Ripple is a global payment network, and it allows any currency anywhere in the world to be transferred at an affordable cost in seconds. The goal of Ripple is to enable international money transfers in real time. Pat White, CEO of Bitwave, has said that Ripple was originally designed to replace SWIFT, which is a leading money transfer network, or to replace the consensus layer between major financial institutions. Ripple can facilitate exchanges for fiat currencies and cryptocurrencies such as Bitcoin. For example, a person or bank can convert USD to XRP and then send XRP to a buyer.
XRP is down 1.54% in the last 24 hours. Citigroup is reviewing its partnership with Metaco shortly after Ripple Labs bought the firm for $250M. Metaco’s partners include major European banks such as Societe Generale and BNP Paribas. This development may have adversely affected XRP.
