The next time you think bitcoin is hot, maybe you should learn about XRP. This is another cryptocurrency that has gained popularity recently. The company behind it is named Ripple.
The thing that makes XRP stand out from other popular cryptocurrencies is that it was created by a private, for-profit company that still owns most of it. A few months ago, it was worth around $0.20 per coin. Today, it’s worth more than $2.25 per coin.
However, XRP can’t be bought through popular apps such as Coinbase, so it’s not as easy to buy as bitcoin or other popular cryptocurrencies. In other words, you have to go through a few hoops to purchase it. Here’s my favorite method:
What Is Ripple (XRP)?
The XRP token is a native utility token for the XRP ledger. The ledger was created in 2012 with a cap of 100 billion XRP. One hundred billion of those tokens were given to the company that would become Ripple to develop a fast and global payment system.1 Ripple then locked 55 billion XRP in escrow accounts to ensure its supply remained stable.
A blockchain-based money transfer network, XRP functions as a sort of informal money transfer network. XRP Ledger is also a decentralized exchange that enables XRP trading between peers.3 However, XRP is primarily intended to serve as the payment method for international banking transactions, but the community treats it as a cryptocurrency.
For XRP transactions to be accepted, trusted sub-networks – networks that are connected by larger validator nodes spread across geographies – must reach a consensus. Every Ripple node trusts certain nodes that form its Unique Node List (UNL). In this design, a small group of bank-owned servers will operate a consensus mechanism to confirm XRP transactions.
Ripple (XRP): How to Invest
It is possible to use XRP as an investment, even though it was not originally designed to be a security, derivative, or currency. One of the investors ‘ current strategies is investing in cryptocurrencies as a long-term investment while waiting for their value to increase.
You can find XRP on many exchanges if you are interested in buying or trading it. Also, it is suitable for day-trading, where you can take advantage of slight price changes throughout a day by buying and selling it quickly like traders do with their stocks. If you prefer to trade this way, you can do so at any time since cryptocurrency exchanges are open 24 hours a day, seven days a week.
Ripple (XRP): How to Buy
If the exchange supports it, you can buy XRP with fiat currency or other cryptocurrencies. These are some of the exchanges where XRP can be bought or traded:
- Binance
- Huobi Global
- Bithumb
- Bitstamp
- FTX
- Kraken
- Bitfinex
- Poloniex
- eToro
- Liquid
- io
- WazirX
- Phemex
XRP: Is It a Good Crypto Currency?
XRP was designed as a utility token to be used on the Ripple blockchain and payment platform. Although it is not intended to be used as a cryptocurrency, the investing and cryptocurrency communities are using it for trading, holding, and exchanging. In this regard, it is not as popular as Bitcoin (BTC) or Ethereum (ETH).
However, it is gaining in popularity and adoption. This article will explore how to buy, sell, trade, and hold XRP with Cex.io, an international crypto-exchange. History of Ripple (XRP) Ripple is an open-source blockchain technology founded by Chris Larsen, Jed McCaleb, and Arthur Britto. It was released on GitHub on April 5, 2012. Its primary goal is to create a cross-border payment network that can handle large amounts of transactions in real-time. Ripple uses consensus algorithms such as a proof-of-stake algorithm, allowing nodes to decide whether a transaction should go through using a random number generator.