Is Ripple The Cryptocurrency of 2018? – In Depth Review of Ripple XRP

What Is Ripple? / Definition

Ripple is a name for a cryptocurrency denoted by Ripple XRP and it’s also a term for an open-source distributed payment network which is used to transfer currencies. The objective of Ripple network is to get rid of the old financial networks such as credit cards, PayPal and wire  transfers which are expensive, time consuming and user-unfriendly, especially for cross-border transactions.

Ripple was initially released in 2012 but the stable release came 6 years later in February 2018. Arthur Britto, David Schwartz and Ryan Fugger are the people behind the early development while Chris Larsen and Jed McCaleb are the co-founders of Ripple protocol that aims to revolutionize the banking system.

Ripple Network (RippleNet) versus Ripple Cryptocurrency (XRP)

Although both the payment network and the virtual currency are named Ripple, they are quite different. Ripple Network or RippleNet is a real time settlement system for banks who can find many applications for it, most popular being currency exchange and settlement of remittances. On the other hand, Ripple currency token or commonly known as XRP is a cryptocurrency issued by Ripple Labs. Unlike other digital currencies such as Bitcoin and Ethereum, Ripple can be transferred extremely quickly at a negligible cost. One of the interesting thing to note is that Ripple currency or XRP is independent of the Ripple Network and it is not required for the network to function.

ripplenet

The Protocol

Ripple protocol works like ripple effect and has its roots in the blockchain technology but it differs in some ways. In other protocols users have the option to mine the currency token but Ripple protocol’s tokens are pre-mined and there are 100 billion of them out which around 40% are in market circulation while rest are in Ripple Labs’ possession. The protocol works through consensus network also known as ripple effect instead of proof of work phenomenon like other cryptocurrencies. The idea behind Ripple is to enable financial institutions to send/receive any type of asset without any delay and at a very low fee. It’s already been in use by some banks including Standard Chartered, Axis Bank, Bank of Tokyo Mitsubishi, Westpac etc.

ripple_review

The Currency

Ripple currency is a cryptocurrency issued by the company behind the Ripple Network/Protocol and it can be traded. There’s a finite supply of Ripple XRP, but, there is no underlying value in the currency except that the financial institutions can use it as an intermediary currency for minimizing transactional costs.

Ripple Price Performance

Unlike other cryptocurrencies that held some monetary value in terms of fiat currency, XRP was virtually worthless up until March 2017. It was only 12 months back when the cryptocurrency started to show some real gains and within 2 months, in May 2017, the digital currency hit the high of $0.41 per XRP only to see a fall of 50% in subsequent months. 

To check Ripple’s price performance today click here

The next bullish tide hit in December when all cryptocurrencies were seeing unprecedented gains and by January 4, XRP price was at all time high of $3.84. But just like other currencies, the price has corrected itself over the period of last few months and Ripple currently is trading at $0.52 per token.

Ripple Versus Ethereum, Bitcoin, Bitcoin Cash, Litecoin and EOS

Ripple – XRP has seen weak trading in last couple of days and has fallen below $0.55. Although the trend seems to be bearish, Ripple XRP is expected to pull back and if the price goes beyond the threshold of $0.57 bar, it will be indicative of the fact that market has rejected lower prices. However, we should first see if bulls are strong enough to take the price above that bar.

bitcoin

Bitcoin – On first April, Bitcoin fell below the mark of $7,000 but the falling price was aggressively countered by bulls who purchased BTC in high amounts which has now somewhat stabilized the price. As opposed to XRP, BTC’s next pullback threshold is at $8,200 which right now looks difficult to achieve.

ethereum

Ethereum – Ethereum is also in a predicament similar to Bitcoin. It’s stuck in $360-$390 price zone where bulls are struggling to take it beyond the threshold of $400. If they are able to achieve it, that would be a sign of strength.

Litecoin – The silver version of the Bitcoin, Litecoin is being traded in a compact price range for last few days. Despite the bearish trend, the price haven’t gone below the critical value of $107 but bulls haven’t been able to win it out either. Traders will need to keep an eye on the price for next 7 days before buying a long position.

eos

EOS – For the last 3 days, EOS price has hovered in the range of $5 and $6. There is a lot of resistance for the bearish trend and it is expected that the price will soon see a bullish rally taking it beyond $10.

 

Currency

Max Supply

Current Price (USD)

Market Cap

Ripple

99,992,405,149 XRP

$0.519467

$20,308,313,345

Bitcoin

21,000,000 BTC

$7,096.84

$120,276,179,794

Ethereum

98,506,679 ETH

$391.42

$38,557,582,654

IOTA

2,779,530,283 MIOTA

$1.10

$3,051,201,573

Reddit on Ripple

When it comes to any cryptocurrency, the overall sentiment of web community especially that of Reddit holds utmost importance. How the Reddit community perceives a particular coin can have an effect on the performance of the coin.

In the case of Ripple, the general sentiment of Reddit community seems to be in favor of the cryptocurrency as many believe that the Ripple protocol’s uniqueness when compared to other digital currencies is a big positive. Redditors think that Ripple’s method of working with the existing financial institutions instead of demonizing them is a clever strategy that will pay off big time. Apart from that the community also believes that instead of just having a white paper and a slick website, Ripple actually is in possession of a working product and the company has also partnered with many big names such as Standard Chartered and MoneyGram.

review_reddit_ripple

Given the positive sentiment, Redditors seem hopeful that Ripple price will break out of the bearish trend and see a bullish rally in coming months, some being really optimistic predicting the price to be at $5 by the end of June.

How to Buy Ripple

Buying Ripple is just like buying any other altcoin. First you have to get yourself a cryptocurrency wallet where you can store the coin. Cryptocurrency wallet is either a physical device or software where you can safely store your digital currencies.

Then you can buy Ripple through fiat currency or bitcoin/ethereum from the cryptocurrency exchange or forex trading platform of your choosing. Here’s a complete guide on how to buy Ripple .

Supported Ripple Wallets

ledger_review

Ledger Nano S – This is the best hardware wallet on the market which looks like a flash drive and can store all the major cryptocurrencies including your XRP coin. There’s no storage limit and you can simply attach it to the digital device you want and download the XRP code on it. It also has all the basic features that allow you to send and receive Ripple coin. It’ll cost you around $100 but if your cryptocurrency enthusiasm is going to last long, every dollar of the price is worth it. To read the full Ledger Nano S review, click here

Toast Wallet – It is a desktop Ripple wallet which is available on all popular platforms including iOS, Android, MacOS, Windows and Linux. This digital wallet features security, user-friendliness and no service charges.

coinpayments

Coinpayments – This is actually a cryptocurrency payment website which also allows the traders and users to store currencies in their wallet. The service accepts more than 250 types of altcoins and the transaction fee is quite reasonable at 0.5%. Coinpayments is headquartered in Canada and is one of the most reliable crypto wallets.

Abra Wallet – Abra is a mobile application which is available for iOS and Android users. This app provides multitude of cryptocurrency services including being an exchange as well as a wallet. Abra Ripple wallet supports XRP and you can buy Ripple and store on Abra. However, it should be noted that this is a new name on the market and trustworthiness can be an issue with it.

gatehub_review

GateHub – This wallet deals in many popular cryptocurrencies including XRP. You can easily deposit your Ripple coin on this wallet and the service also allows you to buy Ripple by paying through the bank, however, you first need to buy bitcoin. This particular wallet has been endorsed by the Ripple Labs so obviously carries solid reputation and reliability.

Ripple Fraud History

The currency XRP itself or the developers and founders behind the currency haven’t been connected to any illegal or fraudulent activity to date and so there have been no concrete evidence to suggest that any scamming or fraudulent activity is going on behind the scenes.

That being said, when it comes to cryptocurrencies, traders use exchanges, forex websites and software wallets to store their cryptocurrencies. There are many exchanges that are fraud and rob people of their crypto wealth. It’s also possible to lose the cryptocurrency during transaction if you are not cautious enough.

Applications of Ripple

What Ripple actually does is it allows any bank that has deployed Ripple API to send any currency to another bank or financial institution without the need for an intermediary. Ripple Network consists of members who are interconnected to each other through Ripple’s blockchain called xCurrent which is a real-time gross settlement system featuring transparency and speed.

As of yet, there are more than 70 banks and money senders that are using Ripple Network including Standard Chartered, National Australia Bank, Axis Bank, Banco Santander, BBVA, MoneyGram and more.

Future of Ripple

The case of Ripple XRP is a bit different from other cryptocurrencies. While other currencies are totally open-source, decentralized and require proof of work, Ripple is based on an entirely different model which relies on working on the weaknesses of current financial telecommunication instead of sidestepping it and developing another competitor like Bitcoin.

Ripple Labs is funded by trustworthy investors and the company already has a working product which is being expanded. As far as the network is concerned, it’s going great guns but the currency is totally independent of it. It doesn’t matter how Ripple XRP performs, the company itself isn’t going to be affected as it doesn’t force banks and financial institutions to use the token issued by it.

Unlike other digital currencies, Ripple seems to be in a much more predictable position as there is a solution behind it that’s already in use. From all the apparent signs, it looks like the currency is going to do fine and 2018 will be a good year for Ripple price where it might not see exponential growth but will gain stability.

CONCLUSION

Given the technological advantage of Ripple Effect and Ripple currency over other cryptocurrencies along with the fact that it’s playing nice with the status quo of financial payment gurus instead of inviting them to a fight bodes well for the currency. Right now, while all the cryptos are seeing a downward trends and hitting recent periodical lows, it appears that only those with a solid technological and financial backing will prevail the bearish trend and Ripple is one of those currencies. All the factors that make other cryptocurrencies susceptible to crash are absent from Ripple and apart from the fact that the company itself is holding majority of coins, situation looks to be in favor or crypto traders if they are willing to hold long.

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