Ripple is a blockchain technology that facilitates digital payments and operates as a digital currency. Ripple’s fundamental process is like the SWIFT system used by banks and financial intermediaries trading across currencies to settle transactions.
About Ripple Coin
The Ripple Network and Company are both called Ripple, and XRP is the cryptocurrency coin they use. Ripple’s XRP token was mined in advance and is associated with the ticker symbol “XRP”. The primary goal of XRP is to serve as an intermediary currency that facilitates the exchange between two currencies or networks.
In 2012, Chris Larsen and Jed McCaleb developed this blockchain technology.
Whether a Ripple is a promising cryptocurrency will depend on your expectations.
Currently, Ripple is tangled in a legal battle with the SEC. It will be an excellent investment if you believe Ripple will emerge as a winner and eventually replace the U.S. payment system.
Transactions: Pay for goods and services at international shops and internet retailers using XRP coin.
Exchange: Exchange your existing currency to other currencies through Ripple Coin.
Investment: If everything goes well, the price of the Ripple coin may increase, resulting in gains.
Confirmations of transactions are quicker than the traditional settlement processes.
A transaction on the Ripple network costs just 0.0001 XRP.
It may also process transactions in fiat currencies, cryptocurrencies, and commodities.
Large financial institutions can use Ripple Network to process transactions.
Ripple system is relatively centralised as the default list of validators comprises centralised institutions.
There is a possibility that the company might introduce vast amounts of Ripple coin at inopportune moments, eroding XRP’s value.
The legal battle with SEC: SEC filed a lawsuit against Ripple alleging that the business could determine when to disburse XRP.
CoinSwitch is one of the best sites to trade Ripple cryptocurrency.
It depends on your outlook. If you think Ripple will win the legal battle against the SEC, the coin has a lot of room for growth.
Several international companies accept Ripple Coin.
CoinSwitch, India’s largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to “Make Money Equal for All,” the company prioritizes quality in its product and the safety of all stakeholders.
Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
The primary goal of XRP is to serve as an intermediary currency that facilitates the exchange between two currencies or networks.
5,198 Cr. XRP
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