Ripple (XRP) – a cryptocurrency that is ranked 3rd in market capitalization on CoinMarketCap, is a coin that has been receiving the attention of many investors and at the same time the focus of many controversies. Controversy about whether XRP is considered a security or not? So what is Ripple or XRP? Where is its value and should invest in Ripple coin? This article I Love Bitcoin will learn with you.
What is Ripple (XRP)?
Ripple (XRP) is a real-time gross settlement system (RTGS), currency exchange and transfer system. Ripple network was created in 2012 to repeat the development of Ripplepay, with the aim of making it easy for anyone to use banking, credit card, paypal or other financial institutions, extremely low cost, high security and fast processing speed. Ripple is functionally similar to the SWIFT system.
Let me explain a little more about the name Ripple and XRP, previously Ripple is the main name of the project, and XRP is the code or coin issued by Ripple, but recently Ripple has officially changed the name of Ripple to XRP and also changed the brand logo, you can see this on their official website and on CoinMarketCap.
XRP Leadership Team
Ripple developed by the company OpenCoin, Inside Chris Larsen is the chief executive officer and Jed McCaleb is the director of technology. Larsen is a co-founder and head of financial firm E-LOAN, while McCaleb used to work at exchange Mt. Gox. In addition, there are quite a few developers and security advisors who understand and research deeply in the field of cryptocurrencies as well as Blockchain.
Where does Ripple’s value lie?
In terms of technology, the real value of XRP lies in the system and this has been proven with more than 100 registered banks including American Express. However, many people believe that the XRP coin has no real value and it is only speculative. It was reported that Ripple had a plan to remove it in the past XRP coin But due to the impact of the cryptocurrency craze in 2016, this plan was canceled.
Current 100 billion XRP coins was released, and the Ripple team themselves assured that they would not issue any more XRP, but in reality, no one can stop them from printing more in the future. Ripple’s transaction processing speed is within 3.5 seconds via XRP, which makes XRP valuable and usable. However, the use of XRP is completely independent of the Ripple system, which means that banks can still transfer USD and EUR without XRP and this is what many investors when buying XRP do not know. XRP does not represent any value, its existence is okay without it.
How is Ripple different from Bitcoin?
Basically Ripple and Bitcoin The same is that they all use Blockchain technology, a peer-to-peer (P2P) transaction network that does not need the intervention of a third party, Ripple’s XRP currency is also a digital currency. BTC-like numbers. Ripple was born to support Bitcoin, not as a competitor, Ripple is essentially a payment system, and Bitcoin is a means of payment and aims to be a currency. The Ripple network is designed for seamless currency transfers, whether it’s USD, Euro, British Pound or Bitcoin.
The differences we can see between Bitcoin and Ripple are:
- Bitcoin can be mined but Ripple can’t
- The number of Bitcoins is finite and XRP is infinite
- Bitcoin’s purpose is to be a means of payment and Ripple is a money transfer system
So should invest in virtual currency Ripple XRP?
This part I will talk about my personal opinion, if you read carefully the “Where is the value of Ripple?” then you can see the risk when Invest in Ripple, although investing in this Crypto market any coin will be risky. Since Ripple’s true value lies in the payment system and not in the XRP coin, not to mention that XRP is being examined by US authorities as to whether XRP is a “disguised security”.
However, the potential of . cannot be denied XRP coin The future is very big, recently there have been many banks and large enterprises participating in testing Ripple’s technology, this is seen as a positive signal for wider acceptance of Ripple. Moreover, when choosing to invest in this market, most investors will probably choose “top coins” – coins with large market capitalization, because they have a lower level of risk than other coins. small. By many factors, XRP is still considered a pretty good long-term investment.
What is the current price of XRP Coin?
At the time of writing this article price of 1 XRP = $0.286941 USD with a total market capitalization of $11,377.245,988 USD, the trading volume of the last 24 hours is $402,536,947 USD. XRP coin price currently has dropped about 12 times stars with the old peak of 3.6 USD. You can follow XRP Rates We update from time to time to understand the fluctuations of this currency.
See also: Real-time 1,500+ cryptocurrency exchange rate table 24/7
Where to buy and sell XRP Coin? Which exchange is reputable?
- Update: Currently, Remitano exchange supports buying and selling XRP in VND, this is the largest coin exchange in Vietnam, you can see more detailed instructions how to buy this XRP.
Currently, there are many exchanges in Vietnam and the world that support it Ripple coin that you can buy and sell, but I usually trade XRP on international exchanges. Some prominent floors are: Bitbank (this exchange only has XRP/JPY pair), Huobi, Binance, Bitfinex, Bithumb (XRP/KRW pair only), OKEx,..and many other floors. If you have a need to invest in XRP, you can use the exchange Binance or Huobi, these are 2 exchanges with extremely low transaction fees and are used by many people.
Where to create a wallet to store Ripple coins safely?
Currently you can use some wallets that support Ripple coin storage such as: Toast Wallet, Gatehub, Ledger Nano WILL, CoinPayments or exchange wallets. In which, Gatehub wallet is the most used wallet, however, recently many people responded that they lost money on Gatehub, so I switched to using it. Toast Wallet, and if you regularly trade, you can always leave it on the floor to avoid having to move back and forth with transaction fees. I directed How to create a Toast Wallet to store Ripple coin virtual currency on your phone, see below.
Also, you can check out other best Ripple wallet options below:
See more information about Ripple coin
Epilogue
Ok. Here is the article “What is Ripple (XRP)? Where to create a wallet and Buy and sell XRP Coin cryptocurrency? Should you invest?We hope to bring you a lot of useful information as well as help you make the right decision when investing in this market. If you have any questions, leave them below in the comment section and I will help you. Do not forget Like, Share and 5 star rating to support ToiyeuBitcoin Please. Good luck.
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