Ripple (XRP) is a fast money transfer network and cryptocurrency that has been widely accepted by many banks as being a legitimate way to transfer money quickly and with fewer fees. Originally released in 2012, the aim of Ripple is to become a global settlement network designed to allow anyone to transfer money in any currency in seconds, effectively replacing outdated, slower, and more expensive international transaction or payment systems like Western Union.
With traditional payment systems, the exchange fees for transactions between different currencies can be restrictive. By comparison, Ripple uses its XRP currency as a common denomination currency underlying money transfers between different currencies.
More than 100 global banks and financial institutions have embraced Ripple as a fast and effective way to transfer money, including American Express. Since news circulating around the Ripple company and the XRP cryptocurrency has brought the process some legitimacy from a purchaser’s standpoint, the popularity in the cryptocurrency has soared.
Despite having the backing of so many large banks, the price of Ripple XRP has slumped in recent times. Throughout 2017, the value of Ripple’s XRP jumped more than 7,000%.
In January 2018, the XRP was trading at a high of $3.41 US. However, by mid-March 2018, the value of the cryptocurrency had slumped again to just $0.57 US.
Most cryptocurrencies have the potential for an upward pricing trajectory when marketed correctly. However, when prices plummet, many investors panic and sell off their holdings.
When prices fall, there are always some investors willing to take advantage of the opportunity to buy more crypto while prices are cheap. Some investors aim squarely at the cryptocurrencies making headlines in the media, while others look for crypto opportunities with more solid financial backing, such as Ripple’s XRP.
Before investing in any cryptocurrency, remember that knowledge is key. Take the time to research any opportunities. Learn about the team behind the crypto projects and understand how each cryptocurrency is positioned within the market.
Source: https://www.youtube.com/watch?v=n2RtwDLU6As – Great Video By Cryptocurrency Youtuber
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