What is ripple cryptocurrency? how good is Ripple cryptocurrency
Ripple is one of the strongest cryptocurrencies to stay in the top ten rankings on the Coinmarketcap rating site. Ripple is currently ranked fourth out of all cryptocurrencies on the list at the time press. With a market capitalization of $ 11,379,547,586, it is only about 4 billion adrift compared to the market cap of USDT or better known as Tether stablecoin.
Then what makes Ripple survive amid cryptocurrencies that have just skyrocketed, call it Polkadot Chainlink and CRO. This article will help guide you all about Ripple.
What is Ripple (XRP) Cryptocurrency?
In general, Ripple is a network that allows sending money between two parties in a very fast time. The token used in the ripple network as a payment method is called XRP.
So Ripple is the name of the company that creates and develops crypto coins, not the coins themselves. The coin is called XRP, but it is common for everyone to call it Ripple.
All flat currencies can be exchanged for Ripple, even plane or train tickets can use Ripple as the medium. Ripple doesn't use proof of work like bitcoin.
Using XRP will reduce money transfer fees and making transfer times much faster.
And one reason why Ripple remains in the top ten is that it has the support of the banking sector and financial institutions.
XRP is a token that is used to represent the transfer value in the Ripple network. XRP's main goal is to become an intermediary for other exchanges, cryptocurrency, and fiat currency.
XRP vs Bitcoin
In terms of usage, Bitcoin aims to be money, whereas at Ripple it is for currency or transfer of other commodities such as oil or gold over the network.
Another difference is in terms of a network. The Ripple network is not decentralized, whereas Bitcoin requires a decentralized currency exchange.
This means that if someone wants to convert XRP to USD it can be done on the Ripple network without having to use a third-party intermediary.
The next difference is that Bitcoin technology uses Proof of Work while Ripple uses iterative consensus ledger and validating servers network along with XRP cryptocurrency tokens.
Another difference is that XRP cannot be mined, whereas Bitcoin can be mined where miners will get a reward. XRP was initially pre-mined for 100 billion and currently, 45 billion is available in the market and the rest is in labs which will be released periodically.
In terms of transaction speed, XRP is superior to Bitcoin with 5 seconds of transaction confirmation, while Bitcoin requires 10 minutes to confirm transactions.
XRP:s transaction fees are also cheaper which is only $ 0.004 while Bitcoin transaction fees are $ 40.
How ripple cryptocurrency works
Ripple is a company engaged in the digital payment system that issues XRP tokens.
Ripple's infrastructure is more designed for the convenience of transactions with banks, so it's no surprise that Ripple is being adopted more and more by large financial institutions.
Ripple blockchain offers businesses and institutions as a provider of cross-border payment services. Some of the programs offered are xCurrent, xRapid, xVia.
xCurrent is a payment system for banks. xRapid offers financial institutions that can minimize liquidity costs by using XRP as a bridge with a fiat currency. xVia allows businesses to pay via Ripplenet.
Ripple cryptocurrency has collaborated with large and small banks including American Express which has been a partner since 2017 for limited payments on the blockchain network for US businesses and UK businesses.
How to get ripple cryptocurrency
As it is known that Ripple cannot be mined, and the remaining XRP apart from those already available on the market are managed by the Ripple:s company and will be issued periodically.
So the only way how to get Ripple cryptocurrency with buy XRP. We have to find an exchanger that supports XRP so that we can buy XRP accordingly.
If you have already registered with one of the exchangers, you can check whether they support XRP as one of the traded assets. If it is available, all you have to do is deposit steps to buy cryptocurrency.
According to the official Ripple website that there are already more than 100 platforms and exchangers that support XRP and they are not associated with Ripple.
Some of the exchanges that support Ripple are Bitstamp, Kraken, Bitsane, Gatehub, Cex.io, Bitfinex, and Exmo. I don't provide all guides for all exchangers, but I just took a few examples of how to buy XRP at those exchangers.
How to buy XRP in Bistamp
As the first step to buy XRP through Bistamp, is to register an account. Visit the official Bistamp website and follow the registration instructions provided in the registration form.
If you choose to create a personal account or corporate account, a personal account is for individual investors, and a corporate account is intended for large institutions.
If the registration process has been completed then make sure you confirm your email address by clicking the link sent to the inbox after registering.
Next, you log in to your account at Bistamp and follow the next instructions for the KYC verification process. Several documents are required for this including Country ID and proof address.
When you have got verified status, it will be more comfortable to use all services, but to buy XRP you have to deposit money via the available deposit menu.
Furthermore, if the funds are available in the Bistamp account, you can buy XRP through their platform. You can choose between the available pairs XRP/EUR, XRP/USD, and XRP/BTC.
How to buy XRP in Kraken
Kraken is another exchanger that you can buy XRP through their platform. The steps are more or less the same as when registering at Bistamp. You need an email address and visit the registration page.
Maybe when visiting the page you have to wait a while because they are using anti-DDOS attacks to make sure their site is safe from attacks.
Next, after verifying the email, please log in to your Kraken account and follow the verification steps.
It may take 24 hours for the verification process. The verification process is complete, you then deposit the account with a number of funds that will be used to buy XRP.
Before eligible makes XRP transactions, you had to buy XBT, because the Kraken platform only supports XBT/XRP transactions.
How to Buy XRP in GateHub
You can also buy XRP through the GateHub platform which also has a digital wallet.
The steps that must be followed are also similar to the previous exchanger, you register with an email in GateHub, then confirm an email, then verify your account and make a deposit of some money.
When funds are available in your account, you can buy XRP via the exchange page.
Is Ripple cryptocurrency a good investment?
Many analysts predict that XRP growth will be rising in the future, several reasons can be used as a reference in XRP investment.
One that makes sense is that Ripple's price is currently affordable, its current price is $ 0.254, including low and very big difference with Bitcoin which is in the range of $ 10000.
Another reason is that Ripple is associated with a growing number of financial institutions and banks over time, with an increase in users in the future and some even predict that in ten years XRP could be worth $ 1000 even though this is an overly optimistic prediction.
Ripple Labs is a cryptocurrency company with more than 500 full-time employees, including public relations and marketing, offering Ripple technology to institutional banks, investors, and new users.
However, Ripple has pros and cons, the reasons above are pros while the cons reasons include, Ripple is different from other cryptocurrencies like Bitcoin and Ethererum, which can be mined and the scarce the coins are mined allowing the price to go up.
Ripple is different, the tokens are pre-mined and some are available on the market, and the rest is held by Ripple and will be issued periodically.
Other cons, XRP is concentrated in the Ripple company, there are reports that Ripple Chairman Chris Larsen holds a third of all XRP, and also Ripple CEO Brad Garlinghouse holds a significant amount making it possible against inflation.
Because it is different from other crypto-cryptocurrencies such as Bitcoin, where Ripple is not decentralized because it is designed for charging solutions. But Ripple's biggest hurdle is SWIFT. To become the biggest in banking Ripple must be able to convince the old method solution with SWIFT in financial institutions and banks.
Ripple cryptocurrency price prediction
Many crypto analysts predict that Ripple will rise in the future, although some predict that in the long term it will decline, for example, the prediction of Wallet investors who predict the value of XRP will fall $ 0.0668.
Many crypto analysts predict that Ripple will rise in the future, although some predict that in the long term it will decline, for example, the prediction of Wallet investors who predict the value of XRP will fall $ 0.0668, for the next year. The crypto-rating also predicts that XRP will fall by -13.85% over the next year.
Wallet investor prediction
According to the wallet Investor, XRP is a bad investment asset for the next year, in the prediction, it states that the value of XRP will fall lower than the current price
$ 0.254 will drop to $ .0668 by the end of 2021
But the short-term forecast predicts a two-week increase in prices at $ 0.250.
Source wallet investor.
For a long-term prediction by, Wallet Investors predict that the value of XRP will decline by the end of 2021. XRP hit an all-time high in early 2018 with $ 3,317. But then drastically fell back at $ 0.5 until the time press at $ 0.253.
Source wallet investor.
Coinpedia XRP price prediction
Analysts from Coinpedia.org estimate that by the end of 2020 the XRP price could jump to $ 0.8 to $ 2, the price movement is expected in that range by the end of 2020.
While the predictions for 2021 are forecast for XRP price to surge to $ 3. While the five-year prediction is forecast at $ 4 or $ 8, a price of $ 6 is possible by 2025.
Gov capital XRP price prediction
Gov Capital predicts the price of XRP in the next year to increase by 53% with an estimated price of $ 0.663 by the end of 2021.
Although in the long term XRP might rise, the short-term prediction is different, it is predicted that the XRP value will fall to $ 0.225. Meanwhile, the XRP prediction for 2022 could hit $ 1.04.
Ripple short term technical analysis 09 October 2020
September XRP’s price was in a fluctuating range market with resistance at $ 0.26 with support at $ 0.21. It seems that it is still difficult for XRP to break the resistance level with several retests.
The flat Bollinger band shows constant volatility on XRP, the Upper band can be a resistance area and the Lower band can become a support area as a stepping stone to determine entry positions.
Chart by Tradingview
Meanwhile, RSI provides a bearish indication from the histogram which is below the zero levels, and the signal line is below the MACD line. However, it contrasts with the RSI which signals the opposite, where the RSI value at the 55 levels is an indication that bullish is dominating the market.
Some traders may have doubts about what steps to take, by the difference in the signals of the two indicators.
However aggressive traders may take steps concerning flat Bollinger bands, this is a signal of movement in a range or sideways.
Go to the 1H timeframe, that the price has broken through the middle band, and the RSI has come out of the overbought level and is currently pointing down, while MACD signals the MACD line crossover with the signal line from up to down.
Chart by Tradingview.
Aggressive traders usually take risks by opening sells because the indicator rules have been confirmed, both MACD and RSI Bolinger bands.
Ripple cryptocurrency news update
Citing from Ambcrypto that Ripple has launched a new beta service called Line of Credit which is available to RippleNet customers.
This service allows users to obtain capital loans using the XRP network token.
The Line of Credit feature is the Ripple Team's latest development after the Chief Executive Officer of Ripple Labs, Brad Garlinghouse appointed the General Manager of RippleNet, Asheesh Birla, to expand RippleNet's On-Demand Liquidity (ODL) service.
Ripple is a company that issues XRP tokens which can be used as a means of cross-border payments.
It is a cryptocurrency that is different from Bitcoin and the like which can be mined, instead, XRP is distributed by the Ripple company. It can be said that this is a semi-cryptocurrency designed for banking payment method solutions that require high fees.
With a relatively low price, XRP can be used as a future asset because some analysts believe the future value of XRP is good.