XRP, Ripple’s cryptocurrency is scaling new heights and outperforming its formidable peers like Bitcoin. Once one of the worst performers in the market has now become one of the top cryptos with XRP prices going up constantly. While the general crypto market has become popular, what makes Ripple work. Read below to know more.
Why is Ripple popular?
Ripple has become the new poster boy in the digital market. In terms of adoption, India has is ahead of countries like China, the US, and the UK. Despite it being unregulated in India, there is a rapid investment in digital currencies like Ripple. That is because investing in gold no longer gets the desired profits when there is a downturn. So young investors are looking for options like Ripple or XRP to tide over the current economic turmoil.
Ripple is a currency exchange network and payment settlements system where any transaction in any part of the world can be processed. It acts as a trusted intermediary network between two parties to confirm the exchange happened properly. It was designed as a replacement for a typical money transfer network, SWIFT.
Ripple can enable exchanges for not only cryptocurrencies like Bitcoin but also many fiat currencies and gold. The best part of this network is that the transaction fee for making the transfer is minimal when compared to the fees that the banks charge for cross-border payments. The other reasons for the popularity of Ripple are:
- Widespread usage: The main aim of building this network was to help financial institutions like banks to move money. This has been received warmly by these institutions and that has added to the value of Ripple and its legitimacy. There are as many as 39 billion tokens that have been issued worldwide and more than 100 companies have adopted them.
- Quick transactions: The transactions between sellers and buyers are fast. Any delay in transactions gives scope for fraud and also loss of faith in the system. Additionally, there is no compromise in quality despite the faster speed. Traditional banks take more than a day for transactions to get completed. Ripple transactions occur in 3 seconds which is the best in the industry. If you are looking for a safe, fast, and global transaction channel use Ripple.
- Scalable: The Ripple is extremely scalable and can do offer the same throughput as that of the other financial systems like VISA. In one minute, Ripple can do more than 1500 transactions with the same accuracy and speed. The next best altcoin can do 15 transactions per second.
- Decentralized: Ripple is an open-source network and technology. This allows greater customizations to cater to different users. Also, it allows transfer in various currencies and commodities making it more valuable.
- Stability: Ripple is not a flash in the pan, unlike many other digital currencies. After its inception, there is stable growth and has been delivering value to the users. This has attracted users, companies, and institutions to use it over other altcoins.
Expert analysts and specialists agree that Ripple is an ideal investment for all types of investors. XRP is a great option because of the features and the advantages it provides. Currently one of the leading altcoins, it brings new and exciting opportunities to the Indian market. Before investing do check the XRP to INR and then perform transactions by using the best cryptocurrency trading platform.