Reference page for Ripple price, with detailed charts, analytics and social metrics. Ripple in a nutshell:
Ripple aims for "secure, instant and nearly free global financial transactions of any size with no chargebacks."
It was initially based on Ripplepay, a financial service which provided online secure payment options, but it was enhanced by Jed McCaleb, Arthur Britto, David Schwartz and Chris Larsen who took over in 2012 to develop a digital currency system in which transactions would be verified by consensus among members of the network, rather than by 'mining' as used by Bitcoin.
Nowdays, Ripple is a real-time gross settlement system, currency exchange and remittance network. It is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples). It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes.
Due to its consensus algorithm, Ripple does not use mining and it needs much less electricity than bitcoin, while performing transactions much more quickly than Bitcoin network.
Ripple has been increasingly adopted by banks (i.e. UniCredit, UBS and Santander) and payment networks as settlement infrastructure technology.
Among its validators are companies, internet service providers, and the Massachusetts Institute of Technology.
In 2016, the first interbank group for global payments based on Ripple was created, with members such as Bank of America Merrill Lynch, Canadian Imperial Bank of Commerce, Mitsubishi UFJ Financial Group, Royal Bank of Canada, Santander, Standard Chartered, UniCredit and Westpac Banking Corporation.