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Learning everything about cryptocurrencies will take you time as there are many of them, some of which you have never heard of. Bitcoin and Ethereum are the two most common known cryptos globally, but others like XRP are gaining popularity rapidly.

XRP is the cryptocurrency designed to work on the Ripple network, and so far, it has been listed among the top cryptocurrencies in the market

The crypto ripple could also have untapped potential, but one thing is that it is very risky as compared to other coins in the market.

The good thing about Ripple is that it can facilitate many fiat currency exchanges and form several fiat pairs. For example, XRPUSD, XRPGBP, and XRPBTC. This article will look further into XRP, how to buy XRP, the benefits of XRP, and many other things that you did not know about XRPUSD.

What Do Ripple and XRP Entail?

Ripple is the company or network that uses XRP as its cryptocurrency token. It was launched in 2012 with the help of Jed McCaleb and Chris Larsen. According to Pat White, the network was formed as a replacement for the SWIFT money transfer system.

Unfortunately, the company has been caught with legal trouble by the SEC (Securities and Exchange Commissions) as it is thought to be less of a currency.

Even with that, it is still possible to facilitate exchanges on Ripple and use XRPUSD for investments. One thing is that the company has maintained unique codes for users to use and select which validators are less likely to deceive them.

This is possible because the validators can update ledgers after a few seconds to ensure they match other ledgers. In case of a mismatch, it is immediately corrected, enabling Ripple to validate transactions securely.

This has made Ripple stand out among many other cryptocurrencies available in the market.

Advantages and Disadvantages of Ripple

Ripple pros and cons are one thing that investors look at before investing in this cryptocurrency. XRP has proven that it can be a bridge currency to many other currencies available.

It does not discriminate against any cryptocurrency, and that way, most currencies can be exchanged for another easily. Here are other Ripple pros and cons you didn’t know about;

Pros of Ripple

Offers very low fees

0.0001 XRP is the standard fee set to carry out transactions on Ripple. This is way much less than what many banks are offering to conduct transaction payments.

 Offers Fast Settlement

With Ripple, it only takes 4 to 5 seconds for transactions to be confirmed. It is way much better than banks and Bitcoin, which take hours for verification to take place.

 All-round Exchange network

Ripple is not only used for XRP. It can also accommodate other cryptocurrencies, fiat currencies, and commodities.

 Used By Large Enterprises

This is one thing about Ripple that many cryptocurrencies don’t have. Large institutions have already adopted the use of Ripple, for example, Banks.

 Cons of Ripple

 It Has Been Sued by SEC

This has slowed down the use of this network. Although it is still in use, many exchanges are unsure about XRP and have stopped listing it.

 Contains Default List of Validators

Decentralization is one common aspect of cryptocurrencies, and that is why they are popular. But when it comes to Ripple, things are a bit different. It is considered centralized because it contains a default list of validators.

 Presence of Pre-mined XRP

Unlike Bitcoin, most Ripple supply is not in circulation, which creates speculation that large quantities may be released at the wrong time, making its value drop.

How Does Ripple Work?

Ripple does not use POW or POS like most cryptocurrencies. Instead, it ensures transactions and balances have been validated through consensus protocol. This is to enhance the integrity of the network by ensuring double-spending does not occur.

The network usually confirms which transaction was made first and only takes about 5 seconds for it to be complete. No authority confirms transactions were made or sets up the node. Instead, the Ripple notes down all the IOUs.

The Ripple consensus ledger tracks all the transactions that happen on Ripple wallets, but the thing is that the individual’s business, account, and ID are not indicated anywhere.

How to Purchase XRP

There are four important steps to buying XRP successfully. They include;

Step 1: Ensure You Have XRP Wallet

If you want to buy Ripple, the first thing you need to do is to have an account. Several websites can help you get the XRP digital wallet.

Step 2: Use an Exchange to Get an Account

The next thing is to look for exchanges that support XRP to open an account with them. They are not many of them at the moment, but you will not fail to find one or two.

Step 3: Verify the Account

Many cryptocurrency exchanges always want users to verify their identity before any trading or transaction activities happen. It is crucial to complete this process so that you can successfully resume. Also, enter the correct details.

Step 4: Buy the Coin

After completing the verification process, log in to your account and look for either XRPUSD, XRPXBT, or XRPBTC to purchase the coin. Follow all the instructions accordingly to complete the entire process successfully.

Ripple, XRP, the Dollar, and Oil

Recently, Ripple has been the most discussed cryptocurrency in the market. This is because its value outperformed most cryptocurrencies, including Bitcoin. According to some sources, XPR aims to eradicate the traditional banking system, and many banks in Japan have created apps established on Ripple’s technology.

Speaking of Ripple, XPR is positioned to be the world reserve currency. In a journal written by Mark Phillips, he says that most countries are in huge debt as per the US Debt Clock.

This includes China, the USA, Japan, Germany, UK, among many other countries. He adds that XRP will solve this debt crisis since it can be bought at low rates and does not rapidly move prices on retail exchanges.

In addition to that, China is looking forward to two things. One is to control the oil price, and another is to challenge the idea that most commodities are priced in US dollars. Although this is a long-term goal, China has become the top importer of crude oil and aims to price the oil in Chinese currency.

Also, several investors have been complaining about the US dollar sinking and Trump’s trade wars. Most probably, XRP will be the next big thing and might be used to control the price of oil.

Should I Buy XPR?

Buying XPR is easy as it only requires a few steps. Also, it is a great cryptocurrency as it works well and comes with some benefits, but with all the new information about Ripple and XPR coming in, it is challenging to decide whether to purchase XPR or not.

For many, XPR looks promising since it has been steady in the past 15 months. But then again, it might be risky considering the SEC lawsuit, which might create future issues for those looking forward to purchasing this cryptocurrency.

Most people who are into XRPUSD are waiting for Ripple to get the issue figured out so that they can decide whether to purchase this cryptocurrency or not.

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