by Most people have heard of Bitcoin and Ethereum, as they are the two most popular cryptocurrencies in the market. And although the XRP price in dollars is not too high, this project still remains under the close scrutiny of traders and investors. The token became especially popular when its quotes spiked significantly overnight: from $0.4 to $3.2.
Ripple is a company specializing in the development of financial products aimed at banks and other financial institutions. One of the most well-known products of the crypto company is RippleNet. This is a payment system that allows for instant Ripple transactions, including cross-border transactions.
The focus on using blockchain technology in the company’s products is because it helps maintain good speed and low transaction costs. Ripple has ensured that transaction processing takes no more than a few seconds. This speed can be considered lightning-fast compared to traditional transactions, which usually take 3-4 days.
Ripple operates on the principle of the ‘Internet of Value,’ also known as IoV. The essence of this approach is that financial values should be transmitted as cheaply and quickly as all other data on the network. Many users utilize Ripple technology, including Santander. XRP is one type of cryptocurrency that allows for the instant transfer of financial values using RippleNet. Although XRP was created by Ripple, the company claims that the cryptocurrency is fully autonomous. XRP can be seen as an original digital coin that utilizes XRP Ledger – a form of blockchain technology. When Ripple crypto hit the market in 2012, it was promoted as a faster and cheaper alternative to Bitcoin. Regarding XRP Ledger, it is an open-source and decentralized system. There is no need for a bank or a third party that controls the transfers. The crypto community is still debating whether the project’s token is independent, given that it was launched by Ripple. Additionally, Ripple positions itself as the primary owner of all XRP coins in the crypto market. Ripple is present on all major exchanges, including WhiteBIT – one of Europe’s largest crypto platforms. On the website https://whitebit.com/en, you can learn more about the platform and acquire not only XRP but also other popular and promising cryptocurrencies. Like all digital assets, Ripple is also a volatile and speculative instrument. Before deciding what to do with the token, pay attention to the following points: Regulator position, namely the conclusion of the SEC case against Ripple and general acceptance in other countries. If banks and governments are willing to use the network for payments or CBDC, it does not imply the legalization of the Ripple cryptocurrency. Sales of top holders. The largest coin holders include the development company itself and its founders. To reduce the risk of a dump, there is an escrow account and a sales agreement with the founders, but the influence of the company and related individuals/organizations remains high. Development of Ripple. Most transactions are carried out by organizations that use Ripple’s products. Consequently, the demand for XRP largely depends on the company. If Ripple coin is not just an investment but also a payment instrument or a way to preserve value for you, consider the system’s centralization.
