Pros of Ripple
- Very affordable
- Enormous market cap
- Relatively easy to trade
Cons of Ripple
- Under a fair amount of legal pressure
- Not decentralised
History – How did XRP get started?
Ripple is the brainchild of Jed McCaleb, Arthur Britto and David Schwartz. Ryan Fugger also joined the venture with his secure payment options service, OpenCoin. OpenCoin would serve as the foundation for Ripple and this allowed the company to also generate its own digital currency, XRP. Initially, the response to the Ripple payment service was unprecedented and gained traction with over 100 banks by 2018, only 6 years after the initial release date. The response to XRP trading was not as welcoming as most saw the volatility of cryptocurrencies as a major red flag.
The main competitor of Ripple, and current industry standard, SWIFT has been put under pressure by the tremendous growth that Ripple has endured over the years. The issue of scalability has been proposed 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 was XRP created for?
XRP was developed as a digital asset that is optimised for payments. The development includes the XRP Ledger which is an open source, permissionless, decentralised blockchain technology that has the potential to validate and settle transactions in seconds. 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 than ever before. Many traders are looking to buy Ripple as its service and cryptocurrency are being put to the test.
The foundation of the cryptocurrency, the XRP Ledger, is made operational by the global XRP Community. Just about any host could operate as a validator node to process the order and validity of XRP transactions made. This unique system allows users to buy XRP with one of the fastest transaction settlement times in the industry. To get an idea of how XRP manages to compete with the biggest name within the cryptocurrency industry, head to our Bitcoin trading page where we take a comprehensive look at the largest cryptocurrency on the market.
Statistics & Major Facts – The most important XRP facts
Being able to complete the best XRP trading will definitely require knowledge of the statistics and facts surrounding the cryptocurrency. The first major fact to be aware of is that there are currently only 36 validators present within the XRP community and Ripple runs 6 of them. This is a fairly underwhelming number to be considered completely decentralised. There are 100 billion units of XRP available to be claimed and at the moment approximately 45 billion are owned.
A class action lawsuit was filed against Ripple in 2018 claiming the company was completing unregistered sales of XRP in order to gain enormous amounts of money. The U.S. Securities and Exchange Commission has followed through with the proceedings and Ripple Labs has indicated that they are prepared to defend themselves in court. This decision has become a major talking point within the crypto community and since the announcement was made, Coinbase has delisted XRP since December 28th. To take a look at the other cryptocurrencies that are available to trade, head to our best cryptocurrency to invest in page.
Security, Features, Use Cases – Is it secure to buy 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 a 8 year track record of running its service in a stable manner. This includes every ledger being closed without an issue since the system was launched. There is also an employed team of world-class engineers that ensure the service is running smoothly. The distributed network of validators also provides a high level of security when transacting with XRP and no matter security breaches have experienced at the time of writing. 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.
Once you are involved with XRP trading, you will be able 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 handles around 1500 transactions per second. All transactions are eco-friendly as no energy is required for proof of work or mining costs. To compare these features with another competitor, read over our buy Binance coin page. Unfortunately, the majority of 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 unique selling point of Ripple trading is the avoidance of fees and wait times that any traditional bank customer has experienced. XRP can be exchanged for most currencies and it has become a growing trend for online services to offer supported cryptocurrency payment methods. Ripple’s unique node list also ensures that all of the orders to buy XRP are done securely and almost instantaneously. 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 – All you need to know about XRP trading
Before trading, you’ll definitely want to take a look at some XRP trading reviews. Since XRP 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 a South African customer, you will need to research the trading platforms that are available and find one that best suits your needs. 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. 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. Be sure to double check the validity of the email by confirming the address belongs to the trading platform you have chosen.
Every account will then have to go through a second step of verification before it is allowed to transact and begin XRP trading. This will involve sending through some sort of ID document, either your ID card, driver’s license or passport. Be sure to check which ID documents are applicable with the trading platform before sending through anything as this could delay the sign up process. After a processing time, your account will be verified and you will be able to make deposits to begin your crypto trading career. Research the news surrounding XRP before you decide to put in 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 most South African trading platforms will also support bank transfers from the majority of the banks available in South Africa. Processing times will apply with transfers and these can all be confirmed within the terms and conditions of each service. If you are looking at trading a different cryptocurrency, check out our Bitcoin Cash trading page.
Future Outlook – The future of XRP trading
Crypto markets have all managed to maintain a degree of growth and the future outlook seems promising once you set aside the slow adoption that the market has been experiencing over the years. XRP was one of the best performing cryptocurrencies of 2020 and looked set to maintain its trend throughout 2021. Unfortunately, the controversy that surfaced by December 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 the class action lawsuit that was previously mentioned. The payment system and the cryptocurrency itself definitely has what it takes to become a major player within their respective industries. The lawsuit may prove to be the make or break moment for Ripple. 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 – What do traders have to say?
Many traders have flocked to buy Ripple recently and the feedback has been 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. The reputation of Ripple was also very positive until the class action lawsuit was filed. The chairman of Ripple, Chris Larsen, and the CEO, Brad Garlinghouse, own a significant amount of the XRP (over 60%) that is out there and with so much in the hands of only two people, the price may be drastically overinflated.
The Ripple service shows a large amount of promise and if the court case goes well and the XRP ownership is spread a little more evenly amongst the XRP global community, then it is likely that the positive reputation held by Ripple will return once again. 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 – Looking to buy Ripple?
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. It is also backed by over 100 banks and is very quickly overtaking the majority of competitors on the market. The development of Ripple was an impressive feat and that has allowed the very favourable statistics to be generated.
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. This network of nodes boasts a large global presence and it seems to be experiencing consistent growth. The features of Ripple trading are definitely the main selling point of XRP. They manage to outperform all cryptocurrency services out there and the proof is put out there for any customer to see. Trading XRP is just as easy as any other cryptocurrency, but with the current lawsuit that is taking place, it may be best to weather the storm before deciding to invest large sums of money. This article is not purposed as investment advice and serves only to inform readers about the cryptocurrencies available on the market.