Last Updated on January 21, 2024 by Asfa Rasheed
Among the top popular cryptocurrencies, you will find XRP coin – the native crypto of the Ripple platform. What is the essence of this project, and is XRP a good investment for the long term? Let’s discuss these questions in this article.
Ripple is a technology and a payment network that enables cross-border money transfers. The platform has all the chances to rival the popular SWIFT system, and here are the reasons why:
- Ripple network performs lightning-fast money transfers worldwide with no middlemen.
- The commissions for money conversion and delivery are insignificant compared to traditional bank fees.
- Ripple is a secure and reliable network.
Due to these benefits, many large financial establishments have already integrated the Ripple technology and use it to facilitate their financial processes.
XRP is a native Ripple coin, which takes part in currency conversion and facilitates the process of money transferring around the world. As of late September 200, the Ripple price is $0,4005. Its market capitalisation is $19,9 billion, and the daily trade volume is over $4 billion.
Why is XRP so Popular, and Why is Its Rate So Low?
The Ripple price today really does not impress. All the matter is that the Ripple company has a legal process with the SEC that demands Ripple recognise the XRP token as a security. Because of long-lasting judicial proceedings, the project cannot grow and conclude more partnerships, though 50 Japanese banks expressed their desire to integrate the Ripple technology into their systems.
However, there is something that helps keep the Ripple coin price. First, it is a groundbreaking technology that can be useful for the banking system, facilitating money transfers globally at low fees. Secondly, “whales” crypto investors had long ago bought XRP tokens and hold them long-term, for they believe the project will receive widespread use and the XRP price will boost. To make it happen, the court case with SEC must be finished.
Before investing in Ripple, you should analyze the project on your own and make a decision. However, it may be a good idea to buy Ripple and hold it long-term.
If you decide to buy Ripple, check out the WhiteBIT crypto exchange. It offers quality service and provides high security for your investments.