Ripple – XRP
XRP will eventually disrupt the whole financial and banking industry, once the SEC case is over.
Let’s dive into Ripple – XRP
This is a Project Review on XRP.
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Ripple XRP was first launched by founders Chris Larsen & Jed McCaleb who set out on a mission to create a network where users and financial institutions could transfer funds seamlessly, securely and swiftly!
To put things simply, Ripple is the network used for payment settlements and currency exchange, while the $XRP token is the native currency used to process transactions.
Well, Ripple essentially plays the middleman between two individuals/parties which desire to send/transfer funds. The Ripple network will guarantee a secure and swift exchange with such a minuscule fee, in the native token $XRP.
Banks charge ridiculous fees for large cross-border payments, which occur around the clock worldwide…
This is all solved through the Ripple network and all you need is the $XRP token to facilitate exchange, like fiat, Bitcoin and more!
Why wouldn’t financial parties use Ripple instead of banks?
Ripple network transactions cost fractions of a cent worth of $XRP, whereas banks will charge a minimum of 0.4% of the transaction…
Financial institutions don’t just transfer hundreds or thousands of dollars. They transfer millions or even billions at a time.
Imagine a $1 Million cross-border payment with a 0.40% fee is $4,000, which let’s face it is a joke.
Banks rake in trillions from cross-border payments and Ripple is here to disrupt that market and so it should, the banks are a joke, full stop.
XRP is like Marmite, some people love it and some people hate it (banks), but it doesn’t change the fact that they have real-world utility and are backed by major financial institutions.
XRPL is their own decentralised public blockchain which is governed by an international developer community. It is essentially a direct competitor with networks like Ethereum.
On the XRP Ledger users can explore a decentralised universe of applications such as decentralised exchanges (DEXs), NFTs and NFT Marketplaces, cross-currency payments and much more.
Blockchains such as Bitcoin and Ethereum use consensus mechanisms known as Proof-of-Work and Proof-of-Stake. The XRPL uses a unique consensus mechanism in which validators are required to come to an agreement every 3-5 seconds in order to facilitate transactions.
They believe this to be the most sustainable alternative to traditional consensus mechanisms. The network aims to host everything from DeFi, gaming, asset custody, NFTs and much more. As you may have guessed, the $XRP token fuels the entire network, just like it does for the entire Ripple network.
The $XRP token is one of the most held tokens with such a huge community that firmly believe $XRP will be the future currency used and traded in the financial and banking industries. As I mentioned, $XRP is used to facilitate transactions within the entire network.
In comparison to Bitcoin, XRP is a much faster, cheaper and sustainable alternative. XRP is able to settle transactions within 3-5 seconds which is 100x faster than Bitcoin.
We can also find ourselves spending fractions of a penny, as XRP transactions will cost a measly $0.0002. I forgot to mention that the network can handle up to 1,500 transactions per second.
Just an FYI that the $XRP token is limited to 100 Billion tokens, making it a deflationary asset. 55 Billion tokens have been locked up into escrows using the XRP Ledger.
The $XRP token is available only on the BNB Chain, however, can also be found on 99% of major centralised exchanges.
There are two main ways to buy $XRP, but you will always go through a centralised exchange (CEX). Here are the options:
We recommend using one of these centralised exchanges when buying or trading the $XRP token. Here is a list of CEXs with a few delicious promotions:
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor):
If you are buying $XRP through your DeFi wallet, we recommend using the BNB Chain as we prefer the decentralised option. Alternatively, you can use the centralised exchanges and/or send them to your DeFi/hardware wallets. If you haven’t set up the BNB Chain, you can follow our Youtube tutorials down below. Here are the essential links:
Finally, the case with the SEC is over. Just like we guessed, XRP would win the case and pump dramatically on its first day. Now that XRP has been released from its chains, how high can it go?
Ripple could be the network to host the CBDCs of the world…
At the time of writing the original shorter article, $XRP was sitting at a price of $0.3562 with a market cap of $17.91B ranking it 7th, according to CoinMarketCap.com $XRP has seen an ATH of $3.84 and definitely has the capabilities to exceed that in the future. (This article was edited, but we kept the price as a landmark.)
Now, at the time of writing, $XRP is up over 59% in the last week and is priced at $0.75 with a market cap of $39.8B. This sudden surge after winning the SEC case allows $XRP to enter the Top 4 Cryptocurrencies by Market Cap. The question is, will $XRP become a Top 3 or possibly Top 2?
Ripple Twitter – @Ripple
Ripple Website – Ripple.com
XRP Ledger Website – https://xrpl.org/
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