Currently, Ripple has become an increasingly popular cryptocurrency. As of February 2021, it ranked second in popularity among the existing cryptocurrencies. In 2020, Ripple was worth $0.20.
However, its value rose to $0.71 in 2021. The increase in value equates to a staggering 250% growth. If the Ripple currency maintains the trend, it will achieve a higher value soon.
Definition of Ripple
You might be asking, “What is Ripple?”
To answer your question, Ripple is a company that owns the XRP cryptocurrency coin. Instead of using the initials for the digital currency, most people prefer using the name of the company to refer to the coin.
Unlike most of the existing cryptocurrencies, the company that makes Ripple is privately owned and profit-based. Additionally, the company seeks to provide a frictionless method of sending money globally, and it is the largest shareholder of XRP. In other words, Ripple is a payment-processing platform.
Ripple started its operations in 2012 as a company. Several companies continue to adopt it, making Ripple experience exponential growth. The company uses a blockchain ledger similar to other cryptocurrencies, such as Bitcoin.
However, it claims to have unique features that make its transactions easier, faster, and secure, making it stand out from the rest of the existing cryptocurrencies.
Features That Make Ripple Unique
Besides being made by a company that is private and for-profit, Ripple boasts of an escrow system that ensures that its users enjoy stability while using the currency in any marketplace.
After its establishment, Ripple released 100 billion XRP in the marketplace.
However, 20 billion XRP went to the reserves of the creators while the rest of the currency went to the Ripple Labs. After a while, Ripple Labs released 55 billion XRP to an escrow system. Thus, its users can enjoy fast and secure transactions making the use of the currency stable.
Ripple has gained popularity as a threat to other cryptocurrencies even though it recently gained momentum and real grip among cryptocurrency fans.
Lastly, even though Ripple is experiencing massive growth, it remains cheap compared to most of the existing cryptocurrencies. Thus, it stands as an attractive and affordable investment.
The Ripple Investment Procedure
You might be wondering how to buy Ripple? The process may appear to have a series of steps, but it is easy to understand. The following are the steps that you need to follow:
Get a coin base account
You should begin the process by getting a coin base account. If you deposit $100, then you will get a $5 bonus. One of the benefits of the account is that you can buy several other cryptocurrencies from its app or website. Secondly, you can quickly deposit and withdraw your money from the account.
Once you load your account with money, the next step is to buy XRP. From the account, you simply click “Buy Ripple” and initiate the trade. Afterward, the amount of Ripple that you buy will appear on your account. More importantly, you can track your XRP easily using the account.
Where do you find Ripple?
You might be wondering where to buy Ripple? Well, the company has a website. So, all you need to have is an internet-enabled gadget or smart device that will allow you to browse the site that hosts the website. With that said, you need to either know your way around browsing the internet or get help.
You can also buy Ripple via other exchanges, such as Bitstamp. The platform allows you to trade in pairs. So, you can buy Ripple using various currencies, including Dollar, Euro, and Bitcoins.
When using Bitstamp, first, you need to create an account. Additionally, you need to verify the account. To do so, you need to access the Bitstamp website and follow the instructions, including getting to your email to verify the account.
Once the account gets activated, the next step is to access it and follow the instructions that guide you on how to buy XRP. To load money to your Bitstamp account, you only go to the main page of your account and click the deposit link. You will get a notification after a successful deposit into your account. Afterward, you can select your currency and purchase your XRP.
You can opt to purchase your XRP using the Kraken exchange website. All you need to do is open an account, verify it, and deposit funds in your account. Kraken platform allows you to buy XRP using XBT. You can also make a purchase using other fiat currencies, such as JPY, USD, and EUR. However, you need to deposit the money first.
Similar to the processes you use when buying XRP using other exchange platforms, you need to open an account on the Gatehub website, verify it, sign in, and deposit funds. However, you need to use a recovery key that the website provides to verify your account. Also, you need to undertake identity verification before initiating any transaction. Regarding making a deposit, you need a payment gateway to do it.
You have several options that you use as exchange platforms to purchase XRP. Some of them include Bitso, Bitbank, Bitsane, and Qryptos.
The Future Price of Ripple
Given the exponential growth of Ripple, there is a need to know the Ripple price prediction. Such a move will enable you to find out whether the investment is profitable or not. Additionally, you need the forecast to find out whether you will achieve gains after trading your XRP.
In 2021, several experts predicted different future prices of Ripple. To begin with, tradingbeasts.com predicted that Ripple would trade at $0.9 and $0.5 by December 2021 and December 2023, respectively.
The prediction is still a good one, given that it signifies growth in value from the time Ripple was created. However, Wallet Investor predicts that Ripple will experience a drop in 2021. The expert predicted that Ripple would be trading at $0.50 in December 2021 and December 2023.
Crypto Ground predicts a further downfall of Ripple in 2021. According to the expert, Ripple will trade at $0.35 and above $1 in 2022 and 2023, respectively.
Understandably, Ripple is under the SEC investigation. The case is still pending, and the reason explains why the experts predict a slow growth of the cryptocurrency. If the case’s outcome is positive, then Ripple will regain its growth momentum and continue rising in value as was the trend before the case.
The Bottom Line
Ripple stands as an affordable and attractive investment. Unlike other currencies, its value is low, and one can easily meet the cost of purchase. Ripple is also widely available. You can buy it from multiple sources. Several companies have adopted the use of Ripple. So, you can use it to purchase various products and pay for an array of services.
Regarding the value stagnation, predicting the trend of Ripple has become quite challenging to the financial experts. It is hard to tell whether the case will be in favor of digital currency or against it.
However, a risk-averse investor will find Ripple as a worthwhile investment.