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Monday, June 24, 2024

What is Ripple (XRP)? One of the famous Cryptocurrency available.

Now a day cryptocurrency market is expanding more and more. Lots of new peoples are investing in crypto. So, here we are going to discuss about Ripple (XRP) coin.

What is Ripple (XRP)?

Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. The token used for the cryptocurrency is premined and utilizes the ticker symbol XRP. Technically, Ripple is the name of the company and network, and XRP is the cryptocurrency token. 

Official website of Ripple(XRP): Click Here.

Purpose and use of Ripple (XRP)?

Ripple’s main process is a payment settlement asset exchange and remittance system that is similar to the SWIFT system for international money and security transfers that is used by banks and financial middlemen dealing across currencies. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks, as a sort of temporary settlement layer denomination.

Stats of Ripple (XRP)?

Current price of XRP:

Currently XRP price is $1.36(it can be different as market fluctuations).

Market cap of XRP:

$72 billion is market cap of XRP.

Maximum supply of XRP:

There is 45.4 Billion tokens in circulation while its total supply counts 100 Billion XRP tokens.

From where I can buy Ripple (XRP)?

There are multiple applications from where one can buy and trade XRP. They are

  1.  Binance
  2.  WazirX
  3.  Coinswitch Kuber
  4.  Gimini
  5.  Coinbase
  6.  Toast wallet
  7.  Bitfinex
  8.  Blockfolio

These are some major applications from where anyone can easily buy and trade XRP.

Disadvantages of Ripple (XRP).

  1. Ripple, the company, has more than 60% of XRP, and even though the likelihood of a massive sell-off is minimal, they have the magical 51% advantage and hence control the blockchain.
  2. The company has concentrated on targeting banks exclusively, and this is a turn-off for many early adopters of blockchain technology.
  3. Since Ripple is pre-mined, there exist little or no incentives for common nodes to work in the network, which then leaves the corporates like banks to provide the validator nodes. Since only a few nodes are needed to run the network, it’s not really distributed.

Should I invest in Ripple (XRP)?

Ripple is a cryptocurrency, and no matter how promising its business model is, it comes with the same risks as any other cryptocurrency, so you are advised to invest only what you are prepared to lose. Stay safe from scammers.

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