In this Ripple (XRP) description for beginners, you'll be able to find all essential information about this cryptocurrency, which will allow you to get to know it from its simpler and more understandable side. Without all the technical details regarding blockchain, chains, transactions, etc. I am aiming for you to get to know Ripple in the easiest way, so you learn all the basics involved.
I want to keep it simple!
What is Ripple?
Ripple (XRP) - describing it very simply: it is the connector between, banks, corporations and markets in relation to global money transfers. This advanced platform is based on the idea of quick, international transfer of funds. It is transactional network, based on blockchain technology, with its own cryptocurrency- XRP. Although Ripple (XRP) is something more that only cryptocurrency, many people forget about it (the platform and the network), keeping only XRP cryptocurrency in mind.
XRP itself is currently the third cryptocurrency of the world. It stands behind Bitcoin and Ethereum. Although the ranking of top 10 cryptocurrencies constantly changes, XRP, since its creation, has been holding top positions. And why is that? It's because Ripple is supported by banks. Great capital, great amounts of money and great possibilities. And those were banks, payment providers and digital asset exchanges process and provide liquidity for payments on RippleNet, creating new, competitive cross-border payments services for their customers.
If you were to ask what banks and what payment providers, you can find the official list of partners on Ripple's website (at the moment, over 90 banks from all around the world use the services of Ripple network), and the following are only few of them: Santander Bank, UniCredit, UBS, CIMB Bank, MUFG Bank, TransferGo, MoneyGram, SEB, FTCS and TranspayGo.
For the very same reason, XRP is one of the most controversial cryptocurrencies in the whole world of blockchain technology. Many people believe that because it's supported by banks, it contradicts the idea of cryptocurrency and the world does not need any more bank currencies. They think that cryptocurrency was not created for banks to meddle with. However, others think that business is business and if it's possible to earn on XRP, then it's worth to take this opportunity, especially that its use by banks brings gigantic possibilities.
Although its price has never gone over $4, currently it's worth around $0.35, it still has crowds stood behind it. It is cheap, it has the back up of banking professionals, great amount of partners all around the world, and what's more- it provides very quick payments and large transaction network.
In comparison to most cryptocurrencies, Ripple can't be mined. The number of coins is stable and unchangeable. It's impossible to mine new ones. The flow of current coins is controlled by Ripple (over 70% of coins belongs to Ripple Labs). It is being criticized by fans of traditional cryptocurrency model, like Bitcoin, as well.
All payments within Ripple network were designed to fit with existing banking infrastructure. Because of that, all transactions are very quick (connection with many global companies), the distribution is better (as banks don't have to communicate with each other to pass transactions through blockchain), transactions are more secure and the level of processing them is high too. Ripple system also enables the connection between many networks. This great compatibility does the job.
Important: because Ripple is supported by giants and banks, there is a theory that when the world ends up needing a cryptocurrency to process transactions and traditional currency system (notes, coins) fails- it will be XRP to replace them. So, in this scenario, we may expect that financial institutions from all around the world will get interested in it- as it's more 'regulated' than Bitcoin and other cryptocurrencies. Of course, it is just a theory and it might not happen in real life. However, it is worth to know about it.
Where buy Ripple (XRP)?
You can buy XRP in many cryptocurrency exchanges and markets.
Using bank transfers, for example: Coinbase, Bitbay ,
Using Credit Card, for example: Coinbase, Binance , Changelly
Or using cryptocurrencies on hundreds of others Cryptocurrencies Exchange Platforms
Where to sell XRP?
For example here: Coinbase, Bitbay.
Remember that investing in cryptocurrency is a high risk activity: nobody knows whether a price of particular cryptocurrency will go up or down. If you are planning to buy Ripple, or other cryptocurrencies - don't assume that you will definitely earn.
Unfortunately, it is a new business sector and there are a lot of changes happening every day. There is no profits guarantee and the probability of losing is high. So remember, that you are the only person responsible for you decisions. Never spend your life savings on cryptocurrencies. You shouldn't buy them using your last funds, or a loan which you won't be able to pay off. Be careful and don't spend more than you can afford to lose!
Where to store Ripple XRP?
Here you have lot of options, choose the best for you and your coins safety.
Hardware wallets (the most secure!): Ledger ,
Desktop Wallets: Atomic Wallet , Rippex ,
Mobile Wallets: Toast Wallet , Atomic wallet
Web wallets: Coinpayments , Cryptonator
Where Ripple XRP is accepted?
You can find a lot of shops, internet services and much more companies accepting Ripple XRP, here: https://cryptwerk.com/pay-with/xrp/
Frequently asked questions:
How high can Ripple (XRP) go?
Lots of people ask ''How high can Ripple go''? Although every investor who buys XRP would like the price to grow as high as possible, there has never been and there will never be a definite answer to this question. All predictions regarding the future price of XRP (same as every other cryptocurrency) are only speculations which do not have to happen in real life.
Is Ripple a good investment?
It is difficult to unequivocally say whether the investment in Ripple is good or not. It may turn out that the price of this cryptocurrency will significantly increase in the future, so it may be a good time to buy it now. But unfortunately, it may also drop. The price of each cryptocurrency is influenced by the market, buyers, sellers, number of transactions, acceptance of this particular cryptocurrency, events that relate to it, as well as what governments think about it. All those factors are variables, and what we have today, does not have to stay identical in the future.
That's why Ripple XRP may be a good investment, but it does not have to be. The time will tell.
Official website: https://ripple.com/
Discussion about Ripple (XRP): https://discord.gg/cJ6ydjw , http://www.xrpchat.com/
Ripple (XRP): actually price, historical charts, and much more: https://coinpaprika.com/coin/xrp-xrp/
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Important: I am not an investment advisor!
I am just the publisher, and I’m not taking responsibility for any cryptocurrency or company, listed out here. When you join or invest in a cryptocurrency, or any other program of your choice, it is only your responsibility. It means that I am not responsible for your loss. The information provided here is based only on my own research, and you don’t have to agree with them!
I do not recommend spending what you cannot afford to lose!
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