Pros of Ripple
- Very affordable
- Instantaneous transactions
- Large amount of room for growth
Cons of Ripple
- Number of ongoing legal battles
History – A brief history of Ripple trading
Ripple was initially started by Jed McCaleb, Arthur Britto and David Schwartz. Ryan Fugger, the creator of OpenCoin, also joined the venture and his secure payment options service would be the foundation for Ripple to expand upon. This allowed the company to also generate its own digital currency, XRP, which was planned to be used in conjunction with their state of the art payment service. Initially, the response to Ripple was unprecedented and gained traction with over 100 global banks by 2018, only 6 years after the initial release date. The response to XRP trading was not as abrupt as the idea of trading cryptocurrencies was still under plenty of debate.
Ripple is expected to take the place of the current industry standard, SWIFT. The traditional means of international finance and commerce has been put under pressure by the tremendous growth that Ripple has endured over the years. SWIFT manages to boast nearly 50 years with its trusted service and has proposed the issue of scalability as one of the biggest downfalls of the Ripple system. However, the Ripple system seems to currently be outperforming the SWIFT system and many of the big names in the banking industry have made the shift.
Development – What can Ripple be used for?
XRP was developed as the native digital asset of the XRP Ledger. The Ledger is an open source, permissionless, decentralised blockchain technology that has the potential to validate and settle transactions in seconds which drastically improves upon the SWIFT processing times. Ripple trading is done directly with no usage of a central intermediary. The option to buy XRP was already available with the initial release of the Ripple system in 2012 but has gained more momentum in recent years with more confidence being placed in crypto markets. Many traders are looking to buy Ripple as it continues to grow.
The foundation of the cryptocurrency, the XRP Ledger, is made operational by the global XRP Community. It is possible for anyone to apply to host a validation node, but verification procedures are put in place to keep the service safe. Validator nodes process orders and validate any XRP transactions that are made. This unique system allows users to buy XRP almost instantaneously. To get an idea of how this crypto trading service competes with the biggest name within the cryptocurrency industry, head to our best Bitcoin trading page where we take a comprehensive look at the most traded cryptocurrency on the market.
Statistics / Major Facts – Quick facts before you buy Ripple
Being able to complete the best XRP trading will definitely require knowledge of the statistics and facts surrounding the XRP price. This will help all traders looking to make a XRP price prediction. The first consideration to be made would be that Ripple operates 16% of the current network of validator nodes. This is a fairly high percentage for the cryptocurrency to be considered decentralised. There are 100 billion units of XRP available to be claimed and at the moment approximately 45 billion are owned.
Ripple Labs Inc. is also currently being sued by the Reserve Bank of Australia and 13 other domestic banks. The lawsuit was filed by the New Payments Platform Australia which claims that Ripple made use of the IP behind their PayID brand. Australia is not the only country where Ripple is facing legal action, a lawsuit has also been filed in the US against the company. Most of the legal action surfaced at the end of 2020 and Coinbase has delisted XRP since December 28th. To take a look at the other cryptocurrencies that are available to trade, head to our buy crypto currency online page.
Security, Features, Use Cases – Things to consider when trading Ripple
If you are looking to buy Ripple XRP, you need to consider the security of your transactions as well as the features and use cases of the cryptocurrency itself. Ripple boasts 8 years of stability and security with their service and no major breaches have been reported since their release. Being a physical company, this is also an employed team of world-class engineers that ensure the service is running smoothly. The distributed network of validator nodes also ensure that transactions are safe and secure. That being said, XRP trading scams do certainly exist and it is highly recommended that you always confirm the authenticity of the site you are visiting. Only make use of reputable trading platforms and ensure that https:// is always at the start of the webpage URL you are on.
XRP trading enables customers to transact within 4 seconds which is 900 times faster than the Bitcoin transaction settlement time. The amount of transactions per second also trumps any other cryptocurrency on the market and the payment service handles around 1500 transactions per second. The energy consumed for each transaction is also near negligible. To compare these features with another competitor, read over our Binance coin trading page. Unfortunately, a considerable portion of the transactions are processed by stakeholders of the company and the supply of XRP is also determined by Ripple itself. These two factors have caused the crypto community to criticise whether XRP is a true cryptocurrency.
The major selling points of Ripple trading are minimal fees and processing times when transacting with the online payment service. XRP can be exchanged for most currencies and it has become a growing trend for online services to offer supported cryptocurrency payment methods. Customers will be able to trade their XRP for numerous goods and services but it is always recommended to confirm that it is accepted before signing up for anything. The cryptocurrency definitely establishes itself as one of the industry leaders when it comes to the security methods, features available and use cases that apply.
How To Trade – Our top tips for Ripple trading
The Ripple price has managed to gain some serious momentum the past year, many traders are looking for opportunities to buy crypto online and join the ranks of XRP owners. To buy Ripple is no different than buying the majority of other cryptocurrencies that are available. As an Australian customer, you will need to research the trading platforms that are available and read through some XRP trading reviews before getting started. Luckily, our team at Bitreviews have taken an in-depth look at just about all of the service offers out there to bring you comprehensive reviews of each of them.
To have the best XRP trading experience, you will need to research the market behaviour and determine when would be the ideal time to buy. There are plenty of platforms out there making their own XRP prediction, and having a large spread of information will help inform your decision. With any trading platform, you will first need to open an account with the online service and verify your email address before you can gain access to your own account page. This can be done by signing up and visiting your email webpage to follow the verification link sent to you.
Every account will then have to go through a second step of verification before you are allowed to transact and begin XRP trading. This will involve sending through some sort of ID document to verify your identity information corresponds with your account information. After a processing time, your account will be verified and you will be able to transact and begin your crypto trading career. Research all the news surrounding XRP before you decide to place your buy order as the volatility of the market may have you purchasing during a peak in the price.
The best XRP trading sites will offer a large range of payment methods in order to attract a variety of customers to their service. The traditional credit/debit cards are always covered and you will find a variety of e-wallets and online payment methods also supported with a number of the Australian trading platforms. Each of these services will have their own processing times and it is important to double-check this to avoid disappointment when transacting. If you are looking at trading a different cryptocurrency, check out our buy Bitcoin Cash page.
Future Outlook – Our Ripple predictions
The majority of crypto markets have all managed a continuous amount of growth over the years and the future outlook seems promising once you look past the short term volatility that most cryptocurrencies experience. XRP was one of the best performing cryptocurrencies of 2020 and looked set to maintain its trend throughout 2021. Unfortunately, the controversy that has been generated at the end of 2020 proved to have a negative effect on the XRP price and it managed to lose 50% of its value at the time.
The future of Ripple trading will depend on the outcome of all the lawsuits that were previously mentioned. The payment system and the cryptocurrency itself definitely has what it takes to become a major player within their respective industries but making a Ripple price prediction at the moment is definitely risky business. For another cryptocurrency that has a very positive future outlook, head to our Ethereum trading page where we take an in-depth look at all it has to offer.
Reputation and Customer Feedback – Interesting feedback from Ripple reviews
Many traders flocked to buy Ripple when the cryptocurrency gained momentum and the feedback was overwhelmingly positive. At one point in 2020 it was the best performing cryptocurrency on the market and most traders saw the performance as inevitable with the remarkable system that has been put together. Ripple also maintained a positive reputation with the crypto community until the lawsuits were filed. Only time will tell whether the payment service will come out on top of these cases or whether it will be the downfall.
The Ripple service shows a large amount of promise and if the court cases go well, one common Ripple prediction will be that the company will regain its favour with the community and the XRP price may regain some of the precious, lost momentum. If the controversy is too much of a concern and you are looking to trade right now, head to our buy Litecoin page to find all the details surrounding another reputable cryptocurrency on the market.
Overall Conclusion – Our thoughts on Ripple trading
If you are considering whether or not to buy XRP, this page should have given you the necessary insights to help make your decision. The cryptocurrency and payment service has been around for a fairly long time with no major mishaps related to the service itself. The payment service is also backed by a large number of reputable banks and is very quickly overtaking SWIFT to become the standard on the market. The development process of Ripple has ensured that the payment service can claim their very favourable statistics.
XRP trading offers a high level of security to all customers as the Ripple unique node list system manages to validate and verify buy orders. Trading XRP is just as easy as any other cryptocurrency, but with the current lawsuits that are taking place, it may be best to weather the storm before deciding to invest large sums of money. The lawsuit filed in Australia has caused Ripple to rebrand their PayID to PayString while the class action lawsuit in the US may cause damage to the payment service company. Keep an eye on Ripple news to follow the latest developments of the story. This article is not purposed as investment advice and serves only to inform readers about the cryptocurrencies available on the market.