One of the most mentioned cryptocurrencies in 2019 was XRP, also known as Ripple. Will Ripple maintain its price stability and trends in 2023? Join us to clarify issues about Ripple from basic to advanced levels for anyone interested in this digital currency.
What is Ripple?
Ripple is a money transfer system, a real-time gross settlement system (RTGS) created by Ripple Labs Inc.
What is XRP?
XRP is the name Ripple Labs Inc uses for its token/coin as a financial tool for trading and exchanging on their platform.
Distinguishing Ripple and XRP
It should also be clarified that XRP is the name of the currency unit of the Ripple financial transaction platform, while Ripple is a technology company or a financial technology application platform.
Ripple was formerly the project name, XRP was the token issued by this project. Later, to better identify as a cryptocurrency, the project was renamed XRP, with all logos and branding images changed on official websites, CoinMarketCap, and other media.
For example, if you own a technological platform and your users or community extensively use your platform, you might issue a unique currency name for your platform. When that happens, users or the community will want to own your currency to facilitate their activities within your community and technological products.
What technological platform does Ripple provide?
The Ripple network was launched in 2012 based on the Ripple Pay development platform, aiming to optimize user experience for banking services such as credit cards, e-wallets, and other financial institutions with low costs, fast processing speeds, and high security.
The value of the virtual currency XRP
The greatest value of XRP lies in its system and large user community. Evidence of success includes 100 small and large banks registered to use it, notably American Express – a significant factor in attracting customer base and liquidity for XRP.
XRP has utility value, with over 100 billion XRP coins issued and transaction processing speeds of just 3.5 seconds.
Difference between Ripple and Bitcoin
Ripple and Bitcoin share fundamental features such as open-source peer-to-peer technology on Blockchain networks, both not requiring third-party intermediaries.
The creation of XRP was intended to support Bitcoin, not to compete with it. XRP is a payment system, while Bitcoin is a payment method with the broader goal of becoming a currency.
XRP is a network for fast and seamless currency transfers of all types, including fiat currencies like USD, GBP, Euro, and digital currencies like Bitcoin and other AltCoins.
Distinguish XRP from Bitcoin by the following features:
XRP cannot be mined like Bitcoin.
Bitcoin has a finite supply of 21 million, while XRP’s supply is infinite.
XRP’s purpose is to be a transfer system, whereas Bitcoin aims to be a payment medium,
Should you invest in Ripple XRP?
XRP and other cryptocurrencies are high-profit investment options but also contain substantial risks. The value of Ripple lies in its system, and XRP is seen as a promising network, with many small and large enterprises and banks testing it recently, signaling positive acceptance from big organizations and communities.
Most investors prefer top coins on Coinmarketcap, including XRP, making it a good long-term investment.
Where to buy and sell XRP on a reputable exchange
The good news is that currently, not only global exchanges but also Vietnamese cryptocurrency exchange Remitano now supports XRP trading, buying, and selling with VND, providing a safe and reputable platform for investors.
However, users tend to register accounts and trade on well-known international exchanges like Binance, Bittrex, Huobi, Bithumb (XRP/KRW), Bitfinex, OKEx, etc. It is advisable to choose platforms with low trading fees, high security, and user-friendly interface such as Binance and Huobi.
Technical analysis of XRP candles
Since 2018, XRP has continuously seen price declines, mainly due to its unlimited supply which dilutes its value. Investors should carefully monitor its market capitalization, liquidity, and the growth of XRP over time before investing.
Conclusion
We hope this article about Ripple (XRP) provides an honest and objective view to help readers make accurate and profitable investment decisions. Vietnam-ustrade.org wishes you success!
