If you’re in to trading, you’ve certainly heard of such a cryptocurrency as Ripple XRP. It’s the one of the highest cryptocurrency by market cap available and has quite a lot of advantages in comparison with other coins. Let’s start from the beginning.
At first, let us have a look at what’s Ripple. This is a platform and cryptocurrency at the same time. Everything is based on the platform, which is an open source protocol specifically designed for fast and cheap transactions. At the same time it’s pretty simple and doesn’t even use Blockchain. Sounds weird, huh? A cryptocurrency without a blockchain really does exist.
Transactions are verified with the help of the Ripple protocol consensus algorithm (RPCA). If every node is in agreement with the rest, there are no problems. This technology was patented by Ripple Labs, the creator of the platform and currency.
XRP is the RippleNet’s currency. It’s a token that represents the transfer value across the network. The main idea was to use XRP as a mediator for both cryptocurrencies and fiat money. For better understanding, remember a good old game of cards with the “Joker” card in the deck. It can be any other card. The same goes for XRP which can be any other currency.
RippleNet is used by a lot of banks and money exchange services. There must be a reason, right? Here are XRP advantages:
If you still aren’t sure about it, than here’s a list of some banks that use the Ripple protocol. These are:
As you can see, the platform and currency are recognized in financial institutions and Ripple itself is an official organization. It isn’t a noname company startup, so it can be trusted.
The most interesting information for traders is the price and market cap. At the moment while this article was being written, the price per coin was $0.35 USD. The highest price paid for 1 XRP is $3.84.
The market cap is $14.8 billion, and for the past 24 hours the overall transaction value with XRP is $1.8 billion.The circulating supply is $120 billion dollars. As we can see, people use it actively.
XRP is noticed to have a high correlation with Ethereum. For 2019 it is near 79/1, meaning that if Ethereum increases or decreases in price, XRP has a 79% chance to do so too. If the price for Ethereum increases by 100%, then this is a good signal for traders to buy XRP as there is a 79% chance for XRP to do the same thing. But you should always remember that there is a 21% chance that this won’t happen.
For 2020 the expert predictions are:
All statistics show that the coin definitely will not fall in price. It will either stay on the same level or grow.
Dowmarkets is a certified online broker that allows users to trade almost all popular cryptocurrencies 24/7. Minimum fees are charged so that traders would feel comfortable and have a nice profit.
The Ripple XRP cryptocurrency is in the 5 most trending coins for trade on Dowmarkets, meaning that traders use it a lot. Only Bitcoin, Ethereum and Bitcoin Cash are ahead. This coin requires a smaller investment, meaning that it’s safer. The only drawback is that the less risks, the less profit can be gained.
Dowmarkets operates a modern trading platform with a intuitive design that suits beginners and professionals. All important information is available in one spot: graphics, changes, currencies, additional information etc.
The company has more than 10 years of experience and has made a great contribution into the global financial markets. Experts work every day to gather the most important information for traders and improve the service itself.
Regular webinars are held by the company’s leading analysts. The information that is discussed there is useful for all users, experienced or not. The registration is free and doesn’t require any payments!
Additionally, Dowmarkets arranges various promotions with good prizes. For example, newcomers get increased co-funding, an educational course in in Dowmarkets Trading Academy, and daily assistance from an expert analyst for their first deposit after registration.
Higher-level accounts get a personal analyst that assists and consults traders. There also is a possibility of forming a trading strategy that suits the users style and demands. If there ever is any issue, you can always contact the support with the help of the button in the right lower corner. There’s always someone online, so you’ll have your issue solved as soon as possible.
It’s time to get to the point. Before trading Ripple XRP you have to choose a broker that can be trusted. This must be a company with a lot of experience, expert personnel, a lot of tools and promotions for users, and a comfortable design of the service that is going to be used for trading online. So we believe this is Dowmarkets
The first step is to create your brokerage account. For this you should:
After this you are good to go.
Now we are going to explain how to do Ripple trading. After you login into your personal account, you have to press the blue “Trade” button. This will open an additional page in your browser with all trading tools available. You will be able to see a live graphic of price changes were you can select the period that is needed to see.
For example, Dowmarkets graphic offers to check the price for the last 1, 5, 15, 30 minutes, 1, 4, 8 hours, 1 day and 1 week. The user is informed if any trading signals have been detected for the selected cryptocurrency. If is is seen that there is a possibility to have profit from the current price, only one button should be pressed to complete the deal. Keep in mind that the leverage is 1.50 and the margin is $1. You can buy or sell a minimum of 100 XRP.
In the left menu you can access the tech menu where the average movement of the price for all coins, commodities, stocks and indices. A buy or sell order can be placed ahead according to the prediction of the average movement. The last 30 candles are considered in the calculations.
It’s as simple as ever: buy cheap, sell expensive. Even if you aren’t a professional trader and this is a simple hobby for you, by spending a couple of minutes a day it is possible to have some income. Just monitor the market every while and grab the best deal for your profit.
Any trader knows that investment is based on risks. There always is a chance to both increase and decrease you funds. That is why it never is possible to say whether anything is good for sure.
All experts say that Ripple has a tendency to grow in price and demand. As it is really cheap, it is hard to tell if it will have a really high jump. Even though it is said that most likely in 2020 the price will rise up to $10 US dollars, the same thing was the in 2018 about 2019 and we only saw a change in a few cents. But one thing is sure: there are no signals for the price to drop.
You could try to make a long-term investment and hope that XRP becomes the next Bitcoin, but even if this happens, it will take a lot of time. Some time ago experts said that litecoin would become the second most valued coin in the crypto world. So, if you really want to make sure you don’t lose the possibility to have Ripple in your wallet when the price jumps up then buy a lot of 100 coins for near $3.30 on Dowmarkets. It is possible to keep all traded currencies on your personal account for as long as you want, so when you see a price change that can bring you a high profit, you can sell all you want just in one click and withdraw your cash.
Although Ripple isn’t bad, it has some criticism too. The biggest issue that worries users is that this currency doesn’t work as crypto was designed too. Cryptocurrencies and blockchain itself were made to avoid any regulations by financial institutes or banks. As Ripple works with them, the whole cryptocurrency thing fades away. On the other hand, traders know that it can be trusted as it is not a noname company’s startup.
Another thing is that even though banks claim to use the platform for real money transactions do not usually use the token itself. Additionally, as it is said in the Financial Times article, the system is in a test stage and isn’t used to completely substitute money transactions.
Finally, users really dislike the possibility of freezing a transaction in Ripple. This also is against any cryptocurrency principles. This might just be a rumor as once the founder of Ripple Labs Jed McCaleb tried to sell a million dollars worth in XRP. The transaction wasn’t completed as it was reversed, but there is a rumor that Jed himself breached the contract. But even this myth is already a drawback.
The Ripple protocol was released way back in 2004. Since then, nothing really interesting happened. The story begins in 2013 when Jed McCaleb invited a few high-level investors to invest into Ripple Labs.
There are only two persons that are considered to be the founders of Ripple Labs.
At first, it’s Chris Larsen, the man that is thought to be the richest in the crypto world. At the same time Chris is an angel investor, business executive and a privacy activist. Mostly he is known for funding a few startups that are connected with online financial services. The first projekt he assisted was E-lon in 1996, an online lender.
Then goes Jed McCaleb. He is a good programmer and an entrepreneur. Jed is known for co-funding Ripple, eDonkey, Overnet and other startups. He also once owned a share at a cryptocurrency exchange called Mt. Gox, which held 70% of worldwide Bitcoin transactions when it was at its top. The programmer sold his share in Mt. Gox before the platform was re-coded by someone else and suffered a hack attack, so he isn’t connected with that situation.
XRP is often called “the second Bitcoin”. In reality these two cryptocurrencies both have similarities and differences.
The similarities are:
The differences are:
As we see, Ripple is almost half-way back from Bitcoin by its total valuation.
The way Ripple works on the market is completely different from other cryptocurrencies. Some of these things are good, some aren’t. Let’s get to the point.
XRP Supply
If other cryptocurrencies are received by mining, XRPs supply is completely controlled by the company that stands behind it. Those guys can control the coin’s price the way they want to and that worries a lot of users.
Public perception
In 2017 there were a lot of traders that believed XRP could be better than Bitcoin. Even now a lot of experts still talk about it. The main idea was that Ripple is literally a better global payment solution. But at the same time a lot of media call it the most misunderstood currency.
Bank adoption
The “core users” of Ripple and it’s technology are banks and financial institutions. For example, even the Bank of America and the Royal Bank of Canada are interested in using this payment solution.
Comparison with other cryptocurrencies
XRP has a large market cap. At the same time, the price per coin is really low. This makes things really interesting for investors. Try remembering Ripple’s correlation with Ethereum. Depending on the market overall, this coin can thrive or turn bearish easily.
Major crypto exchangers
If major cryptocurrency exchanging services announce adding XRP into their lists, this would make traders more interested as there would be less trouble with exchanging it.
While you are still here, thouthands of traders are already earning money on Ripple. The price changes every second and you never know how high can your profits be when you catch the moment.
Dowmarkets gives all tools that are required for successful trading. You don’t have to worry about complicated stuff, as everything is simplified. All you need to do is to create your account, make a deposit, confirm your identity and start trading online. The fees are as low as possible.
In the end, it is also important to note that is is useful to follow the world economical news. Even though this doesn’t really refer to Ripple, you might be interested in working with other coins as well. Investing into something, one must always remember not to spend all his funds on one projekt. That is why it is a good idea to distribute your money among different currencies and find the most profitable one for you!