Since the early days of the cryptocurrency market, Ripple (XRP) has consistently played a key role in the market as one of the largest cryptocurrencies. Right now it’s in an even more important position because of its U.S. Securities Exchange Commission (SEC) lawsuit. The SEC alleges that XRP is a security — meaning that Ripple, the company behind the token, sold securities illegally.
If the SEC wins, Ripple will probably be crippled by the punishment handed down, but the consequences of the decision would almost certainly “ripple” out much further. This lawsuit could affect the entire crypto sector as it will likely set a precedent for whether cryptocurrencies should be considered securities or not. No one outside of the case knows how it will end, but many crypto experts are confident that Ripple will win.
XRP is a complex payment settlement asset exchange and remittance system that is similar to SWIFT, the most common global payment and money transfer system. Ripple is designed to increasingly replace the outdated, centralized SWIFT system.
Ripple has also been gaining traction in the crypto market with its fast and low-cost transactions. Compared to Bitcoin and Ethereum, Ripple transactions take a fraction of the time to settle. Transactions on the Ripple network are typically settled within about four seconds. In addition, Ripple's transaction fees are often significantly lower than they are on Bitcoin and Ethereum, making it an even better option for payments.
Even though the market is still reeling from the 2022 crypto crash, XRP is showing signs of life and is quickly becoming one of the most talked-about coins in the crypto sphere. With the end of the lawsuit looming and the overall crypto market improving, Ripple is a coin to keep on your watchlist in 2023.
Ripple (XRP) Price
What is Ripple (XRP)?
XRP is one of the most popular and widely used cryptocurrencies in the world. It was released in 2012 and saw its first massive success in 2017. Since then it has been one of the largest cryptocurrencies by market capitalization. Ripple (XRP) is a digital asset created by Ripple Labs, and it works as a real-time payment settlement system, currency exchange and remittance network. It is designed to help its users transfer money quickly, cheaply and securely.
From a technical standpoint, Ripple is a blockchain-based payment protocol and digital currency that is designed to be used as a fast and secure medium of exchange. The Ripple network is powered by a native crypto asset known as XRP, which is used as a bridge currency between two different currencies on the Ripple network.
XRP’s price is determined by the supply and demand in the market. As more people become interested in XRP and buy it, the price increases. This price movement can be seen in the recent surge in the XRP price to reach all-time highs.
Where to Buy Ripple (XRP)
With the recent crypto exchange catastrophes, it's more important than ever to pick the best, most reputable exchanges. It's also generally smart to move your crypto out of the exchange to a personal wallet once you are not actively trading them.
Because of its size and popularity, XRP can be bought and sold on all kinds of trading platforms, such as OKX, Uphold, Binance and Kraken. These are some of the best crypto exchanges available today. All of these exchanges employ world-class security measures to keep your crypto safe, but it’s generally advisable to keep crypto in a personal wallet.
- Best For:A Fast Trading ExperienceVIEW PROS & CONS:securely through Uphold Crypto's website
Where to Store Ripple (XRP)
After so many cryptocurrency exchanges and platforms went bankrupt and caused users millions of their hard-earned dollars, it’s vital to keep your crypto safe. The best way to do this is to keep it in a personal wallet. Hardware wallets like Ledger, Tangem and Trezor are the safest option for personal wallets. These physical devices keep your wallet’s info stored offline to make sure hackers can’t gain access to your funds. Software wallets like Exodus are a bit less secure, but they are not as clunky.
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
Where Will Ripple’s (XRP) Price Go?
XRP is an innovative digital asset that has a bright future ahead of it and has the potential to become one of the most successful cryptocurrencies of all time. With its low fees and fast transaction speeds, it is quickly becoming a preferred choice among investors and traders. As it continues to gain momentum, the XRP price is expected to rise in the coming months. Price levels depend on the outcome of the SEC lawsuit, so keep an eye on the case.
XRP’s performance won’t only depend on the lawsuit, however. Even if Ripple wins, the global economy could still pull the token down with the rest of the crypto market. The stock and bond markets are seen as barometers of how the economy is performing. When stocks and bonds are doing well, it’s usually a sign that the economy is healthy. Conversely, when stocks are dropping and the yield curve is flattening, it might be an indication of an impending recession.
It’s important to stay up-to-date on these and other market trends to make sure you’re taking advantage of all available opportunities. By tracking the market, investors can better understand how the economy is performing and make informed decisions about their investments.
No matter what the market conditions are, investors need to remain vigilant. By staying informed and understanding current market conditions, investors can better position themselves to make the most of their investments.
Ripple is emerging as a clear leader in the cryptocurrency market, with its fast transactions and low fees making it a viable option for regular payments. With recent partnerships and increasing demand, Ripple is a coin to watch in 2020.
About Henry Stater
Henry is an expert in all things crypto. He stays up to date with all the latest coins, platforms and technologies in the field. He has particular expertise in the burgeoning decentralized finance ecosystem and loves trying out all the new platforms. He also always follows major events in other financial markets and geopolitics as a whole, especially when an event’s effects ripple through the crypto market.