit and debit card deposits can be made, and once the funds arrive in your account, you can instantly buy XRP through UP UMMI.