The cryptocurrency market offers hundreds of digital assets that belong to different crypto projects. When picking a coin for investment, it is crucial to analyze the project and its prospects. The best idea is to choose from the top traded crypto assets, such as Bitcoin, Ethereum, Ripple, etc. Let’s talk about Ripple cryptocurrency.
What is Ripple?
Ripple is a platform for instant and low-cost cross-border payments working with the financial sector and banks, but also providing fast and cheap currency transfers for individuals. Ripple XRP Ledger is also used by app developers as an open source for building their products.
The platform offers:
- Cross-currency payments
- Speedy transfers that take 2 – 5 seconds
- Low fees for transactions (0.0002 dollars per transaction)
- The XRP Ledger is capable of performing 1500 transactions per second
- The platform consumes 61000X less energy compared with other blockchains working on the Proof-of-Work mechanism.
Ripple crypto is listed on all popular platforms, so you can buy and trade XRP anywhere. As of late November 2022, the XRP price is $0.40. The rate does not show significant growth lately. The reason is the legal proceeding that has been ongoing since 2020. The lawsuit was filed by the SEC, claiming XRP a stock and demanding to fix it officially.
What Affects Crypto Price?
Taking Ripple crypto as an example, we can see that the crypto rate largely depends on the news background. From the moment the lawsuit against Ripple was opened, the project could not develop and implement all its ideas. Court case really slows down the project’s growth. However, once it is over and the parties agree, Ripple has great chances to expand its application and thus, the XRP price will also grow.
Other factors that impact crypto rates are the overall situation in the world (crisis, inflation, war), competition in the crypto market (new up-and-coming projects that offer the same services), demand and supply (determined by the market trend), investor sentiment, etc.
If you want to buy Ripple, choose credible and reputable platforms.
Salman is a prolific environmental writer, and has authored more than 500 articles in reputed journals, magazines and websites. He is proactively engaged in creating mass awareness on renewable energy, waste management, sustainability and conservation all over the world.
Salman can be reached on salman@cleantechloops.com
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