22 Sep 2023 04:10
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Learn more about Ripple
One can hardly imagine everyday life without payment systems. With their help, we pay for goods and services and transfer money from one part of the world to another. To make commissions lower and transactions faster, programmer Ryan Fugger founded a system called Ripplepay. It was launched in 2005. Ripplepay was a P2P platform. It involved direct interaction between users, i.e. without intermediaries. Everyone could create their own digital money and exchange it with others through the Ripplepay platform. Over time, new partners joined the project. Among them was businessman Chris Larsen. Larsen's contribution was invaluable. Under his leadership, Ripplepay began to interact with banks, and the system was improved. In 2013, the Ripple token (XRP), Ripplepay's own currency, appeared. From this year, the history of Ripple as a crypto asset started. The issue amounted to 100 billion coins. Ripple's path has been thorny. It faced a lot of challenges and roadblocks. The company's owners have been accused of theft and excessive control of the asset. Nevertheless, the cryptocurrency was steadily strengthening, primarily due to investments. It outperformed Litecoin in terms of capitalization in 2014 and Ethereum three years later. Thus, Ripple is a blockchain-based digital payment platform and protocol with its own cryptocurrency.
XRP main features
Ripple was created four years later than Bitcoin. Back then, new cryptocurrencies were being actively developed and XRP had some common as well as distinctive features with them. Like other cryptocurrencies, it guarantees anonymity and transparency of transactions. However, compared to other digital assets, all Ripple tokens were mined at once. It means that no more XRP tokens can be mined. XRP tokens have their own unique consensus mechanism. It differs from Proof-of-Work with its high speed and low power consumption. Ripple was not created to replace the banking system. They coexist with each other peacefully. Thus, transfers of any amount of money from anywhere in the world take seconds and commissions are minimal. Thanks to cooperation with financial organizations, the token can be exchanged for precious metals. No other coins can be used for such a purpose. However, XRP is often criticized by analysts. Its main weak points are:
- Lack of decentralization. More than half of the mined coins are owned by Ripple Labs, signaling its control over the token
- Distrust of the token. Given that more than 60% of tokens are controlled by developers, there are fears that a one-time drop of tokens will bring down the market.
Ripple cost in dollars
The start of 2022 for Ripple, as well as for the entire crypto market, can hardly be called successful. Starting at $0.85, the quotes fell to $0.63 by the end of January. Over a month, the token lost almost a quarter of its value. Ripple dipped due to the overall bearish trend in the crypto market and weak demand. At the same time, analysts are confident that Ripple is one of the most undervalued cryptocurrencies. Despite the optimistic forecast, the token retained a downtrend in the first decade of February. At the time of writing the article, XRP is trading at $0.75. Analysts also stress the relatively low price of the token and a high level of capitalization. The total value of all XRP tokens exceeds $35 billion. Ripple takes the eighth position in the ranking of all crypto assets. At the same time, it is the cheapest token in the top 10 cryptocurrencies in terms of market capitalization. Bitcoin is 61,000 times more expensive than Ripple. Ethereum suppresses Ripple value by 4,600 times. Thus, the token is considered one of the most affordable and reliable trading instruments. If you want to acquire it, you will need much less money than buying other cryptocurrencies with large capitalization. How many Ripple tokens can you buy for $100
|Currency||BTC||ETH||ETH||BNB||USDC||ADA||SOL||XRP||Number of tokens purchased for $100||0,003||0,03||99,51||0,21||99,83||94,14||0,91||133,33|
"If you look at the Ripple quotes over the past five years, you can see how volatile they have been. 2017 was a successful year for the crypto market, including Ripple. In the first half of the year, XRP jumped to $0.4. However, after a rise, a sharp decline and fluctuations followed. Over time, Ripple was able to return to the range of 2017-2018 and the price approached $4. However, Ripple failed to maintain an upward movement due to the overheated crypto market. In the following few months, its quotes fell. Until the end of 2020, XRP was trading below $0.5. Only in December, it climbed to $0.6. In 2021, Ripple rallied twice. In the spring, it jumped to $1.76 and in the autumn, it lifted up to $1.2 after the summer fall. As we have already mentioned, in early 2022, Ripple was unable to rebound. Nevertheless, demand for this cryptocurrency remained stable.
What happened to Ripple's market cap during this period? As you know, this is the indicator that reflects demand for an asset. It reached its high in early 2018. The market cap exceeded $130 billion, making Ripple the third-largest token by market cap. It surged amid the overall growth of token quotes. These two indicators are interrelated. The higher the price, the larger the market capitalization. Now, Ripple’s market cap is $35.7 billion. In five years, it has shifted to eighth place.
Ripple chart for all periods
As you know, Ripple was founded in 2013. Since then, its price has changed significantly. Initially, it totaled $0.01. In the following three years, its high was $0.06 and the low amounted to $0.005 As a rule, its price dropped due to lawsuits from state regulators. For example, Ripple Labs has been repeatedly fined by the US Treasury Department and its accounts have been blocked. Now, Ripple is trading below $1. Last time, It managed to break through this level in November 2021. Nevertheless, many investors were able to make a profit on the Ripple price fluctuations. Since its creation, the quotes have grown by 75 times.'; Having invested $1,000 9 years ago, you could have earned more than 75,000.
Ripple's dominance has decreased over this period. This indicator demonstrates the share of a digital asset in the crypto market. In 2013, the XRP market cap accounted for almost 3.5% of the entire crypto industry. Now, its share is below 1.9%. What caused a steep decrease in Ripple’s dominance? First of all, the fall occurred due to the development of new cryptocurrencies. Even coins with a small capitalization took away the percentage of dominance from others. Apart from that, a rally of altcoins also pushed XRP price down. For example, Ethereum has grown by about 10,000 times since 2013. Since Ripple’s growth has been 75 times slower for this period, its dominance in the market also declined.
What factors impact Ripple’s quotes?
The value of cryptocurrencies depends on various factors. This also applies to Ripple. First and foremost, demand determines the price of an asset. At the time of writing the article, the intraday trading volume of XRP was $2.8 billion. This is six times lower than Bitcoin but 1.8 times higher than Solana or USD Coin.
- USDT – $39.9 billion;
- BTC – $16.9 billion;
- ETH – $10.7 billion;
- XRP – $2.8 billion;
- BNB – $1.2 billion;
- USDC – $1.7 billion;
- SOL – $1.6 billion.
Another important factor that impacts cryptocurrencies is the laws on the crypto industry in different countries or changes in them. As a rule, when coins become legal in some states, it triggers an increase in virtual assets all over the world. When they are prohibited, the quotes decrease. Cryptocurrencies are also vulnerable to news related to upgrades or scandals. Digital assets drop amid scandals and hacks. However, they rise following the development of new technologies, functions, and platforms. In addition, XRP is influenced by the movements of other cryptocurrencies. The study shows that Bitcoin sets the trend for the crypto market. Other cryptocurrencies sooner or later follow suit. Some analysts distinguish another factor that affects only Ripple. They point to the potential actions of Ripple developers. They assume that by owning 60% of the coins, Ripple Labs may sell all the tokens at once. Such a move will lead to sharp changes in the market.
How to make a profit on Ripple
For those who want to invest in XRP, we recommend reading the article "How to buy Ripple on the crypto exchange?" Since this cryptocurrency cannot be mined, there is only one way to make money on it – to invest. Traders buy this token thanks to the advantages of XRP compared to other coins. The main pro is a limited supply, which protects it from inflation. They also take advantage of high transaction speed and low commission fees. Ripple is relatively cheap. To add this token to your investment portfolio, you don’t need a large capital, which is especially important for newcomers. For example, $10 is enough to buy 13 coins. Crypto traders can purchase Ripple on exchanges. This is a safe and fast way for buying the token. Such platforms enable you to buy Ripple for fiat money as well as for other cryptocurrencies. It is easy to navigate them. You need to take just a few steps:
- Open an account;
- Choose an asset;
- Send a request;
- Confirm application.
In other words, after passing verification, investors place an order and specify how many coins they want to buy, at what rate, and what currency they want to use. When the system finds the seller, the transaction can be completed. It takes just a few minutes to buy Ripple. Before entering the market, investors are advised to analyze the market dynamics and read expert forecasts. When investing in Ripple, keep in mind its high volatility rate which can magnify both profits and losses.
Where to buy Ripple
There are several ways to buy Ripple. Read about them in the article “Where to buy Ripple.” Here we will talk about the two most popular ways. The first place to buy Ripple is a crypto exchange. You can choose any out of the 65 existing trading floors, including IFXBIT, Binance, Exmo, Poloniex, and others. Crypto exchanges are fully legal and operate according to law, which ensures the security of invested funds. Besides, users of crypto exchanges can benefit from such services as leverage, mining pool, and staking. The second option to buy Ripple is virtual e-currency exchanges such as Indacoin, Paybis, E-scrooge, etc. Keep in mind that some of these platforms can be a scam, so use only reliable services. The main difference between the first and the second option is the currency-storing function. Virtual e-currency exchanges do not allow users to store currencies, which means they need to open a separate e-wallet. No matter what your choice is, you should consider the following aspects. First of all, make sure that the platform supports the payment system you want to use when transferring money from your bank card or e-wallet. Secondly, make sure the platform offers the currency pairs you are interested in. Finally, check commissions and fees. By following these simple rules, you will minimize risks and protect yourself from unwanted expenses and troubles.
You need a wallet to store cryptocurrency. Read “How to get free desktop Ripple wallet” for more info. A crypto wallet is not physical storage but a password that gives you access to digital assets. Users of crypto exchanges get such wallets automatically after registering. There are other options to receive a wallet outside an exchange. There are several types of wallets: desktop, mobile, paper, hardware, and other wallets. A hot wallet is connected to the Internet, while a cold wallet functions offline. Most popular Ripple wallets:
- Ledger Nano S;
- Trust Wallet
Creating a wallet is simple and doesn't take much time. Choose a wallet you like, download it, register, and set up an authentication process. You are ready to go. Most crypto wallets are not free. You will need to deposit at least 20 XRP to use the service. Since the main purpose of a crypto wallet is to store funds, its security is crucial. To eliminate risks, be careful when selecting a service. Read user reviews and descriptions of the wallet. It is not a good idea to use a wallet without prior exploration. Hardware and paper wallets are best for storing large amounts of crypto. Keys to the wallet should be kept in a safe place, for example, in a bank. Another security tip is to keep part of your XPR in a hot wallet and put the remaining part in a cold wallet.
Ripple price prediction
Every investor wants to know what prospects the chosen asset has. Read “Daily outlook for Ripple” and learn about the XPR rate in the short term. Ripple’s high volatility may cause doubts about the asset as a sound investment choice. Yet, analysts are positive about Ripple's prospects. What factors will determine the price of Ripple in 2022? The resolution of the legal conflict between Ripple and the US Securities and Exchange Commission (SEC) will be a major factor to determine the future of the cryptocurrency. The regulator filed a lawsuit claiming that Ripple sold XPR in unregulated securities trading. The company opposed this claim. The legal dispute has been going on since 2020, and the ruling is very likely to be reached in 2022. If Ripple wins, its token will appreciate in value. Of course, the overall sentiment in the crypto market will also affect the price of Ripple. As we have mentioned above, this industry usually follows one major trend. If conditions are favorable and no force majeure happens, analysts forecast Ripple to rise in 2022, with a minimum potential price of $1 and the highest projected price of $2.5. Let’s assume this forecast is right. If you buy Ripple worth $100 today, you may get at least $133 or a maximum of $333 by the end of the year. This token remains a highly attractive investment option. Yet, analysts point out that the centralized nature of XPR makes it hard to predict its future. So, the decision of the company founders will play its role in the value setting
If you look at the XPR/USD rate or compare Ripple to other crypto, you will see that this token is gaining popularity every day. Both experienced and beginner traders seek to have Ripple in their wallets. Many of them have already seen a substantial return from investments in XRP. Want to join? Welcome to IFXBIT to invest in a rapidly developing token.
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