At press time Ripple’s market cap was $ 11,614,037,265, with a daily volume of $ 1,614,280,673 being the 4th of all cryptocurrencies listed on Coinmarketcap. Since its launch in 2012, Ripple’s price hit an all-time high in September 2018 of $ 0.7800, while XRP is currently worth $ 0.25750.
Even though it functions similarly to Bitcoin, Ripple is a Cryptocurrency with a different system from Bitcoin.
XRP is actually a type of internet protocol, like HTTP and TCP/IP which can manage websites and data. But Ripple is specifically for sending and receiving payments. Not only functions as an E-currency. XRP also has a function as an exchanger against other currencies and E-currencies as well as a payment gateway.
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What is XRP cryptocurrency?
Ripple is a network that allows users to make money transfers to all corners of the world based on a protocol rather than cryptocurrency, invented by Chris Larsen and Jed McCaleb, and launched in 2012.
XRP Ripple is an open-source project which is a low-cost peer to peer payment platform that allows transfers in various forms of currency, be it USD, Euro, Japanese Yen, or Bitcoin.
Ripple appears to be a solution because there is a problem in sending money manually. So far, direct money transfers have often time consuming due to delays. Besides, the transfer costs are also high, especially if the nominal money transfer in a big amount.
Another advantage of XRP (Ripple) with the XRP working system is faster, so it can complete transactions in just 4 seconds.
XRP cannot be mined so it is not affected by a 51% attack. The XRP system can control/handle 1,000 transactions per second.
Currently, there are 75 banks and payment services active in the XRP system, and the company collaborates with 90 additional banks worldwide, including Standard Chartered Bank, Westpac, Banco Santander, National Australia Bank, and BBVA.
How Ripple cryptocurrency work
Ripple XRP, is only a bridge currency to other currencies without differentiating between fiat money or cryptocurrency. Therefore, the emergence of Ripple makes it easy to exchange any currency.
The way Ripple works do not use Proof of work like Bitcoin or Proof of Stakes like NXT and other cryptocurrencies but use consensus protocols through gateways to validate transactions.
For example, James wants to get Bitcoin as payment for services to Joshua. Meanwhile, Joshua himself does not own bitcoin. But Joshua can send payments to the gateway to Ripple in Canadian dollars (CAD). Then James was able to receive bitcoins from the Ripple gateway.
One gateway is don’t need to initiate a complete transaction, but using multiple will forming a chain of trust spread across users.
Basically, XRP is not designing as a currency or payment method like Bitcoin. But several online merchants accept XRP as a means of paying.
First launching 100 billion cryptos XRP issuing since the beginning, and only 38 billion have been released for circulation in the crypto market. Ripple labs then store the remaining XRP which will then be published at any time and the XRP that is not used will be returned. During the first month of the contract, Ripple used only 100 million XRP and returned the difference, 900 million XRP.
Unlike Bitcoin, Ripple labs controlling the Ripple. However, Ripple became a company that was suspected of selling unregistered securities in 2019.
When Ripple cryptocurrency created?
In 2012 Chris Larsen and Jed McCaleb were the founders of Ripple. Jed McCaleb is a genius in the fields of cryptography, peer-to-peer protocols, and several other computing systems, which support the implementation of blockchain technology.
Jed McCaleb is a programmer, cryptographer, and entrepreneur who was involved in the founding of some technology companies including Ripple.
Company Ripple Labs get success, but personal conflicts between McCaleb and other members led to McCaleb’s resignation in July 2013. And then after leaving Ripple, McCaleb founded the Stellar Development Foundation in 2014 with Joyce Kim.
Meanwhile, Chris Larsen is a man from the United States who also founded Ripple.
However, the 59-year-old man resigned from the position of CEO of Ripple in November 2016 and was replaced by the current CEO of Ripple, Brad Garlinghouse.
Ripple, known as XRP code, was lined up to be the best performing digital currency in 2017.
Early January 2017, XRP still had a value of US $ 0.0065 per token. However, the valuation managed to skyrocket to the US $ 2.47 at the end of the year.
The sharp increase experienced by Ripple is due to the high interest of Asian investors in this one cryptocurrency.
More than that, Ripple’s strengthening was also due to a subsidiary in Asia that announced a new consortium with a Japanese credit card company.
Why invest in Ripple cryptocurrency
With the potential for the future development of Ripple, this is a good investment asset according to crypto analysts. One of the underlying reasons is that its current value is cheap. Could as a thriving alternative to coins such as Bitcoin and Ethereum.
At current prices of $ 0.256675. In the future, many analysts are confident and optimistic about Ripple’s value which could reach $ 1000 in the next decades.
So with an investment of $ 100 today it is possible to grow the portfolio many times over if the analysis of the crypto expert is accurate.
The second reason is that Ripple can solve the big problem with financial institutions at the moment that accelerates the flow of money.
With a current market capitalization of USD 11 billion, Ripple labs inc is a company that has 500 active workers who handle various fields of operation.
Currently, RippleNet more than 300 providers covering 40 countries on 6 continents already using Ripple. American Express, Santander, and US-based money transfer company MoneyGram are some of the companies that are taking advantage of Ripple’s strengths.
And it’s still possible that other providers will follow in the footsteps of companies that have adopted Ripple.
Although analysts are optimistic about Ripple’s future. However, there is a downside to Ripple which, unlike decentralized Bitcoin. This is controlled by the company Ripple labs inc, and most of the shareholders are Ripple owner Chris Larsen and CEO Brad Garlinghouse.
Where to buy Ripple cryptocurrency
Ripple publishes the native digital currency XRP. This is an open-source Ledger that developers can build on using the Ripple network. More information about XRP here.
Where to buy Ripple, there are currently more than one hundred marketplaces and exchangers that support XRP, so it is easy to trade XRP.
Below are some of the marketplaces or exchanges where you can buy Ripple (XRP):
- Bitbay. BitBay is one of the largest exchanges in Europe which was first discovered in Poland, supporting deposits by MasterCard and visa or bank transfer.
- Crypto.com. It is a payment platform with cryptocurrency, you can trade or pay for services with cryptocurrency.
- Kraken. A cryptocurrency trading platform, you can buy and sell various cryptocurrencies including XRP.
- Safe currency. Although this exchanger was only launched in 2018, it already has customers in 45 countries around the world. deposit by SEPA transfer and Mastercard and Visa.
- EXMO. It is one of the largest cryptocurrency exchanges in Europe, supports payments in fiat currencies, USD, Euro, RUB, UAH, PLN, TRY, and GBP.
- CoinGate. It is a global exchange covering 100 countries including South Africa and supports more than 50 leading cryptocurrencies.
- BCBitcoin. This exchanger is based in Broxbourne, Hertfordshire, England, is a cryptocurrency marketplace that accepts cryptocurrency trading. Deposit support with SEPA money transfer, UK Faster payment as well as MasterCard and visa.
- Switchere. Supports several payment methods including Credit card and Debit card, also by money transfer, Netteler, M-PESA, and a local bank.
- XCoins. A cryptocurrency exchange platform that supports debit cards. and credit cards Visa.
How to trade ripple
Investors or traders buying Ripple usually have a goal, to make a profit from their investment.
Broadly speaking, there are two ways to trade Ripple.
- The first is to buy Ripple and store it in a secure wallet and wait for Ripple’s value to increase, even in the next few years.
- Second, with margin trading, or simply the term Leverage, this can be used for short-term trading, but the risk is higher than the first way even though the potential gain is also higher.
If you are a long-term investor type, maybe the first way to choose because it is lower risk and safer because you have XRP tokens in a safe wallet, unless you lose your private key. Even if the price goes up and down, you will never experience a margin call or stop out.
However short-term traders who tend to speculate will gravitate in a second way, with margin trading using leverage, most brokers provide 1: 3 crypto leverage.
The short-term risk is the possibility that due to price fluctuations you can get a margin call and stop out where your transaction will be automatically closed by the broker because it is below the minimum margin level requirement.
TenkoFX broker provides a Crypto account with a 1:3 leverage minimum deposit of $10, you can trade XRP and another crypto asset 29 pairs with BTC, LTC, ETH, BCH, DSH (DigitalCash), ETC, XRP.
Ripple cryptocurrency news
Some of the latest Ripple news in 2020 citing from AMbcrypto include:
- Ripple board members were arrested on charges of cyberstalking.
- Ripple partner Terrapay gets FINTRAC Canada MSB License.
- Possible plans for Brad Garlinghouse to move the headquarter to the UK.
The first news is that a Ripple board member was arrested. Ken Kurson, who is a member of the board of directors of the firm Ripple. He was arrested on suspicion of cyberstalking related to his divorce.
He is also accused of sending messages threatening several people. Kurson allegedly threatened a friend whom he blamed for the breakdown of his marriage.
The second news is good news for Ripple. Terrapay which is a partner of Ripple announced that the Canadian MSB License FINTRAC has been approved. This will strengthen its position in North America.
Canada, according to the World Bank in 2018, has experienced an increase in the value of outbound remittances reaching $ 27 billion.
This indicates that the use of non-cash has increased sharply in the country. Hence to strengthen its position Terrapay announced. Its MSB registration with the Canadian Center for Transaction Analysis and Financial Reports (FINTRAC).
This license will provide infrastructure for cross-border payments and international money transfers from the region in real-time and at low costs.
With Terrapay’s role in the country getting stronger. XRP adoption is likely to be an option for payment methods to be developed.
The third news is the plan of new Ripple CEO Brad Garlinghouse to move Ripple’s headquarters to London United Kingdom. As there is considered to have clear rules of the FCA and clear taxonomy compared to the US.
XRP Price analysis 26 October 2020
XRP price movements since September 2020 can be said to be in a sideways or flat condition. It can be seen from the parallel candlestick arrangement by forming highs which tend to be horizontal and lows which also tend to be horizontal. With the highest as first resistance at 0.26479 and the lowest as first support at 0.21900.
Chart by Tradingview.
In this week’s price changes are very thin. It appears is a kind of doji candle but without a long wick. The price is currently above the medium channel and has approached the top channel. But is forming a bearsh candle again. Today’s price is down 0.70% from the open price.
According to MACD, currently the conditions are flat. The histogram that appears with a small bar, and the signal line is below the MACD line, are indications of being bearish.
Meanwhile the RSI shows the level of 52.17 which is a bullish signal. But seeing the RSI line heading down indicates that it is currently a downtrend.
To analyze in more detail we use 1H as shown below:
Chart by Tradingview.
Notice that the price has managed to break the lower line of the Kertnel Channel. Which at that time the seller pressure was quite large and formed a long bear candle in the span of one hour.
This indication is good enough to allow the price to continue its decline in the short term. The target of the decline is the lower line area of the Kertnel Channel at 0.23978.
Ripple cryptocurrency is currently ranked 4th, it is one of the cryptocurrency assets that has the largest market capitalization.
This is inseparable from the growth of Ripple users from large institutional companies, which have a high impact on daily volume and market capitalization.
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