Ripple (XRP)

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11.11.2021 06:39
Ripple (XRP)

    Ripple is the token of the cryptocurrency platform of the same name, which has been operating since 2012 and is partially centralized. In theory, Ripple's founding company can impede the operation of the network. Practically, the protocol operates in a decentralized manner, capable of supporting other tokens, such as flight miles, trading assets, and mobile minutes.

    Let's look at significant facts about XRP, how its price has changed, how to buy the coin at the best price at broex.io, a licensed wallet with an exchange function for RUB or USD.

    Ripple cryptocurrency features

    The Ripple platform token is called XRP. Characteristics of the asset:

    •  Is among the top 10 cryptocurrencies by capitalization;
    •  Provides profitable transfers with low fees in as little as 4 seconds;
    • integrated into Saudi Arabia's national bank RippleNet in 2018;
    • currently used for cross-border transfers by banks in Japan, South Korea, US, UK;
    • a potential competitor to SWIFT (the global banking payments system).

    Before withdrawing XRP from one address to another, the address and tag (payment identifier) must be specified. The tag is provided at the time of the transfer.

    Characteristics of XRP as an asset

    Correlation (synchronicity) between Ripple and major cryptocurrencies is moderate:

    1.  On the one hand, XRP duplicates the upward movement of the crypto market.

    2. On the other hand, it depends on events related to claims of regulators in different jurisdictions against Ripple. 

    For example, in 2020, Ripple was sued by the SEC, the Markets Commission and the U.S. Central Bank. The coin's exchange rate declined, and the resolution of the situation became a driver of good growth.

    Thus, XRP could rise sharply apart from the rest of the digital currency market. It may sag on bad news. Both situations make the asset attractive for portfolio diversification giving the opportunity to lock in windfall profits or buy back a solid coin on the downside.

    Information about the dynamics of XRP:

    • quoted at $0.004-0.005 USD in 2013;
    • rose from 0.28 USD to 1.1 USD from October 2020 to October 2021;
    • 1.84 USD for the first 3 quarters of 2021;
    • XRP historical high in 2018 at 3.27 USD.

    The long-term trend is bullish. Sharp moments associated with external pressure, even hypothetically, could not change the upward trend.

    Ripple Chart.

    How to buy or sell Ripple

    The range of weekly fluctuations of Ripple is 20-40%. It is profitable to buy the coin on declines and with the purpose of taking profit in the horizon of 2-4 weeks.

    If you have already tried to buy XRP cryptocurrency at outdated exchangers or on professional platforms, you have probably faced:

    • the necessity of spending about 10% or more of the transaction amount on fees;
    • overpriced exchange rates;
    • the need for full verification of identity, which takes at least 2 weeks;
    • other difficulties.

    Most of the difficulties can be avoided by using the broex.io wallet services. The Broex online service does not inflate the quotes. It takes only 1% commission for transactions, supports replenishment in rubles/dollars, and processes transactions instantly.

    1.  Authorize on the platform, go to the Assets section. 
    2. Find XRP, click Buy.
    3. Pay for coins from your bank account or card.

    To exchange XRP, follow the steps below:

    1. open the Assets tab.
    2. In the exchange form on the left side of the page, select the asset you want to exchange for XRP cryptocurrency, for example, BTC.
    3.  Assign a transaction volume.
    4. Click the Exchange button.

    Using this service, you can not only buy, but also sell XRP for rubles / US dollars with the subsequent withdrawal of money to an external wallet.

    In Broex, you can expand the cryptocurrency window, customize the chart style and see the dynamics of the coin at different timeframes.

     

    All asset management options are located in the Client's Personal Account. Registration on Broex takes one minute:

    1. Enter your password and email.
    2. Open your email, confirm the address by clicking on the link from the letter from Broex.

    For full access to your Broex wallet, go through simplified verification. If you have any questions, please contact the technical support via ‘live chat’. The on-duty administrator will help to clarify the difficult points.

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