What is Ripple and How to Buy Cryptocurrency?

What is Ripple and How to Buy Cryptocurrency

The rankings of the most popular crypto assets show that XRP is among the top ten digital currencies in the market. XRP is the native currency of the Ripple platform. The token is used to convert different currencies and facilitate money transfers around the world. The core essence of the Ripple project is to enable efficient and cheap cross-border money transfers. In November 2022, the Ripple XRP cryptocurrency price was around $0.37. What affects the price of Ripple? That’s what we want to talk about in this article.

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The Technology and Price of XRP

Ripple’s technology has already been praised by some of the world’s leading financial institutions. Several major banks and financial enterprises already use the network. The reasons are as follows:

  1. Ripple enables lightning-fast cross-border money transfers (3 – 5 seconds). This service is superior to traditional banks.
  2. While traditional banks charge high fees for cross-border transfers, Ripple only charges a small fee – 0.00001 per operation.
  3. The network guarantees the security of the transfers.

These advantages allow Ripple to compete with the SWIFT system.

Why hasn’t the Ripple XRP Cryptocurrency Price Increased?

Crypto charts show that the price of XRP does not change significantly over time. The reason is the legal process with the SEC that requires Ripple to recognise Ripple XRP as security. This process has been going on for several years and will hopefully be completed in the near future. However, there are a few things in favor of the XRP Ripple price. Two factors can be mentioned:

  1. Firstly, the Ripple platform brings innovative technology to the market. And it is well known that highly technical projects that connect real companies with the blockchain and benefit the real sector are highly appreciated. This is an important factor for a future rise in Ripple’s price.
  2. Secondly, there are whale investors who have bought XRP and are holding it for the long term, confident that the price will rise once the proceedings with the SEC are completed. With a certain number of XRP Ripple coins stored in the investor’s wallet, the price of XRP remains at the same level.
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