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October 28, 2021 |  Jesus Guzman |  13232 Views |  2 0

REVIEW - RIPPLE

Ripple is one of the best performing cryptocurrencies. It currently ranks fourth after Bitcoin, Ethereum and Tether. With thousands of digital currencies on the market, it takes real value to rank this high.

In this guide, you will find everything you need to know about Ripple and the cryptocurrency XRP. You'll learn all about the currency's features, market solutions and how it works. You will also understand if it is a worthwhile investment;

What is Ripple?

Ripple is an open payment network that focuses on international financial services. It is both a network and a digital currency. Its developers use an open-source protocol to provide several benefits to holders.

Ripple comes in two main forms: XRP and IOU. XRP is the native currency of the platform. It helps in transferring money within financial service providers. IOU is a representation of ...

XRP Overview

The main purpose of the altcoin is to serve as an intermediary when transferring money using different fiat currencies and cryptocurrencies.

How Does Ripple Work?

Ripple uses an open-source and peers to peer decentralized system of transferring money. On the network, users can transact using different currencies, including USD, Yen, EUR, or other cryptocurrencies.

The network doesn’t just target individual users but also serves financial institutions and major banks. When transferring money between different currencies, users have to use XRP as this works as the bridge currency.

Ripple does not use a proof of work system like Bitcoin, and it also doesn’t use the proof of stake system. Instead, the network uses consensus protocol to validate transactions and account balances.

With this consensus, the system is able to maintain high levels of integrity and will avoid double-spending. Any transactions made on the network are publicly available on the XRP ledger, but the system does not record the ID or account of the bank or individual.

Whenever clients transact on the Ripple network, a small transaction fee will be deducted, and this is what maintains the value of the XRP cryptocurrency. Since the platform facilitates the exchange of different currencies and cryptocurrencies, it is commonly used for global payments and cross border payments.

Ripple vs Bitcoin

Bitcoin was the first cryptocurrency to be released, and this has made it extremely important in the crypto community. It ranks first in market capitalization, while Ripple token ranks sixth place.

BTC was developed to be a digital currency and is used to pay for goods and services. On the other hand, Ripple was meant to be currency exchange and payment settlement network, and Ripple token is used as the bridge currency when users transact different currencies.

Transactions made on Ripple are settled almost instantly, while BTC payments are made within a few minutes. Another key difference between these two cryptocurrencies is that BTC uses blockchain technology while Ripple uses a distributed consensus ledger.

Ripple vs Ethereum

Ethereum is the second most important cryptocurrency after Bitcoin, and it is set to go up in value with the release of Ethereum 2.0. At its core, Ethereum is a computing platform for decentralized apps to be built on top of.

Like Ripple Labs, Ethereum has its own native cryptocurrency, and it is also being actively developed and improved.

One key difference between Ripple and Ethereum is the fact that ETH has an expanding supply. Its supply is based on the proof of work system, but with Ethereum 2.0, the system will transition to proof of stake. Ripple has a fixed supply, and this supply shrinks slightly with each transaction.

It is also worth noting that Ripple Labs holds a number of Ripple tokens in escrow.

It is also worth noting that buying ETH is a lot easier than buying Ripple. In many cases, individuals will have to buy BTC or ETH first with fiat currencies, and they can then change the cryptocurrencies to Ripple tokens.

Where Can I Spend XRP Tokens?

Unlike many other cryptocurrencies, Ripple was not developed to be a currency or payment system. Still, there are many investors and traders who speculate on the value of the altcoin.

Many online merchants and online casinos now accept Ripple tokens as a payment method. In reality, most platforms that accept cryptocurrencies will usually take Ripple coins since the altcoin is ranked highly in the market cap.

What is the Ripple Real-Time Price?

In order to find the Ripple real-time price, you should visit websites such as Coin Market cap, Yahoo Finance, Coinbase, Coin Desk, and Coin Telegraph. At the moment, the altcoin is trading at a price of $1.02, and it has a market cap of about $47.015 billion.

The maximum supply of altcoin is 100 billion XRP coins. When the network was launched, 1 billion Ripple coins had been pre-mined, and they have been released to the market gradually by the key investors. The maximum number of Ripple coins that can be released in a month is 1 billion.

Ripple Price Prediction According to Wallet Investor

Before you invest in this cryptocurrency, you should check the price predictions of the coin. According to Wallet Investor, the price of this token will keep going up over the next years. These are some of the key price predictions made on this website:

• By 31st December 2021, the altcoin will be trading at a price of $1.451.
• In January 2022, the average price of the altcoin will be about $1.389.
• In December 2022, the token will have increased in price to around $1.822.
• At the start of January 2023, the price will have gone up to $2.050, and at the end of the month, the price will go down to $1.881.
• For the rest of 2023, the price of Ripple will keep going up, and by the end of the year, it will be trading at around $2.616.
• In January 2025, the price of Ripple will average at around $2.598, and at the end of December, the price will increase further to $3.198.
• In October 2026, the Ripple price will have reached $4.008.

Ripple Price Forecast According to Long Forecast

Here are the price predictions made by Long Forecast:

• The average price of Ripple in December 2021 will be $1.15.
• In January 2022, the price of Ripple will be around $0.97, and by December, the price will average between $0.90 and $1.14.
• At the start of 2023, the Ripple price will go down to $0.97, and for the rest of the year, it will be slightly above $1.
• At the end of 2023, the price will have gone down to $0.91.

Final Thoughts on Ripple Overview

Ripple Labs was established in 2012 and is primarily targeted at banks and other financial institutions. The company has developed the XRP coin, which works as the native cryptocurrency of the Ripple network.

When clients need to exchange different fiat currencies or cryptocurrencies on the network, they will have to use Ripple token as the bridge currency. At the moment, the altcoin is trading at a price of about $1.02. From this Ripple overview, it is clear that the network has a useful purpose, and this means the coin will go up in price in the future.

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