You’re probably wondering what Ripple is and how it works. Ripple is a real-time gross settlement system, currency exchange, and remittance network developed by Ripple Labs Inc., a technology firm located in the United States.
Ripple is a distributed open-source system that supports tokens representing fiat currency, cryptocurrencies, commodities, or other value units such as frequent flyer miles or mobile minutes. It was launched in 2012 and is based on a distributed open-source protocol. Ripple claims to be able to facilitate “secure, instantaneous, and almost free worldwide financial transactions of any size with no chargebacks.” The native cryptocurrency XRP is used in the ledger.
Ripple strives to be a cryptocurrency that attempts to supplement traditional payments by transferring transactions from financial organizations’ databases to a more open infrastructure. XRP Ledger, in particular, offers a novel manner of operating a blockchain, which proponents claim makes it more suited for regulated organizations that must adhere to money-transfer rules.
XRP, Ripple’s native token, is one cryptocurrency that is presently flying under the radar. In reality, due to the SEC action, most XRP coverage has been unfavorable.
This lawsuit has increased the danger associated with XRP. It might, however, be a one-of-a-kind investment opportunity.
Are you wondering if buying XRP is still a good idea? You may find out that it has many benefits. Find out why you should purchase XRP and which exchanges still have it.
WHY SHOULD YOU INVEST IN RIPPLE (XRP)
So, why would a potential investor want to invest in Ripple? Consider the following four XRP bullish factors:
- Commercial Use Cases & Widespread Adoption
While Bitcoin is now gaining traction as a store of wealth, XRP aims to ease cross-border payments by making them 100 percent safe, instantaneous, and as low-cost as feasible.
Ripple, XRP’s parent business, has a long track record of demonstrating its value in the mainstream financial industry.
XRP might soon be used to speed up cross-border payments, according to partnerships with American Express and Santander. According to their website: “Today, Ripple is the only enterprise blockchain business having solutions in use by hundreds of customers in more than 55+ countries.”
- Excellent leadership and a bright future
It’s critical to consider the underlying management, team, and culture while evaluating any investment.
Unlike other crypto competitors, Ripple has demonstrated a willingness to compromise and collaborate with authorities, which might be crucial in the long term.
This shows that the corporation has a long-term vision for its technology’s future. Ripple is also more likely to survive the test of time since it is willing to work with authorities and the current financial system.
- A Major Player in the CBDC Industry
CBDCs, or Central Bank Digital Currencies, have a lot of potential in the cryptocurrency industry. CBDCs would effectively allow countries to tokenize their native currency using the blockchain, but the concept is still in its early stages. For example, the US government may develop a “digital dollar.”
Ripple is now experimenting with a private digital ledger to assist central banks in this endeavor. Their CBDC Private Ledger is built on the identical blockchain as Ripple’s XRP Ledger (XRPL).
Ripple’s capacity to innovate and execute is demonstrated by this initiative alone. It also emphasizes the company’s willingness to work and partner with authorities and governments.
- “When Others Are Fearful, Be Greedy”
You’ve probably heard Warren Buffett say, “Be afraid when others are greedy, and greedy when others are terrified.”
In the cryptocurrency sector, Ripple is now a contrarian investment. Much of the attention has been on Bitcoin and Ethereum, and if Ripple has gotten any attention at all, it’s been adverse coverage of their SEC complaint.
This has presented an opportunity for investors with a strong belief in XRP. Fears of government regulation may have weighed heavily on the price of XRP, while other currencies have soared.
Many people believe that XRP will rebound from the SEC lawsuit, and recent market movements support this notion. They were buying low, and selling high might pay out in the long run.
WHAT IS THE BEST WAY TO INVEST IN RIPPLE (XRP)
XRP was removed from many major cryptocurrency exchanges in the United States, including Coinbase, after the SEC filed a lawsuit against Ripple. There are a few significant exchanges in the United States where you may still purchase XRP. Here’s how to do it:
- com
XRP is still accessible for purchase directly on Crypto.com, and it can be done in four simple steps.
- On their website, you may sign up for an Exchange account.
- Verify your account by clicking the link in the email they provide you that says “Connect to Exchange.”
- To fund your account, you may use either money or cryptocurrency.
- Go to the XRP page and click the ‘Buy XRP’ button.
- eToro
XRP can be purchased on eToro, a renowned exchange known for its social trading focus.
- Create an account on their website.
- Verify your account with a valid United States passport, driver’s license, or state ID.
- Fund your account with a minimum of 200$
- Go to the XRP website and click the ‘Trade’ button.
- Binance
Buy XRP on Binance, the world’s largest cryptocurrency exchange by volume and recognized for cheap costs.
- Sign up for a Binance account on the website or through the Binance app (Download: App Store, Google Play)
- To confirm your account, follow the steps in their confirmation email.
- Click ‘Buy’ on the XRP page.
HOW MUCH DOES IT COST TO BUY RIPPLE?
It’s vital to remember that when you buy Ripple, you’re not simply paying the coin price, you must also think about the costs.
When purchasing Ripple, you may be charged the following fees:
- Fees for transactions: The exchange usually charges these to offset the expense of trading.
- Spread: The difference between the sale and purchase prices is frequently exploited by “commission-free” exchanges to benefit from transactions without reporting them. It is charged by certain exchanges on both buy and sell transactions, while others only charge it once. This cost is sometimes concealed, and the exchange may not list it.
- Deposit Fees: Most exchanges provide several deposit options. They’re sometimes free, and sometimes they’re pretty pricey. ACH Bank Transfer and Wire Transfer are two standard deposit options.
- Purchase Fee for Debit/Credit Cards: Some exchanges charge a higher fee for these payment methods than others.
- Withdrawal Fees: Withdrawals are charged by all exchanges. Prices vary a lot depending on how you withdraw your money.
- Inactivity or Maintenance Fees: On exchanges, they are pretty infrequent. Charged for having an account, or having one but not using it, for some time, generally a year.
- Gas Fees: On exchanges, these are also infrequent. It is charged to cover the expense of doing a Blockchain function.
Conclusion
XRP is a one-of-a-kind cryptocurrency with a strong management team, extensive adoption, and a wide range of applications. It is, nevertheless, essential to recognize the dangers associated with any investment.
Read more: Ripple vs. Bitcoin
