Having a fast money transfer network and cryptocurrency, Ripple (XRP) has been embraced by many banks for being a legal way to transfer money rapidly and most importantly with fewer fees. Since the beginning of the company’s career on 2012, Ripple’s intention was to acquire an important place on global settlement networks that are created to give permission to anyone to transfer money in any currency within seconds; in this case slowly but effectively replacing slower and expensive international transactions or payments systems, for instance Western Union.
Having to go through a lot of procedures with traditional payment systems, being way more limited, and also having it difficult to do exchange fees for transactions between various currencies – something better is required. Luckily, the ‘Top Cryptocurrency to Be’ – Ripple, uses its XRP currency as a common denomination currency making it possible to do easy money transfers between many existing currencies
A huge number of global banks and financial institutions including American Express, have already accepted Ripple as one of the best ways to transfer money, acknowledging the advantages of using it, being fast and effective.
Considering that the good news spread around about the Ripple Company and the XRP cryptocurrency has brought some legitimacy from a costumer’s point of view, the reputation in the cryptocurrency is at skyrocket. Apart from the support of many large banks and financial institutions, the value of Ripple XRP has experienced a dip recently. During 2017, the price of Ripple’s XRP experienced much unbalance, jumping more than 7,000%.
Throughout January 2018, the XRP was trading at a high of $3.41 US. Nonetheless, halfway through March 2018, the value of the cryptocurrency fell again to exactly $0.68 US.
A great number of cryptocurrencies have the probability for an upward pricing route when marketed accurately. Yet, when prices decrease most investors start panicking and sell off nearly all their holdings.
When prices slump, there is always a few number of investors willing to take a risk, acknowledging the advantage of the opportunity to purchase more cryptocurrency while values are cheaper. Some investors tend to investigate crypto opportunities with more firm financial backing, in this case Ripple’s XRP; while others direction goes directly at the cryptocurrencies making headlines in the news.
Before investing on the cryptocurrency industry, remember you should first analyze and take time to research any opportunities given – knowledge is the essential asset. Examine the company behind the crypto projects, and make sure you understand their strategy as well as its position within the market.