Pros of Ripple:
- Hugely popular crypto among major banking brands
- Speedier transaction times when compared to Bitcoin
- XRP trading is cost-effective
- Good for sending money across borders
Cons of Ripple:
History – The growth of Ripple trading
Ripple first came on the scene in 2012. It was unveiled to be a financial services network run by Ripple Labs. The network also operates as a currency exchange whereby anybody can simply send and receive a wide range of fiat currencies like Indian rupees, US dollars, euros and so on.
However, things got interesting when Ripple decided to release its own cryptocurrency – the XRP coin. This was created to be used on the Ripple network that also allows you to exchange other cryptocurrencies and commodities. As a result, you’ll be involved in XRP trading rather than Ripple trading. However, many crypto trading sites will state that you can ‘buy Ripple’, rather than buy XRP. As a result, many people have started to enjoy XRP trading just as they would buy Litecoin or any other cryptocurrency.
But it’s not just cryptocurrency fans who have taken an interest in XRP. This is because the Ripple network has had an enthusiastic take-up among many major banks and financial institutions. It has been estimated that there are now over 100 international banking organisations that use Ripple financial services technology. All of which should give a good indication as to why Ripple trading could be here to stay.
Development – Why so many people want to buy XRP
While XRP is one of the best cryptos to invest in, it’s important to note that it has a few important differences to most other cryptocurrencies. The most significant difference is the fact that XRP doesn’t have any kind of blockchain technology. While many other cryptos like Bitcoin and Litecoin use a blockchain to document and verify each transaction, XRP works a little differently.
This is because the Ripple network features a consensus mechanism where a variety of different servers evaluate each transaction to make sure that it is legitimate. Each of these servers operates in a completely decentralised way across the Ripple network which ensures that no one can take full control of how each individual transaction is verified.
Many XRP trading reviews have also noted that you’ll often get to enjoy relatively fast transaction times with this cryptocurrency. Plus it’s worth noting that Ripple is viewed as being one of the more secure cryptos which is why it has been used by so many banking institutions.
Statistics & Major Facts – All about XRP trading
One thing is for sure and that’s that many people are continuing to buy Ripple. When we created this guide in February 2021, there were over 1.29 million XRP transactions taking place in a single 24-hour period.
While many people will enjoy buying XRP like they would buy Bitcoin Cash or any other crypto online, it’s important to note that you won’t be able to mine XRP like you would with Bitcoin or Litecoin.
Instead of this, Ripple will be releasing up to one billion XRP tokens every month. This process started when Ripple released 100 billion XPR coins to begin with and it is just another reason why this crypto is a little different from most.
Above all, it’s the fact that XRP is tied to many major financial institutions that may be its defining feature. With over 200 financial institutions having signed up to RippleNet to send and receive money internationally, it shows that XRP is far from being just another coin for crypto hobbyists to play with.
Security, Features, Use Cases – Why you should buy Ripple
We have found that Ripple offers just about anyone a relatively straightforward way to get into crypto trading. You can go to the majority of crypto trading sites and look forward to trading XRP coins against other cryptos, commodities, currencies and much more.
Many people consider the best XRP trading practices to be those that capitalise on the volatility of the crypto. Like most other cryptocurrencies, the XRP coin has seen plenty of spectacular rises and dramatic falls in its relatively short history. This volatility is the key reason as to why many in the financial sector continue to avoid buying XRP directly, but their decision to continue using the Ripple network is no less significant.
This is because Ripple trading is supremely fast and it facilitates almost instant notifications that updates its users on the status of each transaction. It’s important to note that the complete lack of chargebacks has become an integral part of Ripple’s success in the global financial industry sector.
While it’s perfectly fine to trade XRP like you’d buy Ethereum or any other crypto, we should highlight the fact that it’s largely used as a mechanism for sending money across international borders.
Imagine that you wanted to send ₹10,000 to a friend in the UK. Normally this would involve expensive conversion fees and the transaction may also take some time to be verified. However, transactions taking place on the Ripple network can be much more straightforward.
This means that the bank would use XRP to transfer your money and it would be credited as soon as it has been authorised by the decentralised servers in the Ripple Network. The robust verification procedure ensures that there are no scams, and your friend would either be able to withdraw the money as XRP coin tokens or in a currency of their own choosing. All of which should be much faster when compared to the standard method of sending money across borders.
How To Trade – Get started with Ripple trading
You don’t have to be working in the financial sector to enjoy the best XRP trading. This is because this is one of the work’s most popular cryptocurrencies and there are many excellent sites that allow you to buy and sell XRP. However, if you have never bought a cryptocurrency before, you might be unsure as to where to begin. So we’ve created the following how-to guide that explains how you can trade cryptocurrencies like XRP.
Find a good XRP trading site
Pretty much all of the crypto trading sites that we’ve come across will let you buy and sell XRP. However, this doesn’t mean that you should be careless in which crypto trading website you use. We’ve created a handy shortlist of the best cryptocurrency exchanges and brokers so that you can find one that’s perfectly suited for your needs.
Don’t forget that we’ve even carried out in-depth reviews of each trading site. This is important as every site operates a little differently, and you’ll need to know how doing things like making a decision to buy Binance Coin could affect what kinds of trading fees you’ll be up against.
Register and verify your account
Once you’ve picked your trading site, the first thing that you’ll need to do will be to set up an account. This is usually a fairly straightforward procedure as you’ll normally just have to enter in your email address, and then create a password and username.
Once this is done, you’ll have to verify your account before you are allowed to start trading. This usually means having to provide some personal information. So expect to have to produce evidence of things like your date of birth and home address. While this might slow things up, such verification is an essential part of ensuring your online security.
Making your deposits
After your account has been verified, it’ll be time to make your first deposit. If you want to make a deposit with a fiat currency such as Indian rupees, you’ll normally be able to do so either via making a bank transfer or using a card. However, most people will opt to make a deposit via a cryptocurrency already stored on a crypto wallet. Such a method means that you can look forward to trading instantly without having to endure any further verification checks.
Buy XRP coins
Finally, you can simply head to the main cryptocurrency page of the trading site. You’ll normally see a shortlist of all of the featured cryptos that should include XRP. From here you will simply be able to click on the link to buy XRP and select how many coins you wish to purchase. Just don’t forget to check out some of the statistics before you buy. After all, seeing how XRP has risen or fallen in the past 24 hours can have a big impact on whether you should buy now or wait a little longer to invest in the crypto.
Future Outlook – Our XRP price prediction
Our XRP prediction is that this coin is only going to grow in value. This is because it is heavily linked with the widespread use of the Ripple network on many major banking institutions. As such, XRP benefits from having a positive reputation which is more than can be said by anybody who has ever tried to buy Bitcoin.
It’s also important to note that Ripple’s decision to limit the amount of XRP coins in circulation could work out to be a shrewd move. The finite supply will ultimately mean that the XRP price will rise in correspondence to the shifting demand.
Obviously any Ripple price prediction will have to factor in the crypto’s volatility. This means that any speculation about the future Ripple price is going to be much less precise when compared to fiat currencies and commodities. But on the whole, most crypto experts would agree with our Ripple prediction that this cryptocurrency is on the rise.
Reputation and Customer Feedback – Are there any XRP trading scams?
You might have seen a few news stories about a major hack of Ripple in 2019. However, it’s important to clarify that this was actually a case of thieves stealing $10 million in XRP coins from a specific crypto wallet that had suffered a security breach.
Such scare stories shouldn’t detract from the fact that Ripple is widely viewed as being one of the most successful brands involved in the crypto revolution. With everyone from Standard Chartered and Santander to MoneyGram using the Ripple network technology, it shows that crypto businesses don’t necessarily have to be shady organisations operating on the dark web. All of which has meant that Ripple enjoys an excellent reputation among those in the financial sector and cryptocurrency realm alike.
Overall Conclusion – Reasons why you should buy XRP
By now you should be well aware of all of the key reasons why you might want to buy XRP. First of all, it’s a popular crypto that features on all major trading sites. This means that you can buy and sell XRP and trade it for anything from other cryptocurrencies to commodities and much more. The relative volatility of XRP means that it should be handled with care, and you should always consider getting proper financial advice before making any large investment decisions.
We should also mention the fact that XRP is part of the Ripple network which has had a significant adoption in the financial industry. This should ensure that XRP doesn’t just rise and fall like many other cryptos, but instead should be considered a relatively secure option for anybody looking to buy crypto online. So be sure to visit one of the best XRP trading sites and see why this crypto is so popular.