Ripple is currently engaged in a legal dispute with the Securities and Exchange Commission (SEC), with both parties filing motions seeking a summary judgment ruling that may come this year.
Investing in XRP can be risky and could result in loss. Before making your investment decision, it is essential that you carefully assess both your financial situation and risk tolerance before proceeding with any investments.
What is XRP?
Ripple is a company and cryptocurrency with the mission of revolutionizing banking systems with innovative technology. Their XRP token powers their products that enable banks and financial institutions to send low-cost, immediate payments worldwide at minimal costs. Ripple was co-founded by Jed McCaleb – who had also established Stellar prior to Ripple – and Arthur Britto.
XRP is the native cryptocurrency of XRP Ledger, a public blockchain that utilizes a different method of consensus than that employed by Bitcoin or Ethereum – rather than depending on randomness as its basis, the XRP Ledger utilizes federated consensus that allows participants to be known and trusted.
Traders can purchase and sell XRP on cryptocurrency exchanges through both spot trading (actual coins) or futures trading (bets on prices). Like any cryptocurrency investment, using XRP should only be done with money that you can afford to lose; RippleNet payment network transactions also utilize it as payment for transactions using this cryptocurrency.
Why is XRP so popular?
Ripple (XRP) is one of the most acclaimed cryptocurrency tokens by market capitalization, largely because it forms an essential component of Ripple’s payment network. Ripple offers fast and cost-effective international money transfer services that outshone those provided by banks or traditional money remittance organizations.
Ripple’s technology allows individuals and companies to exchange currencies quickly on its network, eliminating high fees charged by traditional financial institutions while simultaneously sending funds internationally.
Many experts anticipate an upbeat future for XRP. Although a risky investment, if you anticipate cryptocurrency as a means of global payments then XRP could be worth your consideration – however it should only be invested with money that you can afford to lose as cryptocurrency prices fluctuate heavily; nonetheless, the XRP price prediction chart suggests it may rise over time.
How can I buy XRP?
Purchasing XRP can be fairly straightforward for newcomers to crypto investing. First you must set up a centralized cryptocurrency exchange account requiring access to a computer, internet connectivity and photo identification.
Once registered, once can add a payment method and start trading. Most centralized exchanges offer various fiat currencies like USD along with digital asset purchasing options like limit and market orders.
With a limit order, you can set your desired purchase price, and the exchange will only execute it if the market price of the coin reaches that threshold. Conversely, market orders allow instant execution at the highest available market price.
No matter how you acquire cryptocurrency, it is wise to remember that exchanges are vulnerable to hacks. Therefore, any significant amount of XRP should be stored in a cold wallet such as Trezor or Ledger for added protection.
How can I sell XRP?
If you have some XRP in your hands, there are various methods available to you for selling it. One is via an exchange. With them you can trade your XRP against fiat currencies like USD.
First, create an account on a crypto exchange that supports XRP. This may involve providing some basic details like your name and email address. After creating an account on such an exchange, deposit your XRP into its wallet via either direct transfer from your personal wallet or another exchange.
Once your XRP is in an exchange wallet, you can navigate to its trading page and choose “sell.” Here, you will need to specify how much XRP you wish to sell before choosing an asking price for each piece you are offering up for sale. Once completed, funds will appear in your exchange account which can then be sent onward to banks or another destination as desired.
