What is Ripple XRP coin
Ripple is a payment protocol that leverages blockchain technology to process international money transfers in real-time and at the lowest costs. It operates as a cryptocurrency and a digital payment network. The brainchild of Chris Larsen and Jed McCaleb, it came into being in 2012 to enhance payment settlement and remittances.
Ripple came into being as a replacement for the money transfer network SWIFT to enhance how settlements between major financial institutions are accomplished. The use of blockchain technology has enhanced transaction speeds by getting rid of third parties needed to verify.
Ripple strives to improve the existing and fragmented banking system by offering a unifying network with a standardized protocol. Conversely, global financial institutions can communicate with one another and send and receive low-cost payments worldwide.
As a fintech company, Ripple has unveiled products including xVia, a payment application programming interface, and xCurrent, a real-time settlement system. RippleNet is the global network that allows financial systems to send and receive payments at the lowest costs.
XRP is the native token that powers the Ripple network. It acts as a medium of exchange through which transaction fees are settled. Unlike other cryptocurrencies, it cannot be mined. It has a limited supply capped at 100 billion XRP tokens. Currently, there are about 48.34 billion XRP coins in circulation with a market cap of $20.5 billion.
Is XRP a good investment?
Yes, XRP is a good investment, given the impact, its blockchain is having in the global financial sector. It is seen as the cryptocurrency at the front seat in the push to leverage blockchain technology in enhancing international payments.
The widespread adoption of RippleNet by global financial systems and banks to enable real-time and low-cost international payments underscores the network’s tremendous potential amid the digital revolution.
Therefore, demand for the XRP coin, the native coin that powers the network, will ways be high as long as RippleNet is used to process international payments. Conversely, its value is expected to appreciate despite the recent slump attributed to the broader crypto market crash. That said, XRP will always be an attractive play for investors eyeing exposure in the cryptocurrency sector through an asset with tremendous potential and solid use cases.
Should I buy Ripple: Crypto technical analysis for XRP
XRP, the network’s native currency, has shed a significant amount in market value since rising to highs of $1.97 a coin last year. The coin is down by more than 70% from its 52-week highs and down by about 50% year to date. The sell-off has come at the backdrop of the broader cryptocurrency sector coming under pressure amid a deep correction following last year’s crypto boom.
However, XRP sentiments have also taken a hit following a much-publicized court case involving the Securities and Exchange Commission. The SEC has accused the company’s executives of engaging in illegal securities offering through the sale of XRP. Ripple has always refuted the allegations insisting that XRP should always be treated as a virtual currency and not a security.
As the case drags in the corridors of justice, XRP has taken a significant hit. The coin has already plunged to 16-month lows of $0.33. While it has pulled back, it remains under immense pressure owing to broad market pressures.
With the coin trading below the $0.5 level, it looks set to remain under pressure until the broad cryptocurrency market sell-off settles.
Will XRP coin price hit 1 USD in a year?
The last time XRP was valued at more than $1 a coin was last year in November. Ever since the coin has come under immense pressure shedding more than 50% in market value to lows of $0.42.
With the broader cryptocurrency sector is under immense selling pressure, the likelihood of the coin bouncing to the $1 handle is low. Immediate estimates on Digitalcoinprice.com indicate the coin could average $0.60 over the next year and reach highs of $0.68.
However, there is still a possibility of XRP bouncing back to the $1 level, given the cryptocurrency’s volatile nature. The cryptocurrency crash dust settling down will be the catalyst to fuel a bounce back above the $1 handle.
What is the XRP coin price prediction for 2025?
Three years is a long time in the cryptocurrency sector. The expected cryptocurrency and blockchain adoption in the mainstream factor is one factor that should help support XRP’s significant price appreciation.
Conversely, the coin is expected to power through the $1 a coin barrier and rally to a $5 a coin high. The expectation is high that XRP could average between $5 and $10 by 2025. However, the appreciation is dependent on the overall sector turning bullish.
The best way to buy XRP
As one of the high-profile names in the burgeoning cryptocurrency sector, XRP can be bought with ease in a good number of centralized exchanges, including Binance, KuCoin Huobi, and Kraken, among others.
