The cryptocurrency that was started for a limited group and discussed in close communities in different pockets of the world now has become a global phenomenon with a market cap of $1.94 Trillion. You cannot ignore crypto as the reality and future of transactions. Ripple is a money transfer network that was created to meet the needs of the financial services industry. XRP is the currency that runs on RippleNet; a digital payment platform built on top of the XRP Ledger which is a distributed ledger database.
You can use XRP in the same way that you would use any other digital currency; for transactions or as a possible investment. You might also utilize the Ripple network to handle other types of transactions, such as currency exchange.
Ripple is a digital payment network that was first introduced in 2012. It enables users to make transactions through a secure and efficient method. Its primary process is to transfer money between various financial intermediaries.
Ripple is a network that enables people to transact globally. Its goal is to provide a secure and quick way to transfer money. It was designed to be a replacement for SWIFT, which is a leading money transfer network. Ripple is a money transfer network that enables businesses to create and manage their accounts. In addition, Ripple uses the XRP Ledger, a blockchain developed by Arthur Britto, Jed McCaleb, and David Schwartz.
What is XRP?
XRP is a cryptocurrency that is powered by the XRP Ledger, a blockchain created by Jed McCaleb, Arthur Britto, and David Schwartz. McCaleb and Britto would go on to form Ripple and use XRP to facilitate network transactions. You can purchase XRP as an investment, a coin to exchange for other cryptocurrencies, or a means to fund transactions on the Ripple network.
Unlike other cryptocurrencies, XRP’s network is secure. Its transactions are not conducted on purpose, and most of its users agree to the verification process before they are added to the ledger.
- Instead of having centralized software, the Ripple network has unique node lists that allow users to verify transactions.
- Its default list has around 35 trusted validators. However, users can also opt out of this list and build their lists.
- All transactions are verified by validators who run their ledgers every 3 to 5 seconds, checking that they match the transactions. When a mismatch occurs, they stop and investigate.
Bitcoin transactions typically take a long time to confirm. XRP transactions are verified at a much lower cost.
Features of Ripple ( XRP )
- Quick Transactions
Transactions typically take a few seconds to confirm. They generally are faster than the days it takes to complete a wire transfer.
- Global Acceptance
The Ripple network is a versatile digital currency exchange platform. It enables global transactions processing. Large financial institutions use this network. They can use it to transfer money across various channels.
xRapid and other products by Ripple use the company’s XRP to provide faster liquidity. Financial institutions can easily send and receive XRP as a bridge asset between two additional fiat money using this feature.
- Low Fees
The fees are meager. An average transaction costs just one XRP, or 0.00001 cents at current exchange rates, to complete on the Ripple network.
- Ripple Mining
Unlike Bitcoin and Ethereum, Ripple does not use a proof-of-work system. Consensus protocol facilitates transaction processing in ripple network. A user that spends $100 on multiple gateway systems will have all of their transactions deleted. Each distributed node is responsible for deciding which transaction is made first. These transactions are confirmed five seconds.
All IOUs in a given currency is kept track of by Ripple. The public ledger of transactions between users and intermediaries is not linked to any account or ID.
Price History of Ripple
1 Ripple was worth $4,160 in May 2021, and presently 1 Ripple = $3,500, but have you ever wondered how Ripple reached these new highs? Let us discuss the price history of Ripple.
Ripple has one of the most volatile trading histories among the class of assets. It rallies and crashes very frequently. But how did Ripple start gaining so much popularity? Let’s find out.
In the initial days, liquidity was very low. There were only a few investors in the cryptocurrency market, and there were many price fluctuations. Ripple is a digital payment network that was first introduced in 2012.
When Ripple was launched, it was priced at $0.00031, and Ripple’s observed first significant price change in Feb 2015; it was trading at $0.0045. The price was not subject to any change for the next four years and traded in a range of $0.0046 and $0.0070.
2017 was the decider in the history of Ripple price. At the beginning of 2017, it traded at $0.0063 and then rapidly shot up to $0.35 by April. It re-accelerated with the same pace and went to $2.17 in December 2017.
This intense bull run attracted numerous investors and helped Ripple to gain the #8th spot in the Crypto world. The major event that created headlines and made Ripple the center of attraction was the price bubble of 2018 when it was trading at a $3.5 all-time high.
- April 2018 to March 2021 was a rough patch for the Ripple investors as the price was utterly moving in a range. By the mid of March 2020, the price of XRP already fell to $0.5.
- But the table turned in 2021; the Ripple price is touching sky heights.
- A majority of people started to invest their money into cryptocurrency. From that time, the whole Crypto market rebounded from the loss and continues to make newer heights.
- Ripple and the cryptocurrency market are emotionally driven; any news or event in the outside world adversely affects the price.
But what has happened in history will help us figure out how Ripple will perform in 2021.
Ripple Price Prediction 2021
When people believe that something is of value, it is expected to keep increasing, which is happening with Ripple. The public’s interest and attention are growing due to a large number of funds in circulation.
- Ripple already touched it’s all-time high and is now $1.8, 50% below its new all-time high. When the last time Ripple surged so much was in 2017, and it was called a bubble. It got into the media attention for the first time.
- Everyone started hearing about it, but Ripple again regained and made a new high after crashing even.
- After the recent crash, people looking for opportunities to buy at the dip will now get suitable options, increasing the chances of a one-sided move.
Even various reports by renowned analysts say that the leading cryptocurrencies hold a much greater price potential than they are currently trading at and will explode sooner in 2021. After crossing the $2 level, no significant resistance levels can hold Ripple’s prices from rising. Ripple price is expected to trade at $4 to $8 by the end of this year.
Recent Project Updates
COURT UPDATES XRP LAWSUIT CALENDAR
- Fact discovery has been extended to allow the depositions of Chris Larsen and Brad Garlinghouse.
- The ongoing lawsuit between the US Securities and Exchange Commission and Ripple has heavily affected the price of XRP.
- The latest update that came out was that the agency opposes the company’s motion to compel it to produce documents related to the ownership of its employees.
Due to the more significant market sentiment and Bitcoin’s move, XRP could create its rally. However, it was seen as a dissociative coin that could only move up 25% from its fair value gap. Dark Defender noted that if XRP managed to stay above the $6.39 resistance, it would be essential for the altcoin to continue moving higher.
Ways to enter the Ripple market.
There are two ways to enter the cryptocurrency world.
The first is through investing.
Various cryptocurrencies are available on any exchange. Investors can buy and sell them depending on their goals and objectives. Before starting trading, you must complete the necessary steps to establish a valid account and pay using a cryptocurrency exchange. This step includes the verification of your identity and other documents.
Trading via exchange
The easiest way to invest in cryptocurrencies is by choosing a cryptocurrency exchange. This process involves five key steps. Aside from selecting a cryptocurrency exchange, there are also various ways to invest in Ripple.
To trade or sell Ripple coins, you need to open your account with any Crypto exchange. You can buy Ripple on various crypto exchanges and can convert them into any other Cryptocurrency. After buying, you can also transfer your Ripple to your wallet and keep your private key safe.
The second method is mining. This process involves using various computer networks to generate digital coins. Since there is no single authority present in cryptocurrency, it runs on the mechanism of Blockchain, which is truly decentralized.
All transactions’ record (ledger) is available publicly and stored on numerous computers in a network in real-time. Cryptocurrency uses cryptographic algorithms for transaction verification rather than using a central banking system. To answer your query, this is where the miners come into action.
Miners refer to the people who run the system. A lot of computing power is required to perform the calculations for each transaction. The miners use their computers to perform the calculations required to add a new transaction in the ledger.
Trade Ripple in India
A Beginner’s Guide on how to Buy Ripple in India
Step 1: To begin with, you must create a digital wallet first.
A digital wallet stores all of your cryptocurrencies and communicates with other users via blockchain technology. Before deciding where to put your money, one should research thoroughly. Today, BuyUCoin is one of the fastest and popular digital wallets on the market.
Step 2: Create a User Account
To register and open a service account, go to the official BuyUCoin website and sign up. Create your crypto-trading account by selecting your country and agreeing to the terms and conditions.
Step 3: Complete the KYC
In the Indian jurisdiction, KYSC is mandatory. Strong encryption is deployed to protect your personal information, and data is only stored in Indian data centers. You will be redirected to another URL to complete your KYC. A picture of your pan card, as well as an Aadhaar linked to your mobile number, is needed.
Step 4: Verify with Google in two phases.
Download the Authenticator app to add two-factor authentication to your account. Scan the QR code or copy the code to enable it. Once the 2FA is enabled, every time you log in to your account it will ask to provide a 6-digit one-time password.
Step 5: Fill in the bank information.
Fill in the required information, including your name credentials, the account holder’s name, and the IFSC number.
Cryptocurrency has been around for a decade, and it has already turned into a haven for investors. Its robust returns have made it an excellent investment option. Cryptocurrencies look fascinating and have huge potential, but you should always invest in XRP or any other cryptocurrency by researching properly and implementing your strategies.
*This post is provided for informational reasons only; we recommend that you consult with your financial advisor before making any investment decisions.