What is Ripple?
Ripple is a technology that runs on a digital payment network RippleNet. It is based on an XRP ledger distributed database. Further, the XRP ledger is not built on the blockchain; it functions on an open-source and peer-to-peer decentralized platform which helps in seamless money transfer.
Ripple is not one of the cryptocurrencies like Bitcoin or Litecoin, but it can be defined as a form of payment protocol, which is intended to simplify the cross-border and international payments globally.
Below is the link where we can see the journey of price of XRP starting from March’17 to September’20 – Airdrop BNB
What is Unique about Ripple?
- Ripple’s systems help in processing financial payments which are generally more fragmented and complicated. This means the transferring of payments could be costly, unreliable, and time-consuming. Ripple provides a platform that could facilitate cross-border payments, which is low-cost, instant, and secure.
- Further, XRP can transact payments with any type of currency, which also includes cryptocurrencies. XRP can be considered as a low-risk investment having lots of potential rewards.
- Large financial establishments and banks started using Ripple’s payment system in 2013. Subsequently, in 2018, over 100 financial establishments have installed Ripple’s technology and currently, RippleNet’s advanced blockchain is used by several providers across 6 continents and 40 countries.
Since Ripple’s technology has been adopted by big organizations and banks, we can see that Ripple has earned their trust bigtime. One of the most unique features that make XRP standout among other cryptocurrencies is the price of Ripple is currently $0.25. The low price means anyone having a small budget can invest in Ripple, which is an excellent investment opportunity.
Is investing in XRP in 2020 a good idea?
XRP is one of the most promising technologies known for its real-world application and it partners with several large financial organizations. Moreover, its transparency in its operations has been recognized by several governments and they are in the process of adopting it. This shows Ripple has a very promising future.
How much do you need to invest in XRP?
When it comes to investing in Ripple, it can be purchased at a very low price. The price of Ripple XRP is currently Rs.18.04, and with a minimum amount of Rs.1000, you can purchase several XRP tokens. If you are a new investor trying to test the waters in cryptocurrency trading, then buying XRP is the best choice because of its high popularity and low price.
Below is the link where we can compare the price of Ripple XRP from 2014 to present –
Where can you buy Ripple?
If you are looking to invest in Ripple (XRP), look for the best cryptocurrency exchange in India, which should offer the best services with low fees. One such exchange is WazirX. It also offers a trading app and intuitive trading platform for experienced as well as for new traders.
- One of the major drawbacks is that all Ripple coins are already pre-mined and are in circulation presently.
- XRP is not decentralized, and it is not a real cryptocurrency. Unlike Bitcoin which is mined and anonymously exchanged, Ripple is a technology specifically designed for the Finance and banking industry for cross-border transactions.
While investing in cryptocurrencies, great caution should be undertaken, as it depends upon several factors like economic situations, price movements of the market, and volatility. The investor should be aware of the risk and the reward factors about the token they are investing in. Even though Ripple has many advantages, it also has a few drawbacks. Do your research, analyze the market before proceeding with investing.