Ripple (XRP) on the cryptocurrency exchange: how are the rates developing? How to start investing, where and how to buy the digital currency? Forum reviews
There aren’t many cryptocurrencies that cause as many controversies as XRP. On one hand, during the last bull market of 2017, it surpassed Bitcoin significantly in terms of growth, on the other it’s been on a downward trend for more than 3 years now and has already lost more than 90% compared to ATH. What is the cryptocurrency supervised by Ripple Labs that had ambitious goals of replacing SWIFT and revolutionizing international payments?
Description and information about Crypto Currency Ripple
For a start, it’s a good idea to make a distinction between RippleNet, Ripple and the XRP itself. RippleNet is a digital payment platform created and supervised by the Ripple company, the native token of which is XRP. RippleNet was created with a goal to revolutionize the international payment system – the current solution called SWIFT is over 50 years old at this point and can’t handle the problems of today’s world. Cross-border transactions using the SWIFT system take up to several days, are expensive and most importantly, they operate based on the Nostro/Vostro system, which requires banks to accumulate large amounts of money that are used to cover the liabilities to customers.
The solution proposed by Ripple called On-Demand Liquidity (ODL) releases banks from the obligation to store deposits, as the XRP tokens sent within a few seconds have a value in themselves and allow to handle the transaction instantly. The decentralized structure of a ledger (contrary to popular opinions) allows to handle payments in real time while maintaining very low fees (below one cent). The transactions are conducted without any errors thanks to the built-in validation system (pre-validation), and the network itself is able to handle as many as 50,000 transactions per second (although currently it uses about 1,500 of them). Therefore, compared to majority of the most popular cryptocurrencies, such as Bitcoin or Etherum, there’s a huge technological gap visible, XRP even exceeds the capabilities of payment card operators, such as VISA or MasterCard.
RippleNet is utilized by more than 300 financial institutions from around the world, and the number of partnerships and new contracts keeps growing nearly every day. The Ripple company also owns shares in the MoneyGram company that offers money orders and in practice utilizes their solutions for some of the ODL corridors – in that case, the time of transferring money to the opposite end of the globe (like USA – Philippines) takes no more than 5 seconds, and the payment is a few cents.
RippleNet and XRP were prepared right from the start as business solutions, which is also the reason why they are fully compatible with such legal regulations as KYC/AML, they also ensure full transparency of money transfers. Money transfers that utilize RippleNet are performed in line with the ISO20022 standard, which has been present multiple times as a requirement placed by the IMF, the World Bank or the Bank of International Settlements.
Where and how to start investing in Ripple Crypto Currency?
Investing in XRP should best be started by getting equipped with the right wallet that accepts this token. The safest ones are obviously hardware wallets, the so-called cold wallets, then there are the so-called software wallets, which are wallets in form of dedicated software that stores private keys. For the sake of safety it is not recommended to store cryptocurrencies at exchanges. After getting equipped with the right wallet and having it configured, we can buy cryptocurrency.
Reviews for Ripple Crypto Currency. What do they write in the forum and in the press?
Vast majority of opinions that can be found online about Ripple and the XRP cryptocurrency they promote are the so-called FUD (fear, uncertainty, doubt), which is false information, often spread by people who don’t understand the objectives of this project. A huge part of them invested in this project back when the price of the token kept growing rapidly and was $2 – $3, whereas today – 3 years later – it is $0.25. Ripple gets accused on the Internet of price dumping, which consists of regularly reselling large amount of the tokens owned, and then using it to partially finance further works on developing the project. It certainly didn’t help its reputation that there were groups of fanatics of this currency spreading rumors on the Internet about it seemingly going to suddenly cost $589 and make its owners some of the richest people on the planet.
The information on Ripple and XRP appearing in the press and media, on the other hand, is actually much more favorable – it is usually limited to press releases on establishing cooperation with new entities, tedious resolution to the security issue in the American legislation, the annual Ripple Swell conferences that the key figures from the world of finances and new technologies are invited to. In recent times there have also been mentions in American news stations and newspapers about Ripple Labs threatening USA to move their headquarters to another country if Americans don’t take care in time of the legislative issues that would allow the project to operate to the fullest and the United States to make contact with China which is visibly leaving them behind in terms of cryptocurrency adaptation.
Where and how to buy Ripple? What Stock Exchange will be the best?
The easiest place to buy XRP without leaving home are cryptocurrency exchanges. The most popular ones are Coinbase, one can also use Binance or Kraken, as well as the European Bitvavo. When buying XRP, we can also use cryptocurrency exchange agents – both brick-and-mortar and online ones.
Where to check the Ripple (XRP) exchange rate? Reliable sources
XRP is one of the most popular cryptocurrencies on the market, with capitalization currently exceeding 10 billion dollars. For that reason, nearly all web portals displaying cryptocurrency exchange rates also show the current price of XRP – the most famous of them include CoinmarketCap.