The world today has become much more advanced and technological and people are connected more digitally than physically. Technology controls our life and its use has made our life much easier and quicker. Not only we can connect with people all over the world with just one click but also, we can buy different things and make transactions without going anywhere. Thus, to make online transactions easier and cheaper, digital currencies were made. One such digital currency is the XRP price currency.
In 2004, Ryan Fugger first came up with the idea for Ripple after he worked in a local exchange trading system in Vancouver. He introduced RipplePay to create a decentralized monetary procedure where everyone can create money by themselves.
In 2012, Fugger handed it to Chris Larsen and Jed McCaleb after he heard their idea of digital currency. They founded OpenCoin later to be called Ripple Labs. The currency issued by Ripple Labs is XRP. Till now XRP Ripple is always found among the top 10 coins list and many people use it as a mode of transaction.
Ripple Labs makes transfer payments using XRP currency through the Ripple Network. To make you understand let me explain to you with an example. Suppose a bank wants to transfer a large sum of money to another bank without the need to use many intermediate banks to transfer the money, the bank can directly convert the money into XRP and the recipient bank can receive the money in the form of XRP. There is no need for both two banks to use XRP for transferring assets. They can keep an ‘open tab’ without closing it.
Advantages of XRP price:
• XRP is a tradable asset accepted by everyone on the network.
• There is no counterparty risk since is a true asset.
• XRP can make transactions very fast. It only takes 7 seconds to make any transfer.
• It can also handle 1500 transactions per second which is impressive.
• It is also very cheap.
Disadvantages of XRP price:
• Lack of usage of the coin. Years ago, everyone believed that XRP would be used everywhere, however till now into effect. Therefore, the intended purpose of the coin is still not being fulfilled.
• The circulating supply of the XRP coin is quite large and a lot of people complain against it when it comes to future usage of the coin.
• It is believed that the company Ripple controls more than 50 percent XRPs in circulation which is regarded as negative in the cryptocurrency space.
Facts related to XRP coin:
• At the present time, Ripple has the highest public holding of XRP currency.
• It is currently the sixth-largest cryptocurrency globally having a market capitalization of 60 billion dollars.
• Drop is the smallest unit when the XRP is divided into 6 decimal points.
• To hold XRP, a wallet that supports the currency is required and a minimum deposit of 20 XRP must be there in the account. This prevents any spamming.
• The value of XRP decreases with the passage of time make it more valuable.
SEC lawsuit against Ripple Labs:
On 22 December 2022, the Securities and Exchange Commission filed a lawsuit against Ripple Labs (the creator of XRO) for illegally profiting 1.3 billion dollars in their XRP currency by marketing digital-asset securities without registering them with the SEC. However, Ripple Labs declares that XRP is not a security and should be exempted. The case is not solved yet and the lawsuit is still under trial.
XRP Prediction 2025:
In December 2017, there was a remarkable increase of 1257% which made the analysts and the investors bold. However, after they reached a level of 3.3 dollars, from January 2018 the price of XRP is declining even today. Though it experienced an increase in September 2018 and December 2020, the overall performance of XRP is not good. One of the main reasons for this decline is the litigation against Ripple from the Securities and Exchange Commission.
However, in July 2021, there was a rise in XRP price by 145% in under a month. Thus, there is a new ray of hope in the minds of the investors. Though it is very difficult to predict what will be the exact XRP value three years from now, however various analysts are trying to give an idea about the future scenario by evaluating the present conditions. Everyone is optimistic that the price of XRP will rise considerably in 2025.
In accordance with the cryptocurrency price prediction, at the most, the XRP price could reach a record-breaking value of 10.99 dollars by December 2025. Crypto Coin Society predicted that the XRP price will rise to 4.60 dollars in 2025. It is believed that if the SEC lawsuit can be handled more effectively, then more financial institutions will use ripple’s system which will result in an increased value of XRP price. By this, it is predicted that the XRP price value will be around 3.5 dollars by 2025 which will be a 170% increase from the price prevailing today.
XRP Rich List:
#Accounts Balance from – To Sum (XRP)
5 1,000,000,000 XRP ∞ 11,360,978,300 XRP
12 500,000,000 XRP 999,999,999 XRP 6,712,302,816 XRP
74 100,000,000 XRP 499,999,999 XRP 15,132,269,499 XRP
97 20,000,000 XRP 99,999,999 XRP 4,078,908,959 XRP
134 10,000,000 XRP 19,999,999 XRP 1,975,447,440 XRP
167 5,000,000 XRP 9,999,999 XRP 1,194,058,812 XRP
62 4,000,000 XRP 4,999,999 XRP 270,969,611 XRP
127 3,000,000 XRP 3,999,999 XRP 424,676,451 XRP
224 2,000,000 XRP 2,999,999 XRP 526,311,121 XRP
755 1,000,000 XRP 1,999,999 XRP 977,445,038 XRP
154 900,000 XRP 999,999 XRP 145,470,475 XRP
216 800,000 XRP 899,999 XRP 182,331,483 XRP
366 700,000 XRP 799,999 XRP 271,759,387 XRP
406 600,000 XRP 699,999 XRP 260,354,409 XRP
758 500,000 XRP 599,999 XRP 403,078,194 XRP
1008 400,000 XRP 499,999 XRP 441,905,616 XRP
1807 300,000 XRP 399,999 XRP 608,643,401 XRP
4261 200,000 XRP 299,999 XRP 1,003,695,026 XRP
13492 100,000 XRP 199,999 XRP 1,760,568,254 XRP
7192 75,000 XRP 99,999 XRP 620,052,092 XRP
16210 50,000 XRP 74,999 XRP 960,221,762 XRP
37961 25,000 XRP 49,999 XRP 1,316,434,512 XRP
87869 10,000 XRP 24,999 XRP 1,337,578,718 XRP
84254 5,000 XRP 9,999 XRP 583,570,109 XRP
315890 1,000 XRP 4,999 XRP 688,333,651 XRP
155364 500 XRP 999 XRP 110,756,088 XRP
2571931 20 XRP 499 XRP 168,814,807 XRP
767667 0 XRP 19 XRP 11,042,391 XRP
4,068,463 In accounts (excl. escrows): 53,527,978,425 XRP
Total coins (ledger): 99,989,792,552 XRP
Source: Internet (https://ledger.exposed/rich-stats)
XRP Wallet:
XRP Wallets are used for easy transactions. It stores the cryptocurrencies of the account holders and allows them to send, receive and trade the digital currencies through wallet addresses. It also helps in keeping track of the balance in multiple accounts.
The top 7 XRP Wallet are:
1. Binance – It is one of the best XRP wallets providing an API for current trading applications online. It provides all-time support and is suitable for web, iOS, Android, and PC users.2. Coinbase- It trades any currencies and provide an application for both android and iOS device. It also stores securely in offline storage. However,
3. Crypto- It allows the users to access, control, and spend their funds no matter when. It offers the lowest fees when you purchased using a credit/debit card or bank transfer
4. Ledger Nano- It offers hardware that supports a multitude of digital currencies. It is convenient and easy to use.
5. Trezor- It is easy to use and provides safe offline storage. It supports more than 1,000 digital currencies and is supported on various platforms.
6. Edge Wallet- It is the best application for iOS and Android users. Two factors authentication feature makes it more secure and trustworthy. It also provides a backup facility using just username and password.
7. Electrum- It provides safe transactions and excellent privacy features. It can be used for online transactions and ensures complete verification of all transactions.
XRP Coinbase:
Coinbase is an online cryptocurrency exchange platform. It can securely buy, sell, store and receive cryptocurrencies.
Due to the SEC lawsuit charged against Ripple Labs, Coinbase has removed XRP from its cryptocurrency portfolio. Therefore, we cannot purchase XRP coin on Coinbase in the present times.
FAQ:
1. Where to buy XRP?
XRP stock can be brought from XRP wallets like Binance, Edge wallet, Electrum, etc. They allow the users to store the currency offline and provide security features.
2. How to buy XRP?
To buy XRP price stock, just follow these 3 steps:
• Get a wallet- If you are buying a small amount of XRP then install a free software wallet on your mobile or computer and if you want to buy a large amount of XRP, use a hardware wallet that is not free but is relatively safer.
• Find your XRP address to send XRP to your wallet. XRP address is a string of 25- 30 that starts with ‘r’.
• Buy XRP – Binance and CEX.io are two exchanging platforms. They support many countries worldwide, provide multiple payment methods, and also provide an instant buying platform for beginners.
To have full control over your XRP coins, withdraw them to your own wallet by sending them to the XRP address.
3. What is XRP Worth?
As per the recent updates today (14th January 2022), the current XRP price is 0.781887 dollars. Lower price: 0.7631 dollars and highest price:0.7982 dollars. The circulating supply is47.62B XRP.
4. How to buy XRP in the USA?
You can have a Binance.US account, then buy some BNB in your Binance then use the extensions like Binance Chain Wallet or MetaMask. Then withdraw your BNB and send it to your wallet using the address. You can also buy XRP from KuCoin, Bityard, uphold.com, PrimeXBT, BYBIT, and phemex.
5. How to sell XRP?
To sell XRP, the account holder should have knowledge on how to transfer the coins from his wallet to another location for sale. One should select the correct platform and it is also necessary to know when to sell it to make profits. You can trade the asset against the fiat currency of the country you reside in and then withdraw it to the local bank account. Some best Crypto exchanges are Binance, eToro, AvaTrade, and Libertex.
Even though XRP price is in a complicated position, there is an optimistic expectation that the value of XRP price will rise in the near future. From my point of view, XRP is suitable for short-term hold and can be beneficial. Though it provides stability to the account holders, however, if your goal is growth-oriented, then try analyzing the position of XRP price value and make suitable decisions.