Ripple is one of the most popular cryptocurrencies in the crypto market today. It works towards revolutionizing the payment systems. From the project team’s view, the current payment system is expensive, slow, and limited in transparency — this is what Ripple aims at solving. It works to minimize entry barriers so that global payments can become a worldwide activity.
What is Ripple, how do you mine it, and which is the best XRP wallet? In this review, you will find the answers to these questions and more.
Let’s get started!
What Is XRP?
Ripple is an open-source distributed banking/payment network, and XRP is a digital currency used in its ecosystem. Ripple coin (XRP) goal is to help every user to break free from the financial facilities such as banks, credit cards, and many other systems restricting access with fees and charging for currency exchange.
The Ripple payment system focuses on speeding up each transaction from three to five days to around five to ten seconds. High operational costs are another thing that this payment system wants to solve. Ripple aims at making this a reality by minimizing intermediaries associated with cross-border payments. In this way, this payment system will cut transaction costs by up to 60%.
Payment failure is another thing that Ripple is trying to solve as a number of cross-border transactions fail on a daily basis. This is a problem because the parties engaged in this process experience unexpected inconveniences and delays.
In general, Ripple is working towards connecting banks from different parts of the world to facilitate payment systems and cross-border transactions. However, considering the cryptocurrency field, XRP coin has experienced some backlash. The reason is that the primary aim of Ripple is assisting banks, while many other cryptocurrencies like Bitcoin focus primarily on undermining the influence of the banks.
How To Mine XRP?
It is impossible to mine XRP. Instead, Ripple coin powers transactions via a ‘centralized’ blockchain, hence making it fast and more reliable. For most of the cryptocurrencies, mining is one of their core principles, and they always use their systems in determining the power of the miners.
Where To Buy XRP?
The following are the top six websites where you can buy XRP:
ChangeNOW is an instant non-custodial limitless cryptocurrency exchange service that works without registration and limits. With us, you can buy over 190 currencies including XRP with the best exchange rates available on the market. No registration is needed, and no hidden fees included in the exchange. And of course, your safety is a priority for us.
Binance is one of the most common centralized exchanges.
The supported XRP pairs, in this case, include XRP/ETH and XRP/BTC. This method requires transferring of ETH or BTC, followed by exchanging for XRP. In the case where you don’t have Bitcoin, you need to go to the services where you can use your credit card to get it.
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. Other than the second-highest volume when it comes to XRP, liquidity is not something to worry about for this exchange. Also, Bitfinex has a friendly user interface. Finally, the supported XRP pairs include XRP/USD and XRP/BTC.
Kraken is highly known for carrying out the most volume using the EUR currency. This is another platform to consider when you want to buy XRP because of its easy registration process. The supported XRP pairs, in this case, include XRP/USD, XRP/EUR, and XRP/BTC.
What Is The Best XRP Wallet?
Here are the top-rated XRP Wallets so that you will find an easy time when choosing one:
1. Ledger Nano S
Ledger Nano S is the perfect XRP wallet because it supports several cryptocurrencies like BTC, Zcash, Dash, ETC, and even XRP. Also, this hardware wallet is the right choice because you can go with it anywhere, offers exceptional security, and it is easy to use.
2. Toast Wallet
Toast Wallet is what to go for if you’d prefer a free XRP wallet. Other than controlling your private keys, this wallet is also easy to use.
3. Atomic XRP Wallet
Atomic Wallet is a desktop wallet built with security, anonymity, and decentralization in mind. This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange.
By the way, ChangeNOW partners with Atomic, and all the exchange performed in this wallet is processed by our platform.
4. Guarda Wallet
Guarda Wallet is another top-rated XRP wallet that you can download from Mac, Windows, or Linux. It is a secure and lightweight Ripple wallet that allows you to control your private key.
Exarpy enhances storing or receiving or sending of any Ripple amount without involving the third party. However, this is a paid XRP wallet, and you need to pay 0.025 XRP for each transaction.
In general, XRP provides banks and other financial providers with an on-demand, secure, and reliable option for sourcing liquidity for payments related to cross-border. Ripple works excellently for daily transactions, meaning it works faster compared to Bitcoin. Other than this, you can exchange Ripple to any currency or valuables such as gold with minimal fees.
According to ripple news today, XRP price continues to trade on the primary supports. Also, the XRP news shows that the current XRP value is $0.172731. Other than this, the Ripple stock news show that its market cap stands at $7.58B. Check the following XRP chart for more information:
We hope this article introduced you well to XRP (Ripple) and what it is. To learn about XRP price prediction 2020 and on, check out the following article in our blog.