Ripple connects banks, payment providers, exchanges and corporations through its real-time gross settlement system and uses its native cryptocurrency XRP to bridge currencies and speed transactions.
Bears could gain ground at this overhead resistance and send the pair spiraling beneath $0.31; on the other hand, bulls could drive above moving averages and drive it higher to $0.42.
What is Ripple?
Ripple is an innovative global payments network that operates differently from traditional money transfer services, offering faster transactions with reduced fees and near instantaneous delivery times.
RippelNet utilizes “federated consensus” for processing transactions, making it distinct from blockchain technologies like Bitcoin and Ethereum. Instead of using proof of work as the sole validation method for each transaction, Ripple uses rules which enable verification of individual servers or nodes based on reputation.
Ripple network products and services are widely utilized by banks and money transfer companies that utilize XRP for cross-border transactions, while also offering products like xCurrent, xRapid and on-demand liquidity that utilize its technology without necessitating users buying coins as currency from Ripple themselves; rather, these coins serve as bridge currencies between financial networks and Ripple itself.
Why is it so popular?
Ripple has quickly become one of the market’s premier cryptocurrencies due to its ability to swiftly and affordably process international payments. Ripple provides on-demand liquidity with up to 500 transactions taking place every second – far exceeding other digital currencies like Bitcoin or Ethereum.
Ripple network also allows financial institutions to tokenize assets and create smart contracts, an application particularly popular in Southeast Asia where Ripple has an enormous presence.
Ripple was introduced as a cryptocurrency in 2012 and offers a network for making payments, payment protocols, and the native coin, known as XRP. Ripple Labs in the US initially created OpenCoin; their coin remains under their management today.
How do I buy XRP?
If you’re interested in purchasing XRP, there are various methods of doing so. One such way is through cryptocurrency exchanges – online platforms that enable customers to buy and sell cryptocurrencies using bank accounts or credit cards.
Start by opening an account with an exchange. Usually this requires your name, email address, phone number and photo identification as well as providing a photo. After your account is established you can fund it either with bank funds or debit cards.
Once your funds have arrived in your account, purchasing XRP is simple. Most exchanges offer different trading pairs including XRP/USD; make sure you read each exchange’s terms and conditions before making your decision; some may charge transaction fees; for safety, keep your XRP in a secure wallet.
Where can I buy XRP?
Purchase of XRP can be done via any exchange that offers it as one of its pairs. Simply sign up (or log in if already a member), deposit crypto or fiat currency, and select an XRP pair from which to buy it.
From here you can either place an instant market order, or set a price limit to initiate a limit order that will complete once its target price has been achieved. Once completed, your XRP should appear in your wallet.
Changelly is an ideal platform to purchase cryptocurrency with your local currency, offering low trading fees and top-of-the-line security measures in over 200+ countries. Coinbase, OKX or Bybit provide similar buying methods but may take up to one week longer when processing bank accounts for purchase.
