What is Ripple?
Ripple is a unique payment solutions organization that was created to serve the financial service industry. Although many platforms use Ripple and XRP interchangeably, they’re actually both quite different.
Ripple is an OpenCoin network for money transfers that allows financial services and large organizations as counterparties for blockchain transactions.
In essence, Ripple sees itself as a global payments network that serves major institutions such as banks and the financial services industry.
What is XRP?
XRP is one of the top 5 most popular cryptocurrencies that is issued and partly used by the Ripple network. XRP was developed by Ripple to moderate the exchange between two currencies or networks.
One of the benefits of XRP compared to a cryptocurrency like Bitcoin, is that it’s considerably cheaper and faster at processing transactions. Since mining and validating transactions can be intensive and demanding, Bitcoin transactions can often take longer and inquire higher transaction costs. Conversely, XRP transactions can be completed within seconds and thus transactions are usually accompanied by lower fees.
How to Buy Ripple (XRP) on Binance?
Login to your Binance account and click “Trade” and then click “Convert”.
Once you are there, specify which cryptocurrency or stable coin you’d like to convert to XRP token and the quantity. Then select XRP from the bottom dropdown menu.
Once that is done, click “Preview Conversion”. On the next page, review the details of conversion before hitting “Convert”.
Future Outlook for Ripple (XRP)
Ripple is actively looking to make their network and consequently their cryptocurrency XRP more valuable. Currently, Ripple is in ongoing discussions with more European and Latin American banks who look to implement both XRP and the Ripple payment network into their infrastructure. This news should bode well with investors who are looking to invest in a coin that has true real-world practicality.
Ripple has had its fair share of trouble with the SEC. The SEC has filed a lawsuit against Ripple for raising $1.3 billion by obtaining unregistered digital asset security offerings. This is an issue as Ripple has not registered XRP to be a security.
The uncertainty around the outcome of the ongoing lawsuit is something investors should monitor as a loss for Ripple could lead to lower prices for XRP.
However, the coin is getting more and more adopted in the market, and having global banks as major customers are certainly something that investors appreciate.
Currently, XRP is trading at about 0.68 cents as the crypto market falls into a bear market. This may provide investors and traders a chance to get into XRP at a discounted price. Some forecasts predict the price may reach about $30 by 2030. Not financial advice.