What Is Ripple (XRP) Cryptocurrency?

Preface

What is Ripple (XRP)?The cryptocurrency ecosystem has witnessed the rise of a lot of cryptocurrency projects within the last ten years. Some have failed, and some have succeeded in their quest. Ripple (XRP), a cryptocurrency released in 2012 by Ripple Labs has since grown to become one of the biggest cryptocurrency in the world. With a market capitalization of $41 billion, Ripple (XRP) holds the 6th position on CoinMarketCap list of top cryptocurrencies in the world.

Ripple (XRP) is a cryptocurrency used for settling payments and completing transactions. Examples of companies using the Ripple network are Bank of America, American Express, Azimo, etc. However, just like how Bitcoin is a currency while its transactions are recorded on the blockchain, xrp also has its base payment platform identified as RippleNet. A critical difference between the Bitcoin blockchain and the XRP Ledger is that the latter isn’t a blockchain; instead, it is an open-source distributed database.

The XRP token is peculiar to the RippleNet network as it’s used to pay fees, etc. As a global payment processor, users can transact with over 120 currency pairs on the platform. Ripple has a maximum supply of 100 billion tokens with 46 billion tokens in circulation. As of the time of writing this article, Ripple is priced at $0.87, and it is listed on popular cryptocurrency exchanges such as Binance, Huobi, etc.

Ripple was created as an alternative currency for fast, cheap transactions. Therefore, on average, the Ledger processes all transactions within 3 – 5 seconds. In addition, unlike Bitcoin that operates a proof-of-work model for confirming transactions, Ripple has multiple sets of validators and uses a consensus mechanism for verifying transactions.

What Is Ripple (XRP)

Where to Buy Ripple XRP Cryptocurrency

You can buy the Ripple (XRP) token through alternative channels aside from the RippleNet platform. These are:

Cryptocurrency Exchanges

XRP is available on several popular cryptocurrency exchanges, i.e., Binance, Poloniex, Kucoin, Bitstamp, Kraken, etc., across multiple trading pairs, i.e., XRP/USDT, XRP/BTC, XRP/ETH, etc.

OTC Trading/Peer-to-Peer Transactions

Unlike the first option above, you would have to find an individual or physical exchange location that transacts with Ripple.

How to Buy Ripple (XRP) Cryptocurrency

In the introductory section, we mentioned that XRP is peculiar to RippleNet as its native cryptocurrency for fee processing, among other things. However, that doesn’t suggest that you can find the XRP token on RippleNet alone. There are several platforms where you can buy XRP, i.e., cryptocurrency exchanges, etc., as mentioned in the previous section. There are a few things you need to have in place before purchasing the XRP token.

Buying Ripple (XRP) on Cryptocurrency Exchanges

First, open an account with the exchange. Take Binance, for example. Next, visit the website, and follow the sign-up instructions. Go to the Markets section and search out the various XRP currency pairs on the exchange. Next, decide on the currency pair with which you wish to execute your transaction. For instance, you could choose the XRP/BTC or XRP/USDT pair. You’ll need to deposit into the wallet with which you’ll be exchanging your tokens to proceed.

So, if you’re depositing BTC tokens, open Wallet on the account and search for the BTC wallet, click on Deposit, and a new page opens up with information on how to deposit BTC tokens in the copy. Copy the deposit address. You can use the exchange payment options to buy BTC using your bank information, credit card, etc., or find a P2P seller. Next, find your selected currency pair, i.e., XRP/BTC, click Buy to buy the Ripple tokens with the BTC available in your wallet.

Buying Ripple (XRP) Via OTC Trading

It’s crucial that you have a Ripple wallet before initiating this transaction. There are several options available, of which the most popular is exchange wallets. However, for security purposes, it’s advisable to get a hardware wallet that supports Ripple, i.e., Ledger Nano S. Although Bitcoin wallets are generally free, Ripple requires users to have at least 20 XRP tokens to book a wallet address. After sorting wallet issues, find a local over-the-counter shop that accepts Ripple to buy.

Ripple (XRP) Price Prediction for 2025

As a crypto asset with a unique use case, Ripple has long-term potential. The price of Ripple roamed around the $0.2 – $0.3 range between May & December 8, 2017. However, right after that, the price went up to an all-time high of $3.26 within one month. The price rally wasn’t a pump and dump scheme. A lot of users recognized the unique selling point of Ripple as a payment processor and digital currency. Although the price has dwindled since then owing to several factors, it has found support around the $0.9 – $1.5 range. Ripple is the 6th biggest cryptocurrency by market cap. So, that goes to show its strength of its community.

As Ripple disrupts cross-border payments, it’ll cover the user base of fiat payment remittance companies, thus expanding its reach and increasing valuation. It would be the standard across many industries. Therefore, it’s safe to say that Ripple could reach a potential high of $30 – $50 by 2025. Historical data shows that Ripple rallied around a close price range for several months and did 10x in price just a while later. It is presently accumulating around a tight price range, and we could see an uptrend from here. Ripple tokens are burned for every transaction made on the network daily which makes the supply limited, and with increased value, the price value would also increase. A typical example of this is BNB. So, a potential price range for Ripple would be $30 – $50 by 2025.

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After becoming a Bexplus user, you can trade BTC/USDT, EHT/USDT, LTC/USDT, DOGE/USDT, and XRP/USDT with 100x leverage.  Bexplus also offers market analysis, notification of the market changes to keep you updated.

Conclusion

Ripple (XRP) is a digital currency rightly positioned to revolutionize payment processing services globally. Due to its strong use case, it would be a game changer for the world financial system. This article details all you need to know about cryptocurrency.