After the launch of the first digital currency, Bitcoin, the digital currency market knew the emergence of many different currencies. Some of them remained competing for the forefront, and some collapsed at its inception. Suppose we want to talk about distinct electronic currencies. In that case, it is unreasonable that we pass unnoticed the Ripple digital currency with the abbreviation “XRP,” which is due to the positive expectations for the digital currency Ripple’s future, which ranks high in the list of the best cryptocurrencies during 2020.
What is Ripple?
Ripple is called both the electronic currency “XRP” and the open-source payment network through which currencies are transferred. It is an open-source system that is still in the beta stage.
The purpose of the Ripple currency, as its website explained on the Internet, is to provide a means for individuals to free themselves from the requirements of wallets and financial networks, namely credit cards, banks, PayPal, and other entities that limit access to funds by charging some additional expenses on exchange and currency exchange fees and delays.
How does Ripple work?
Ripple’s adoption is limited to an open-source payment network, with the lack of the possibility of mining the new XRP currency. Still, the Ripple network is within reach of investors and customers without any prior license.
Ripple settlement technology is similar to the blockchain concept. The shared ledger is used to process payments, which allows for cross-border transfers of any size without any third party’s interference in the process.
Traders can perform transactions and transfers with well-known traditional currencies such as the dollar, the euro, EUR … etc. This process also enters into circulation through a portal represented in the form of a group or a friend. Still, the entry of an intruder (hacker) through penetration of one of these portals, so the process can quickly move to the alternative second gate.
This is due to the Ripple currency, which does not require registration on the Ripple platform. This distinguishes it over the bitcoin; in addition to that, any transaction can obtain a reward of 50 fixed units of Ripple currency for you to register on the Ripple site.
The value of 50 units of XRP is currently equivalent to approximately 0.00150 Satoshi. The user can perform the process of exchanging the currency through the same site to any currency provided by the platform, such as the dollar or euro currency, in addition to Bitcoin electronic currency and this through the same location, to allow then to transfer them directly to your wallet.
How much Ripple digital currency is there?
Ripple owns 100 billion of the Ripple coin. Its goal in the future is to put up half of the amount in the market to trade in monthly payments (1 billion ripples per month) while the company keeps the remaining half.
The company’s future outlook contributes to maintaining the stability of the price of the Ripple currency by controlling the flow of digital currency, which increases the chances of an increase in the price of Ripple in the future.
The difference between Ripple and Bitcoin?
Ripple digital currency “XRP” can be considered similar to Bitcoin, in terms of the digital form based on algorithmic mathematical equations; in addition to that, the two currencies have a specific number of coins.
The cryptocurrency exchange is possible with a peer-to-peer “P2P” feature, away from the presence of a third party (intermediary) entering the currency, and the two currencies provide the utmost security to protect against any fraud or hacking.
Ripple differs from its Bitcoin counterpart in that it is controlled by a single company with the same name, “Ripple.”
Ripple’s settlement time is much faster than Bitcoin, as Ripple recorded 3 seconds in the average settlement, while it reached the limit of 170 minutes in some payments.
The most noticeable difference between the two digital currencies is mining, as the XRB does not allow mining, unlike the BTC.
Is Ripple a competitor to Bitcoin in the future?
One of the goals that Ripple was created with was to gain Bitcoin and not compete with it. If we visit the Ripple website, we find a page presented by the Ripple currency to Bitcoin customers as a gift.
The Ripple currency network is also designed to facilitate and accelerate individuals’ exchange (intercontinental) for any currency, whether crypto or real, such as Bitcoin, the US dollar, the European euro, the British pound sterling, the Japanese yen, and others. In addition to the commitment of the Ripple network to provide unique benefits to Bitcoin customers.
How to buy, convert, and withdraw Ripple?
Anyone can buy the Ripple currency by any means of payment, whether by Bitcoin, Ethereum, credit card, or bank transfer. It offers the service of purchasing digital currencies Deposit button.
The method of converting the Ripple digital currency consists in the process of converting the Ripple digital currency to any second digital currency such as Bitcoin, Ethereum, or even the Dogecoin currency, in addition to traditional currencies such as the US dollar and the European euro, by pressing the exchange button.
The method of withdrawing the Ripple digital currency from the trading platform is by pressing the Withdraw button. The same previous payment method is chosen, meaning that the trader who bought the Ripple currency with Bitcoin will be forced to withdraw funds on it.
How to trade Ripple
The process of trading the Ripple currency cab be made by opening a real trading account with a brokerage company (it is reliable), then confirming the identity to deposit. Note: New traders can open a demo account to learn for free.
The primary step is to download the MetaTrader to facilitate technical analysis operations, by reading the graph represented by the candles (preferred) using any tool or auxiliary indicator such as (measuring the ratio of strength) or several indicators together.
It will then be possible to extract the trading range, know the points of entry and exit from the trades, and the opening of orders takes place through the same platform.
The future of Ripple’s digital currency in 2020
Expectations about the Ripple digital currency’s future indicate that it is a strong candidate for reaching very advanced ranks in the list of digital currencies. It is currently the third-largest cryptocurrency after BTC and ETH.
Trading the Ripple digital currency is an excellent opportunity for traders to make profits, given the upward curve of currency development, which made the cryptocurrency occupy an advanced position in digital currencies.