Pros of Ripple
- Incredible transaction speeds
- Makes sending money internationally a breeze
- Potential for much larger growth in the future
Cons of Ripple
- Is not considered to be genuinely decentralised
History – A quick history on Ripple trading
Ripple was started by Jed McCaleb, Arthur Britto and David Schwartz before the trio approached the creator of OpenCoin Ryan Fugger. OpenCoin would be the slick payment service that would help to take the foundation of Ripple to the next level. Ripple would use this as the starting point for them to create their own cryptocurrency called XRP. While the Ripple payment service gained exceptional interest from over 100 banks, the XRP crypto did not gain nearly as much traction.
The Ripple network allows users to trade a number of different assets such as cryptocurrencies, fiat currencies and commodities. And as such appeals to more than just your average crypto lover. It’s important to understand terminology here as you won’t actually buy Ripple but rather buy XRP which is the cryptocurrency curated by Ripple.
Ripple continues to rise to new heights every year as more and more people use the payment service for their transactions. In fact, there are over 1 million transactions taking place on the Ripple network everyday. These transactions include a multitude of people who buy XRP.
While XRP had an initially rocky start to life (as most cryptocurrencies seemingly do) it has become one of the most sought after crypto options out there. It is currently ranked third in the top 10 cryptocurrencies based on market cap. Take a look at where Bitcoin Cash trading falls in the top 10 rankings.
Development – What can Ripple be used for?
When Ripple developed their own cryptocurrency in XRP, they opted for a slightly different route to other cryptos like Litecoin trading. This is because XRP does not use any kind of blockchain technology. Instead, transactions are verified on the Ripple network by a special consensus protocol. Essentially, the number of servers decide whether transactions on the network are authentic. This system of validation helps to prevent any issues with double-spending.
XRP is a fully decentralised cryptocurrency that is made so by the number of unique nodes that are distributed by the Ripple network itself. This unique system allows users to buy XRP incredibly quickly putting it right up there in competition with the best crypto networks around.
Ripple’s XRP crypto is one of the most secure and one of the most efficient cryptos in the market right now. There have been one or two scares in the past but this does not seem to have stemmed the rising tide that is the value of XRP.
Statistics & Major Facts – Quick facts before you buy Ripple
There are a few prominent stats and facts about XRP that will undoubtedly surprise you. If you are familiar with how cryptocurrency generally works then you will understand the concept of mining cryptos. However, when it comes to Ripple there is no option to mine XRP because they have already all been “pre-mined”. The total supply cap for XRP tokens stands at 100 billion.
So, how are new XRP tokens entered into circulation without the use of mining? Ripple releases a specific amount of XRP tokens every month for consumption. So, if you want to buy XRP tokens you will need to act fast and stay abreast of when the next batch is being released. There are currently 50 million XRP tokens in circulation.
Another major fact about Ripple which is not necessarily a positive one is that they are facing a lawsuit from the Reserve Bank of Australia and 13 other domestic banks. The lawsuit has been brought against Ripple as they have allegedly used the IP behind the PayID brand of the bank. There are unfortunately a few other legal cases that have been brought against Ripple. This led to Coinbase removing their cryptocurrency from their exchange platform.
Security, Features, Use Cases – Things to consider when trading Ripple
More people these days are looking to buy XRP and rightly so. Our crypto exchange and trading platform reviews on our TradersBest.com site give you valuable information for you to discover a broker to trade XRP.
In terms of the overall security of Ripple, there are few who boast such a stable record. There have been next to no breaches of the network in the past 8 years and the crypto itself appears to be more stable than most of its competitors. However, this does not mean it is not susceptible to the same level of volatility as other cryptocurrencies. XRP has experienced its own highs and lows over the past couple of years as well. And while this decentralised and secure crypto has exhibited an exceptional security record they can’t account for all user decisions. As such, you should always be wary of XRP trading scams.
So, what features really stand out with XRP trading? The most astounding aspect of XRP trading is transaction times. Users can complete a transaction within 4 seconds which absolutely smashes the mean average of other cryptos like Bitcoin and Litecoin. Furthermore, the Ripple handles over 1500 transactions a second which is another indication of just how efficient the network is. However, we should point out that most of these transactions go through the stakeholders of Ripple. The fact that the supply of XRP is essentially controlled by the stakeholders is not gone down well with crypto purists as they question whether or not it can even be considered as a cryptocurrency.
With that being said, there is still a lot to like about Ripple and its cryptocurrency. There are only nominal fees for transactions when using the Ripple network and of course, the processing times are lighting quick. XRP is incredibly flexible and can be exchanged for most cryptos and fiat currencies. Overall, the speed at which you can conclude transactions and the level of security involved on the network make XRP one of the most sought after cryptos in the industry. The current ranking of XRP in the list of cryptocurrencies is a fair reflection of this point.
How to Trade – Tips for Ripple trading
Looking to buy crypto currency online? If you are looking to buy XRP online then you are just one of a multitude of people who have started to wake up to its financial potential. Buying XRP crypto follows the same process as most of the other cryptos available. All that is required of you is to pick a trading platform or crypto exchange that offers you quality service. This can be relatively tough as there are so many to choose from. At TradersBest.com we conduct a number of XRP trading reviews for you to check out. We review each trading platform and crypto exchange to bring you an in-depth look at how you can buy crypto online.
Once you have picked a site that you think is going to do the job for you, it is then time to create an account. Creating an account shouldn’t be all that time consuming as you merely need to provide some personal details and banking information. Once you have done that, you will likely be sent a verification email for your account. After you verify the email you should be all but ready to go on your preferred XRP trading site.
So, what would be the next step in the process of buying XRP? Well, you need to do some market research to pick the best times for you to procure a few XRP tokens. You can find some sites that will give you a Ripple price prediction but we would be wary of these sites for the most part. What would be best is for you to conduct this research yourself by checking out some blogs, news and XRP trading reviews to see where the crypto stands in the immediate future.
Once you have established when the right time is to buy XRP tokens you shouldn’t have any trouble executing your purchase. If you are buying XRP with a crypto exchange all you will need to do is open an order to buy, select how much crypto you would like to purchase and you will be matched with a like-minded user on the site who is looking to sell XRP for that amount. If you are looking to use a cryptocurrency broker, all you need to do is check out the cryptos available on the site, find XRP and make your purchase.
There are a number of different XRP trading sites and crypto exchanges for you to choose from. Remember, you can always use TradersBest.com at your leisure to help you find the best XRP trading sites that won’t charge you exorbitant broker commissions for your XRP trades. Check out our review for Ethereum Coin trading to see how trading in another cryptocurrency compares to XRP.
Future Outlook – Our XRP price prediction
It can be a tricky task to try and correctly gauge what the XRP price is going to look like years down the line. There are some experts who provide you with a Ripple prediction that is overwhelmingly positive. Then again, there are experts who make an XRP prediction that the crypto will decline in future. All we can say for sure is that in the preceding years leading up to now the rise of XRP has been steady even with a few price drops offs in between.
However, some experts suggest that the rise of the XRP price should not be completely banked on. This is due to the numerous lawsuits that Ripple are currently facing. While there is every chance that these lawsuits will blow over there is no telling what these kinds of macro variables may do to the XRP price further down the line.
Reputation and Customer Feedback – Ripple reviews from traders
With over 100 different major banks using Ripple technology it is clear how its reputation has come along in leaps and bounds since it started. The reputation of XRP alone is incredibly strong as the spike in valuation in 2020 shows that more people were looking to get their hands on XRP tokens. However, it did appear to lose some face with the number of lawsuits that came up in 2020.
As such, it would seem that only time will reveal whether or not XRP is going to continue on its upward trajectory or if it may suffer still as a result of the very public lawsuits against Ripple. If you feel like some of the heat of the legal controversies that Ripple are facing are too much then we suggest taking a look at another stable crypto option in Binance Coin trading.
Overall Conclusion – Our thoughts on Ripple trading
It should come as little surprise that XRP is ranked so highly in the top 10 cryptocurrencies in the world. The crypto provides one of the fastest transaction times in the industry with little to no processing fees involved. The fact that Ripple have garnered the favour of over 100 of the world’s most reputable banks should only further endear the crypto provider to more people. Furthermore, the safety of the crypto helps to reassure users that they won’t fall prey to many XRP trading scams.
We would like to just note here at the end of our review that we are in no way trying to give you financial advice on what cryptos to invest in. Rather, we simply want to point out some of the strongest features of XRP and how it became the crypto that it is today. If you are looking to find out more about another cryptocurrency then there is no better place to start than with the juggernaut that is Bitcoin trading.