Ripple Destination Tag is a unique numerical code generated together with the XRP deposit address. This is an extra piece of information that helps identify an account to which a given Ripple transaction will be assigned and credited.
What is XRP code?
XRP is Ripple's cryptocurrency token, which is used to transfer funds across borders at a low cost — trustlessly and instantly. Its primary use is to serve as a bridge currency to offer financial institutions a more cost-effective way to exchange both crypto and fiat currencies.
What is the full meaning of XRP?
XRP is a cryptocurrency and the native token of Ripple, founded in 2011 by Jed McCaleb and Chris Larsen. 2. XRP is pre-mined and has a total supply of 100 billion tokens. XRP is more cost-effective, has faster transaction times, and is less energy intensive than bitcoin.
What is the meaning of XRP in banking?
Ripple's main focus is as a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers used by banks and financial intermediaries dealing across currencies. The token used for the cryptocurrency is premined and uses the ticker symbol XRP.
What is a tag when sending XRP?
When you send a Ripple (XRP) deposit to your Nexo account, a unique 'Destination Tag' is also generated. This tag is an extra piece of information that has to be included when sending a Ripple transaction to your Nexo account. Always ensure to include the correct Destination Tag before sending your XRP deposit.
What does XRP stand for?
Ripple Ripple (XRP) ranks among the most valuable blockchain-based tokens by market capitalization. The Ripple payment system is intended to be used primarily by banks, but individual investors can speculate on the price of XRP.