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XRP started its race as the underdog of the crypto market, but it has enjoyed a steady and impressive bull run and is now one of the top 10 crypto tokens in the cryptocurrency marketplace!
The crypto market has become quite saturated recently, but most newly introduced coins are meme coins at best. Among the pebbles, a few gems have sustainable real-world value. Ripple (XRP) is one such gem in the cryptocurrency world.
Ripple’s native crypto token, XRP, is intimately linked. This coin has been used to transfer thousands of dollars worldwide with its XRP ledge, which validates the transactions made on the blockchain with XRP. Its original aim was to serve as a crypto competitor for the global fund transfer system SWIFT, but Ripple and its protocol have come a long way since then.
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The rest of the article will explain why XRP is the smart crypto trader’s choice and why it is a must-have investor’s portfolio.
Ripple is a blockchain-based digital payment network designed to transfer funds worldwide using its native cryptocurrency (XRP). Ripple Labs Inc developed the payment protocol in 2012 to facilitate the cryptocurrency exchange. The network also supports fiat currencies and other valuable commodities like gold.
The transaction fees on the Ripple network are still relatively low compared to most cryptocurrencies. XRP is a crypto token with 100 billion tokens released onto the Ripple network at its launch. It operates through the XRP ledge platform that acts as a decentralized exchange that enables the peer to peer (P2P) transfers. It is primarily meant to settle international transactions, and it is used as a community-based cryptocurrency that has a function to serve in the evolution of Decentralised Finance (DeFi).
The XRP consensus algorithm relies on trusted sub-networks. This algorithm is an international validation node network that all need to reach a consensus on transactions. These nodes comprise Ripple’s Unique Node List (UNL), which uses a limited number of bank-owned services to confirm and validate XRP transactions.
“From the earlier days, Ripple and the XRP community, we tried to lead by example. We tried to be the adults in the crypto room,” Brad Garlinghouse, CEO of Ripple, said.
Ripple’s XRP token is the native coin of the Ripple Ledger that is used to facilitate international financial transfers and enhance currency conversion. This means that you can use fiat currency to buy XRP tokens. This is done using cryptocurrency brokers and exchanges. This article contains a list of respected crypto exchanges and trading platforms.
This is a step-by-step guide to buying Ripple-XRP on a crypto exchange platform:
All crypto platforms operate with unique rules. It is essential to research the platform before selecting one through which to purchase XRP. There are multiple crypto/fiat pairs for XRP. It is easier to buy XRP with fiat currencies (US dollar) than to use cryptocurrencies (USDT).
The next step is to deposit funds into your account. These can be crypto funds you’re transferring from another exchange or a direct deposit from your bank account. The report needs to be verified first before this step can be completed. Once that is completed, you are free to purchase XRP.
Once you’ve bought your XRP, the next crucial step is to store it securely. There are multiple options to do this, but you first need to understand that you need an independent crypto wallet to store it. Keeping it in the exchange platform is not the most secure option.
One caveat to purchasing and holding XRP in your XRP dedicated wallet is that you must hold a minimum of 10 XRP in your wallet on the XRP Ledger. These are the different types of crypto wallets:
XRP has become a widely held coin since it first launched in the early days of the crypto revolution. That means that most crypto exchanges or trading platforms allow investors to purchase XRP on their platforms.
These are the top 10 platforms to buy XRP in 2022:
*Bonus* Coinbase was also a viable option for those hoping to buy XRP. But the platform has delisted the coin due to the ongoing lawsuit against Ripple Labs, Inc.
Different platforms abide by other operation protocols, including varying minimum deposit and withdrawal amounts. Another thing to consider is that some exchanges directly allow you to buy XRP with fiat currencies (euros, dollars, and pounds). At the same time, other platforms pair the XRP coin with alternative cryptocurrencies like USDT coins.
XRP has only sometimes been the powerhouse it is today. Ripple’s native token was introduced as an underdog in the crypto race, but it has since become a consistent member of the elite top 10 crypto coins in the marketplace. That being said, a few things to consider before investing in XRP.
Pros | Cons |
XRP is still undervalued | It is privately owned and not entirely decentralized |
It has significant potential | The Ripple protocol consensus algorithm is lacking in security |
Ripple is environmentally friendly | Many of Ripple’s banking partners only use Ripple’s network (Ripple Net) but not XRP. |
XRP is still relatively cheap |
The Ripple (XRP) crypto tokens are the best option for beginner crypto investors due to their tremendous growth potential and well-established network infrastructure. It is the perfect use case for global exchange. Its practical utility validates the token and thus solidifies its value far more than less established crypto tokens.
If the SEC court judgment swings in favor of Ripple Labs, XRP is set to continue its upward momentum to become one of the most valuable crypto tokens in the cryptocurrency marketplace. Ripple is a faster, cheaper, and more reliable alternative replacement payment system compared to its direct competitor, the SWIFT system.
The reality is that XRP has real-world legitimacy and is widely accessible. This makes it a perfect choice for a crypto investor looking to 100X their ROI on their crypto investment. The token has low transaction fees and is still wildly undervalued, so it has a powerful potential to enter a new bull market and explode in the next 1 to 5 years.
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