So you have decided to invest in Ripple or XRP or any other cryptocurrency? Then I am pretty sure that you have already done your own research. If you have not, then here is a friendly advise do proper research and only invest that money that you can afford to lose.
However, as long as it comes to the Ripple, I have spent a lot of my time researching Ripple, and in this article, I will be sharing all the information that I have collected so for.
Talking about Ripple, well, it enables almost instant cross border, international money transfers. Ripple’s main market is the bank sectors, which will hold large amounts of XRP to transact almost instantly with each other.
Although, the banks are the main target of Ripple. But people like you and I can also use Ripple money transferring purposes. For example, if you would like to send $1000 to someone, then you can send the amount within a minute to anyone in this world. And the transaction fee would cost you less than 1 cent.
But on the other hand, if you compare the same thing doing through a bank, you will need to wait for at least 2 to 3 days. As well as it can cost you as low as $20. Also, the bank services will close on the weekends. So you will need to wait for them to approve the transfer.
Benefits of Ripple:
- XRP has really fast transaction times. A transaction currently takes about 4 seconds to be processed.
- XRP has a really cheap transaction fee, which is currently in pennies. And you will only have to pay less than a cent to get done with payment.
- Ripple has already partnered with more than 100 banks worldwide. This includes banks like Bank of America, UBS, Standard Chartered, Barclays, JP Morgan, Santander and American Express, and others.
- Since XRP transactions are peer-to-peer there is no central point of failure.
Why XRP could grow in the upcoming years?
As of now, Ripple is the 3rd most valuable cryptocurrency in the world. And back in the days, XRP’s growth outdid Both Bitcoin and Ethereum. As well as Ripple is already working with more than 100 different banks to establish a payment system.
And Ripple aims to make sending and receiving money through the banks anywhere in the world near instant. And at a very low cost. And this would be done through the XRP cryptocurrency. And banks are going to get a lot of benefits from it.
Ripple will also save a lot of money that banks usually spend. As well as it would save more and more time. As transactions would less time to get proceed. So more and more transactions can be placed. Furthermore, Ripple’s public ledger also adds an additional security layer to transactions since the ledger is built on Ripple’s own blockchain, which cannot be tampered with or changed in any way. Ripple has also gained recognition from cash enabled cryptocurrency exchanges.