Ripple cryptocurrency had a leap in 2017 and 2018, and it has become the most capitalized digital currency after Bitcoin. It has started working with several banks in Latin America and Europe because of its growing popularity in the XRP ledger. Using Ripple, transactions can be completed within a few seconds, which is faster than Bitcoin. This has led to an increase in the XRP price, thereby attracting financial institutions and new investors. This ongoing trend appears to be that investing in XRP is a good investment for the long term.
What Is Ripple(XRP)?
Ripple is denoted by the ticker symbol XRP; Ripple is the name of the network and company, and XRP is it’s token. XRP is used for transferring money globally, and it is not used as an alternative form of payment or an option to traditional paper currency. Ripple can be described as a technology that functions as both a digital payment network and a cryptocurrency that can be used for financial transactions. Ripple was co-founded by Chris Larsen and Jed McCaleb in 2012, and its main operation is used for payment settlement asset exchange and as a remittance system, just like the SWIFT system.
Working of Ripple
Ripple network does not use a proof-of-stake or proof-of-work system like Bitcoin; instead, transactions rely on a consensus protocol to validate the account balances and the transactions executed on its system. The consensus protocol works to enhance the integrity of the ecosystem, thereby avoiding double-spending. The confirmations made on Ripple are instant and do not take more than 5 seconds. Ripple platform is decentralized as there is no central authority to confirm the transactions and the transactions executed on Ripple are instant.
History of Ripple
Ripple was initially implemented by Ryan Fugger in 2004, a web developer in Canada. In 2005 he developed Ripplepay to offer a financial service that provides secured payment methods to its online community members through a global network. Based on this, in May 2011, a new digital currency system was created, and its cryptocurrency XRP was issued. This led to the development of a new payment system by Jed McCaleb in 2011. This system was developed to eliminate reliance on a centralized exchange, using minimum electricity, and execute transactions faster than Bitcoin.
How To Buy Ripple?
Ripple can be purchased from any reliable cryptocurrency exchange, and there is no limit to buying XRP. However, the user should choose a trustworthy exchange that offers more trust and transparency in operations when the transactions are executed. Furthermore, several platforms provide tight security to keep cryptocurrencies safe.
How to Buy Ripple Now?
There are several exchanges where the user can buy XRP. Here are a few steps to consider if the user wants to buy ripple now.
1. Sign Up
The user should visit the cryptocurrency exchange website and click sign up. They can sign up using an email and phone number. Next, they should verify their account; for verifying the account, they need a few documents like proof of address and proof of identity. When the user opens a new account, they need to verify it through the email link sent to them.
2. Deposit Funds
Suppose the user wants to purchase XRP through a cryptocurrency exchange. In that case, they need to deposit fiat currencies, and they need to check the minimum deposit required by the cryptocurrency exchange and click deposit.
3. Search for XRP
When the user has signed up and deposited their minimum amount, they can search for Ripple or XRP in the cryptocurrency list provided by the exchange and click on it.
4. Buy Ripple
The next step is to buy XRP on the platform by clicking the “BUY” button on the exchange. The user should choose the amount they would like to invest; when this is done, the investment is made, and now the user owns Ripple in their crypto portfolio.
Why Buy Ripple?
Recently, Ripple has seen an unexpected rise and predicted that there might be an increase in price by the end of 2022. This might be an attractive option for investing in Ripple. One of the major reasons for making cryptocurrency investments is holding it and then selling it for profit. Experts predict that people can get profitable returns when the price increases. Currently, few digital currencies prices have gone all-time high, and there are chances that XRP price might also increase.
Experts Talk on Ripple Price Prediction
The Wallet investor online forecast service predicts that the price of ripple will go above $0.70 at the beginning of 2022 and that it might go down sharply. After the initial price of $0.70 in 2022, the price might reach $1 in August, and it might go up to $1.30; by December 2025, the price of ripple is predicted to be $2.3. To $4.49. As per prediction done by TradingBeasts.com, by the end of 2022, the price might be around $1.05. According to forecasts done by Coinswitch, XRP will reach $2 in 2022, $3 in 2023, and $4.52 in 2025. According to Cryptonewsz, Ripple’s (XRP) price might cross the value of $3 with a 5-year investment, and the revenue is expected to be around +300.88%. You can find more information here.
To conclude, digital currencies are gaining more popularity, and investors are looking to invest with Bitcoin and altcoins. XRP, with other cryptocurrencies like Bitcoin, Tether, Ethereum, might become one of the market leaders dominating the cryptocurrency space. Experts predict that people might become more interested in investing in cryptocurrencies in the long term. When there is a bullish phase in 2021, Ripple has become one of the top-ranked cryptocurrencies in the crypto space.