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If you asked me about XRP 12 months ago, I’d of said no chance. But a lot has changed in those 12 months for Ripple (XRP)
So what is Ripple? & XRP?
Ripple is, in fact, a name for a cryptocurrency denoted by Ripple XRP and it is also a term for the open-source distributed payment network which is used to transfer loads of different currencies.
The main objective of Ripple is to move away from traditional old financial networks which are becoming more expensive when it comes to fees, it takes longer and can somewhat be totally ineffective for cross-border transactions.
Ripple (initial release in 2012) but it’s actual main release was not until February 2018… Aiming to revolutionize and enhance the banking system.
RippleNet (Ripple Network) Vs XRP (Cryptocurrency)
Both are very different. RippleNet is a real-time settlement system for banks, most popular actually being a currency of exchange and a settlement of remittances.
On the other hand, the ‘Ripple’ currency token which is now known as XRP is a cryptocurrency issued by Ripple Labs. Unlike other digital currencies like Bitcoin, Ripple can be transferred extremely quickly at a negligible cost. One of the main points is that it is the token is not actually required for the network to actually function.
The Ripple Protocol.
In some ways, it actually works like a Ripple effect, from blockchain technology. In other blockchain protocols users have the option to mine the currency token but for Ripple, a lot of them are actually pre-minded and don’t forget there are over 100 billion of these in circulation, which is actually around 40% within the market, while the rest are in Ripple Labs’ possession.
The protocol works through a consensus network instead of proof of work. The idea behind it is to enable financial institutions to send and receive any type of asset without any delay at a very low fee. It’s already been in use by some banks such as Standard Chartered, Axis Bank, Bank of Tokyo and Mitsubishi.
How to Buy Ripple.
Buying Ripple is just like buying any other altcoin (check out our XRP page to discover what market exchange you can buy it on) You also have to get yourself a cryptocurrency wallet where you can store the coin.
Cryptocurrency wallets are either a physical device or software where you can safely store your digital currencies, I would not recommend storing on exchanges; no matter how much you trust them or how big they are.
That being said, when it comes to cryptocurrencies, traders use exchanges, forex websites and software wallets to store their cryptocurrencies. There are many exchanges that are fraud and rob people of their crypto wealth. It’s also possible to lose the cryptocurrency during the transaction if you are not cautious enough.
You can buy Ripple through fiat currency, you can on (Uphold) or Bitcoin/Ethereum from the cryptocurrency exchange or forex trading platform of your choosing; I recommend Binance.
Ripple actually allows and have many banks onboard that have deployed the Ripple API to send any currency to another bank, or financial institution without the need of any third party involvement.
The Ripple Network consists of members who are interconnected to each other through Ripples xCurrent Blockchain, which is a real-time gross settlement system with transparency (blockchain roots) and speed, to date over 70 banks and money senders are using the Ripple Network.
Opinions Of Ripple.
Ripple (XRP) has come under a lot of criticism as it is different from other cryptocurrencies, while others are totally open-source, decentralized and require proof of work, Ripple is based on a different model altogether, which relies on working on the weaknesses of currency financial telecommunication.
Another thing that is often up for debate is that it is funded by investors, but in that way, it is positive as they have a working product, and with the network, it’s going well with plenty of usage and celebrity endorsements. It does not matter how Ripple XRP performs, the company itself is not affected as it doesn’t force banks and financial institutions to use the token issued by its service.
My Opinion of XRP:
You should be holding XRP. It has the hallmarks of a real use case that will get everyone excited. Literally everyone, big investors, celebrities and normal people who believed in it before it really took off.
I never really liked it, I don’t tend to like projects without an actual real use case but now it has one, it will 100% enhance of we send money and it will keep on improving.
It is crazy to think this coin got to almost $4 via just speculation and is more than holding its own within the bear market right now. When Bitcoin goes down XRP (SATS VALUE) goes up, that is a telling tale that XRP is holding its own weight in the division.
Ripple Price Prediction?
Well, what happens when XRP becomes a major pairing on the big exchanges like BTC and ETH? That will create more buzz, more big level partnerships will also get people talking, and also Coinbase listing… One day that will finally happen!
What I will say… For the price. You cannot grumble. It will grow. It will give you gains (unless you fomo’d in at the peaks at the start of this year)
Try and accumulate as many as you can. It’s going to blow.