Ripple XRP was crafted with the unique aim of providing expeditious and secure cross-border payments, compared to other cryptocurrencies that were constructed mainly for decentralized peer-to-peer transactions. This cryptocurrency has been developed in such a way that banks and financial institutions can utilize it easily. In addition, today, XRP is used by:
- individuals who want to skip lengthy and expensive banks services for money transferring;
- businesses that build their payment systems based on quick and convenient money delivery around the world;
- blockchain developers who utilize the Ripple network for building their own products based on this efficient blockchain.
Ripple XRP moves forward on a decentralized blockchain platform but does not share the same full decentralization with Bitcoin or Ethereum. As an alternative, it has crafted its own consensus algorithm that accelerates and streamlines transactions. Ripple XRP is renowned for its rapid transaction settlement, unlocking instant transfers between countries at a fraction of the cost of traditional methods. Banking and payment providers have partnered with Ripple XRP to streamline cross-border payments in response, taking advantage of this innovative technology.
As of mid-March 2023, the Ripple price is $0.37. Why is it so low, compared with other market leaders? Let’s first see what affects crypto value.
Factors Affecting Crypto Price
Supply and demand play a critical role in determining prices, as does market sentiment, which can cause prices to rise or fall based on positive or negative news. Adoption and usage are also crucial, as increased use can lead to increased demand and higher prices. Regulatory changes can affect cryptocurrency prices, as can technological advancements that improve blockchain technology and lead to increased adoption. All of these factors work together to shape the value of cryptocurrency in the market.
Regarding the XRP token, this asset has a wide adoption – over 100 financial companies already use the Ripple platform in their everyday work, but on the other hand, the Ripple company has a lawsuit with the SEC, which claims that the XRP token must be acknowledged at security officially. The court case makes a negative impact on the Ripple project development and does not allow it to develop on fill, which affects directly on the XRP price.
How to Buy Ripple?
You can use any crypto exchange to purchase Ripple. The easiest way is the WhiteBIT platform. With it, you can buy coins directly with cash using your bank card. Here is a simple guide:
- Register and pass verification
- Choose the payment method that suits you best
- Attach your bank card if needed
- Move the needed amount of crypto or cash to your account
- Enter the converter
- Select the currency you want to send and XRP (you want to buy)
- Pay the fee (0,1%)
- Proceed with the transaction.
You may store your XRP tokens on the WHiteBIT wallet or move them to any other type of storage. It may also be a Ripple wallet – similarly to other types of cryptocurrency wallets, it has a software program that allows you to securely store, send, and receive XRP.