In the cryptocurrency world, adoption is one of the biggest obstacles. For many projects, using their technique in the real world is critical to their survival. Ripple is one of those companies that seem to do quite well in the area of adoption. On this page, you can read what Ripple and XRP are and how you can buy the altcoin.
Ripple is an American fintech company that developed the Ripple Consensus Ledger. This ledger, which is similar to blockchain technology, can be used to send value. The interesting thing about the network is that sending value doesn't necessarily have to be done with the network's cryptocurrency, XRP.
Ripple mainly focuses its services on financial companies such as banks. Companies that want to make international payments often still have to rely on the SWIFT network, a network of banks that process international transactions. This network is slow, which means that a transaction takes days. On top of that, transactions via SWIFT also cost relatively much.
Via the Ripple network companies can now send money almost instantly to all countries in the world. Important for this is RippleNet, a network of companies that process transactions for each other. These are often banks and other financial institutions. Thanks to the underlying technology a transaction can be settled very quickly between two banks, after which the recipient can collect the amount in the local currency from his or her bank.
Ripple is working hard to expand its network. However, one of the drawbacks of Ripple is that it is centralized. The company owns a large amount of XRP. Ripple occasionally sells its XRP to encourage cryptocurrency adoption. Still, the company is often criticized for these practices as it would push the XRP price down.
Buy Ripple (XRP) safely and easily via Knaken+
As mentioned above, the cryptocurrency of Ripple's network is XRP. Yet in the crypto world, the cryptocurrency is often simply called ripple. Ripple is one of the largest cryptocurrencies based on market capitalization and can be bought on many exchanges.
You can buy Ripple through the most famous and largest cryptocurrency exchanges such as Binance, Coinbase, and Kraken. In addition, there are also a large number of over-the-counter (OTC) platforms that sell Ripple.
Sell Ripple (XRP) safely and easily via Knaken+
Since Ripple is a popular cryptocurrency, there are plenty of places where you can sell your Ripple. Selling Ripple can be done via cryptocurrency exchanges, for example, the ones mentioned above, but also via OTC platforms. Why buy or sell Ripple? You can read it in the next section.
Knaken helps you buy or sell Ripple safely and easily. It doesn't matter if you are a beginner or a veteran. These three simple steps apply to everyone.
• Select your cryptocurrency
• Pay via payment methods such as IDEAL.
• Receive and manage your crypto in your Knaken dashboard or your own wallet.
Why do people buy or sell Ripple?+
One of the most common reasons to buy or sell Ripple is to trade with it. By buying Ripple when the price is low and selling again when the price has gone up, you can generate profit. However, this sounds easier than it actually is. For example, extensive analyzes are needed to estimate when the price is really low and whether Ripple can rise.
In addition, you may have confidence in the future of the Ripple company. The company behind it all is important as it develops products in which XRP is involved. If more and more companies start using Ripple's products, the demand for XRP may also increase. This eventually leads to a rising XRP rate.
Why choose Knaken?+
• Safe & Easy
• No extra costs
• Manage crypto via your Knaken Dashboard or your wallet
• Knaken has its own exchange
Important tips when buying/selling Ripple+
As with all other cryptocurrencies, it is important that you take good precautions when you decide to buy Ripple. You firstly need to get a good, reliable Ripple wallet. This can be either a software wallet or a hardware wallet. In many cases, hardware wallets are the safest option since they are not always connected to the internet.
Do good research on Ripple and don't blindly rely on the advice of others. Browse the internet, read official documentation from and about Ripple and make a decision based on your own and other's research.
Only put money in Ripple that you can really miss. The Ripple price is volatile, so your Ripple can suddenly be only worth a fraction of what it was worth an hour ago. So be careful.
Finally, it is wise to do good research on the party that offers you the Ripple you want to buy. People are being scammed in the crypto world, with scammers managing to steal large amounts of cryptocurrency. So read reviews on Trustpilot and look for experiences of others in chat groups or on the internet. As soon as a website looks suspicious, it is best to continue your search.