Ordinarily, any investor will be very cautious to gamble with an investment when the market…
If you think that cryptocurrency is a topic that is difficult to understand, then you are far from alone in it. It should also be noted that the topic of this article, Ripple, is a bit more complicated than several of the other cryptocurrencies.
Ripple is two different things at the same time. In addition to being a cryptocurrency (commonly referred to as XRP), it is a payment network, and they have been on the market for just as long.
Ripple was launched, both as a cryptocurrency and a payment network, in 2012. Therefore, it is very likely that it was the success of Bitcoin that was launched in 2009 , which also inspired this development. The developers behind Ripple were far from the only ones inspired by this!
Below, however, we will focus mostly on the cryptocurrency Ripple. In addition to us looking at the history behind this service, you will also towards the end be able to read about how to proceed to invest in this cryptocurrency.
Ripple and XRP
As mentioned, Ripple is both a payment network and a cryptocurrency. But there is a way that can make it a little easier to deal with. In practice, it is not common to use the term “Ripple” about the cryptocurrency. Then you use the ticker code XRP instead.
All cryptocurrencies have such a ticker code. Many people use these codes instead of the full name of the cryptocurrency, especially when talking about several cryptocurrencies at the same time. For example, Bitcoin’s ticker code is BTC.
When it comes to Ripple and XRP, it is also not uncommon to try to distinguish between them by including the ticker code when referring to the cryptocurrency itself. So instead of Ripple having a confusing effect, we call it Ripple (payment network) and Ripple XRP.
What is Ripple XRP?
Since the topic of this article is the cryptocurrency Ripple, we will concentrate most on this aspect of the Ripple concept. Ripple as a payment network will thus end up a bit in the second row. Therefore, we will also use the term Ripple XRP hereafter.
As we saw above, both the payment network and the cryptocurrency itself have the same name. Therefore, it is not uncommon for this to lead to some confusion here and there, but we will do what we can to avoid it. Then it is important to be clear about the difference between these two.
Ripple is thus the payment network itself
Ripple XRP is the cryptocurrency used to carry out transactions through this payment network, ie Ripple.
Both the Ripple payment network and the cryptocurrency Ripple XRP were launched in 2012, and Ripple Labs was the mastermind behind it all. This is what characterizes the Ripple XRP:
Ripple XRP is designed based on open source code (like many other cryptocurrencies, which means in short that anyone can take the source code, make some changes, and present it as their own)
Ripple XRP is based on a decentralized infrastructure, which means that the service is not regulated by a third party.
Ripple XRP is built on blockchain technology (like several of the most popular cryptocurrencies).
The goal of Ripple XRP is to make this cryptocurrency cheaper and faster than Bitcoin. However, unlike Bitcoin, Ripple XRP is not intended to be used for ordinary transactions, only transactions that take place on the Ripple payment network.
The benefits of the Ripple XRP
There are a number of benefits to using Ripple XRP, and below we will take a closer look at some of the reasons why you should choose this particular cryptocurrency when investing in cryptocurrency.
The value has increased greatly
Ripple and Ripple XRP were launched in 2012. That is, during this period, this cryptocurrency was very new, and the value was probably not very high then. But now it has been several years since the launch, and the value has increased a good deal.
Ripple XRP faced some tough years after its launch in 2012, but after a couple of years on the market, it got easier. Since then, the value of the Ripple XRP has increased by around 35,000%. In the last six months alone, the value of the Ripple XRP has increased by an impressive 300%!
The anguish of the election. Are you going to buy XRP now or wait?
Ripple XRP is used by several banks
Although Ripple XRP was originally developed for use on the payment network with almost the same name, the cryptocurrency has experienced an enormous development in recent years. Now you also have the opportunity to use Ripple XRP in several of the regular banks.
Of course, it is not a given that your bank offers Ripple XRP. This will of course vary from consumer to consumer, depending on which bank you have. But if you have Santander, for example, then the chances are very good that you can use Ripple XRP.
However, Santander Consumer Bank is just one of many banks offering Ripple XRP. It is difficult to determine a specific number in connection with it, but there are at least several hundred banks that offer this cryptocurrency today.
The volatility of cryptocurrency
Ripple XRP is characterized by high volatility, and this is something we will come back to a little further down in the text as well. Like most other cryptocurrencies, the Ripple XRP has high volatility. This means that it is uncertain when the value of the cryptocurrency will increase or decrease.
In other words, high volatility is not an advantage in itself, but it also means that there are good opportunities to make a good deal of money if you are lucky with the value development at the time you choose to invest in Ripple XRP.
“Drinking in moderation” is a very common expression that people often hear in connection with drinking alcohol. This is an expression that undoubtedly also applies here. If you choose to invest wisely, you will benefit from it anyway. Maybe you will be pleasantly surprised too!
Despite the fact that there are undoubtedly good investment opportunities here, it is important not to get carried away. For the good development can turn around before you know the word of it, and it is of course quite awkward!
Ripple XRP and the crypto market
When it comes to the role of Ripple XRP in the crypto market, we have only positive things to say. In the crypto market, the Ripple XRP is considered to be the seventh largest cryptocurrency, and it is a pretty impressive level.
In addition, the Ripple XRP has a market value of around $ 44 billion. This is also a very good level that we are undoubtedly impressed by to a very large extent.
The goal of the Ripple XRP
The developers behind Ripple XRP had a slightly different goal than the developers behind several of the other cryptocurrencies that make up the market today. And this goal makes the Ripple XRP stand a little different than the other cryptocurrencies, and we mean that only positively!
The goal of the Ripple XRP can be divided into two main groups. These main groups are:
Trying to streamline the overall transaction process so that it is faster to complete transactions for most people.
While streamlining the overall transaction process, the developers behind Ripple XRP wanted to reduce the fees that customers have to pay for the ability to complete a transaction.
The goal of Ripple XRP has been a factor that has made people very positive about Ripple XRP. The cost of completing a transaction varies from player to player, and when using Ripple XRP you do not have to worry about it, so they are reduced here.
Is it wise to invest in Ripple XRP?
Is it wise to invest in cryptocurrency? In every discussion or conversation about one or another cryptocurrency, this is a question that is asked. And of course, the Ripple XRP is no exception. So is it really wise to invest in Ripple XRP?
It is not to be underestimated that the Ripple XRP, like all other cryptocurrencies, has high volatility. In practice, this means that the value of the Ripple XRP can jump up and down like a bouncing ball, and no one knows for sure when the value will rise or fall next time.
This simply means that even if the value of Ripple XRP is at a high level at the time you invest, it is not a matter of course that it remains so. The value of the Ripple XRP may decrease the day after you invest in the cryptocurrency.
Good increase in value
The fact that Ripple XRP is characterized by high volatility may scare more people from investing in Ripple XRP, but it is important to remember that this is how this industry works. This will be the case regardless of which cryptocurrency you are considering investing in.
If you are going to invest in cryptocurrency (and Ripple XRP), then it is how you handle it that is perhaps most important. A good rule of thumb is to never bet more than you know you can afford to lose, because you simply never know what will happen.
Nevertheless, it is important to look at several aspects of Ripple XRP that play a role. For example, this is a cryptocurrency that has experienced a very good increase in value since the cryptocurrency became part of the cryptocurrency market in 2012. In fact, the price has increased by around 35,000%!
A practical cryptocurrency
We must also not forget that the Ripple XRP works in a slightly different way than most other cryptocurrencies.
Bitcoin, for example, is a cryptocurrency that appeals to those who want to invest to a very large extent. Ripple XRP does not do this in the same way, as this cryptocurrency was mainly developed for use on the Ripple payment network.
The purpose of Bitcoin (and other cryptocurrencies) is to make as much money as possible, but this is the idea the developers of Ripple XRP had. Instead, the Ripple XRP is very useful for users of the Ripple payment network.
How to invest in Ripple XRP
If you want to invest in Ripple XRP, there are many ways you can do it. Which method you choose depends entirely on which method you are most comfortable using.
Below we will take a closer look at some of the procedures that you have the opportunity to choose from when investing in Ripple XRP.
When you buy and invest in Ripple XRP, you can choose to do it directly from a player (for example Firi / MiraiEx, eToro, Coinbase or Binance) or you can do it in a straightforward way by acquiring a Ripple -wallet.
Buy Ripple XRP through Firi / MiraiEx
MiraiEx recently changed its name to Firi , so to avoid confusion, we have chosen to state both names of this player. Firi / MiraiEx is a Norwegian cryptocurrency exchange, which many Norwegians use when they invest in Ripple XRP or another cryptocurrency.
Here’s how to buy Riplle XRP through Firi, formerly known as MiraiEx:
If you are not already registered with this crypto exchange, you will first have to register. This crypto exchange will also give you a nice welcome gift (NOK 200 in welcome bonus).
Then you need to create your actual user account. You can do this easily by using either e-mail or Vipps, and verify yourself in a way that you know from before.
Once the account is created, you can start buying Ripple XRP. It does not get easier!
Buy cryptocurrency with a bank card .
Buy Ripple XRP through a Ripple wallet
A Ripple wallet is a digital wallet. In 2021, this is something most people are well acquainted with. It is in this wallet that you should keep your stock of Ripple XRP, but it goes without saying!
If you want to use a Ripple wallet, you can choose between two types. Ripple-wallet is offered in a version that depends on connection to the internet, as well as a version that does not need internet at all. It is up to you which e-wallet you want to use.
Once you have decided which Ripple wallet you want to use, just find the crypto exchange you want to use, register and then start investing in Ripple XRP!