Good news for Ripple – XRP coin jumps up almost 75%

We all just got some good news: XRP coin surges after the judge delivers a huge win to Ripple in SEC case – July 13, 2023. Read the news here on CNBC! And read more about the coin below 🙂

When we talk about the world of cryptocurrency, there are around 22,900 of them as per CoinMarketCap. However, only a few of them have been able to make a name for themselves in terms of investing and features. We already know some of the most popular among them, which are Bitcoin, Ethereum, USD coin, etc. Among them is another popular cryptocurrency called Ripple or XRP which comes at fifth place in terms of ranking for a cryptocurrency (Coinmarketcap). This article will provide you with all the details about Ripple (XRP), its features, and whether Ripple XRP is great for investment.

According to Investopedia, “Although XRP is often referred to as Ripple, it’s important to know that XRP is an open-source digital asset independent of Ripple, which is a technology company.”

What is XRP?

XRP as a cryptocurrency was created by Ripple Labs Inc, which is a US-based technology company. The company describes Ripple XRP as a digital asset that has been built to simplify global payments. The aim of Ripple XRP was to become a global method of payment without the use of an intermediary. It is not known as a gross settlement, currency exchange, and remittance network that was created by Ripple. The major aim of XRP was to change the way money transfer was made internationally. Currently, banks around the world charge a lot for transferring money from one country to another. Also, the process took a lot of time before the transfer was complete. 

As per Ripple, they could replace the system with a process where payment can be made internationally and almost immediately. It is one of the features which made Ripple XRp more popular in the crypto market. Using XRP, users can send large amounts of money securely, instantly, and with very little cost. It is also a reason why Ripple has become really popular with many banks and payment providers who use its network.

Some of the most popular financial institutions using the Ripple network are Bank of America, HSBC, Royal Bank of Scotland, Japan’s SBI Holdings, and many more. Another serious advantage that Ripple has over other digital currencies is that it can make payments within five seconds, whereas other networks like Bitcoin take more than an hour to do so. 

How Does Ripple (XRP) Work?

The first thing that the users need to know is that Ripple is a technology company that offers an advanced infrastructure for payment, while XRP coin is an independent digital asset that can be used within its suite of products. The maximum supply of XRP tokens is 100 billion, out of which the Ripple company controls around 60%.

They have around 55 billion coins in the secured escrow account, out of which they release 1 billion coins every year. The reality is that they have never released that much quantity. Also, Ripple does not do the actual transfer of money from one user to another. It provides a promise of payment instead. It is a process where the transfer of money is made without any actual physical movement of the money. XRP is basically a neutral asset that can be used to represent anything, any currency, as required. 

Ripple (XRP) 

History

The price history of XRP of Ripple has been a bumpy ride but has still managed to provide profit to its investors. Ripple XRP was actually initiated by Jed McCaleb. He enlisted developers David Schwartz and Arthur Britto and created an XRP ledger. They wanted to create a better digital asset than Bitcoin in every aspect. It was launched as XRPL in June 2012, shortly after which Chris Larsen joined the trio. Soon after, they started the company NewCoin in September 2012. 

It was immediately renamed to OpenCoin and then finally to the existing name Ripple. THE XRPL founders gifted 80 billion XRP to the company, out of which the majority was added to the escrow account. The coin hit an all-time high in 2018 at $3.84 but is currently trading at $0.40(Coinmarketcap, May 24). The decline in the value of the token can be owned by Ripple itself. They have been releasing tokens at short and regular intervals, which has led to it declining in value. In March 2022, they locked 800 million XRP in the escrow, leading to a dip in the value. 

Problems with SEC

Ripple XRP has been facing problems with The US Securities and Exchange Commission (SEC). As per SEC, the company is violating US laws by selling the cryptocurrency as an unregistered security. Although, at the same time banks are also adopting Ripple, and it is being listed on major exchanges. Due to this, the XRP prediction for the future is considered to be good. However, allegations from the SEC and other problems have led to a misleading advertisement about Ripple in the market.

SEC has already probed other crypto projects like BitConnect, Binance Holdings, and more. These companies had to face penalties, leading to a decline in the crypto valuation. At the same time, Ripple states that the SEC has published confusing guidelines for crypto, and they are at fault. Ripple has been winning on most fronts and is now looking forward to collaborating with Congress on smart crypto regulation. 

Trading Ripple

If you are thinking about “how to buy XRP”, then it is available on almost every major exchange. You can buy Ripple from the exchange and store it in your digital wallet. It is also used as payment with Western Union, Travala, Red Cross, and more. Using BitPay, you can use Ripple to make payments on various platforms as well, which includes Microsoft and Amazon purchases as well, in the form of gift cards. 

Verdict

Ripple (XRP) is one of the most promising cryptocurrencies out there to invest in. The company is looking forward to standardizing the crypto regulation which continues to be adopted by multiple institutions. With the dip in the price right now, it might be one of the best investment options that you can go for right now.

However, make sure that you only invest money in crypto that you are willing to lose, as it is a high-risk investment. Read through the current trends in the price and invest smartly.