Ripple is among the most valuable cryptocurrencies. The digital currency, XRP, acts as a medium to other currencies and does not discriminate any fiats, making it easier to exchange. Ripple has a significant potential for growth, and that’s why XRP is one of the top cryptocurrencies to buy now.
Briefly about Ripple
Ripple is a blockchain-based digital money transfer system that uses a consensus mechanism through a group of bank-owned servers to validate transactions. The mechanism enables XRP to remain decentralised, fast and reliable. Ripple does not operate on blockchain mining hence it consumes less energy than its competitors. Banks use XRP, and its tokens are tradable in public exchanges. However, to use XRP as a utility token, it must disappear from the general market to drop its actual price.XRP stands out for being cheaper and faster; its transactions occur at a low cost and are confirmed within seconds.
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Currently, the XRP price is USD 0.620659 with a 24-hour trading volume of USD 1,275,924,264, as it climbed by 5.36%. The current CoinMarketCap ranking is number 8, with a market cap of $29,628,343,810 USD. It has a circulating supply of 47,736,918,345 XRP coins and a maximum supply of 100,000,000,000 XRP coins.
Utility of Ripple?
XRP is mainly used for payment settlement.
Ripple Price detailsBSC Contract address: 0x1d2f0da169ceb9fc7b3144628db156f3f6c60dbe
›› XRP tokenomics and social media
Advantages at Ripple+ Low transaction costs.
+ Proof of stake.
+ A green alternative in the crypto world.
+ Ripple is very reliable.
Disadvantages- Ripple has an ample pre-mined XRP supply.
- Ripple is somehow centralised considering its list of validators.
- SEC filed a lawsuit against Ripple
- The cryptocurrency is highly volatile.
Costs▪ Rated at 10/10
Transaction costs are usually very low and start from 0.00001 XRP per transaction.
Reputation and Buzz▪ Reputation rated at 8/10
▪ Buzz rated at 8/10
Ripple Labs Inc is a US-based technology firm that develops the Ripple payment protocol and exchange network. Ripple is famous for its ambitious objectives in which it is making progress. However, many people in the crypto community do not view XRP as a cryptocurrency since it is not decentralised. The RippleNet payment network comprises over 300 financial institutions spread over 40 countries. Also, it has partnered with over 11,000 financial institutions across over 200 countries. It is important to note that the financial institutions partnered with RippleNet and not XRP.
How many XRPs are there in circulation?
Currently, XRP has 47,736, 918,345 tokens in circulation.
How do you store your XRP?
You can store your XRP on an exchange or in the cold or hot wallet.