|Circulating Supply||99,991,724,864 XRP|
|Max Supply||100,000,000,000 XRP|
XRP is one of the most well-known cryptocurrencies on the market and it has the third largest cap of $31,434,094,233 at the time of writing this review.
This coin can be found and traded at a large selection of cryptocurrency exchanges and has seen a huge rise in value since the beginning of 2017. Due to its popularity and being available on so many cryptocurrency exchanges, it sees a trading volume of around $2,529,970,000 on a daily basis.
In this review, we will explain a little more about the Ripple coin, what it is and what it is for and also how you can go about getting your hands on some of them.
What is The Ripple Coin (XRP)
XRP is the cryptocurrency token of Ripple, a token that can be bought and traded at the many online cryptocurrency exchanges. The XRP was first put on to exchanges back in 2011 at a value of $0.0002 per coin and it has since grown in value to be worth $0.805812. As you can see, that value has skyrocketed with many believing it still has some way to go as the technology of Ripple evolves and improves.
Ripple itself, is a real-time payment protocol that aims to massively cut the costs of time and money to send currencies all over the world. In fact, many banks are already using the system that Ripple has created and this just shows the true effectiveness of their system. It is also important to realise that Ripple is and never will be a direct competitor to Bitcoin for the very same reason, one is a currency and one is an actual technology.
Whats Special About Ripple (XRP)
Simply put, Ripple is a system that has simplified, cheapened and sped up the whole process of transferring currencies internationally. As many of you will know, transferring money the conventional way can take many days and be very expensive when it comes down to fees.
The Ripple technology is known to be able to be practically instant (around four seconds in fact) whereas traditional banking methods can take many days due to all the intermediaries that take place between each transaction. Ripple aims to cut all this out and allow banks to communicate directly with each other.
In order to make it clearer about what is special about Ripple, let’s list a few of its advantages over Bitcoin, currently the number one cryptocurrency out there:
- Ripple (XRP) is not just a cryptocurrency like Bitcoin is, it’s more. You are investing in an actual system that aims to make global transactions far more efficient.
- XRP processes transactions faster than Bitcoin can and they are also cheaper.
- XRP is a centralized currency (though for some this goes against what cryptocurrencies should be). Rather than run away from the banking system and methods, Ripple actually embraces them and instead aims to improve them.
What is the most important thing to consider is that with Ripple, you are investing in the technology that they are developing rather than just a currency. This is why this coin has been regarded as a good long-term investment if you are able to fight off the temptations to sell it once it has increased a good size in value.
Where to Buy Ripple (XRP)
When it comes to market cap, Ripple is the second largest coin in the market and not only that, Ripple is comfortably within the top five coins when it comes down to trust. For that reason, Ripple is a cryptocurrency that is never difficult to trade as it can be found on dozens of different cryptocurrency exchanges.
Here are five our favourite exchanges that allow the trade of Ripple:
Binance is widely recognized as one of the very best cryptocurrency exchanges out there right now. It accepts the trading of Ripple and many of the other major cryptocurrencies as well.
This is a hugely popular exchange that not only allows the trade of all major coins but also has an excellent app that will let you control your investments from your mobile devices.
The main selling point of CEX.io is not so much the many cryptocurrencies that can be traded on its exchange but more the fact that credit and debit cards can be used for transactions.
Bittrex is another exchange where you will find Ripple and this one has always been a popular choice for traders. Many other coins, ICOs and tokens can be traded there too.
Bitcoin, Monero, Litecoin, Ethereum and DASH are just some of the other cryptocurrencies that you can trade at Kraken, another excellent online exchange.
Investing in Ripple (XRP)
Whether or not you invest in Ripple (XRP) will come down to your own opinions on whether you think there is a good chance that you are making a good investment. If you are looking to make a quick buck through trading, Ripple might not be the best coin to back but if you are looking for something that is more of a long-term investment, Ripple is certainly a project that looks like it is going somewhere.
Do I Need a Ripple Wallet?
If you are planning on purchasing Ripple, where are you going to store it? While you can just leave your cryptocurrencies on the many exchanges out there, this really is not recommended. Cryptocurrencies on exchanges are prime targets for hackers and there have been a number of these exchanges that have been hacked in the past.
This has meant that customers have lost a lot of money worth or cryptocurrencies, which is why you should not keep large amounts of these currencies in these exchanges when you are not trading them.
Instead, you should be withdrawing them and putting them in a third-party wallet that you have control of.
One downside to Ripple is that they are not free. A minimum of 20 XRP is required before a wallet address can be created by Ripple, which means that you will need more than that amount when you first try to store Ripple via any of the methods below.
There are hardware and software-based wallets that you can use and below we will tell you more about these kinds of wallets and give you a few suggestions to look at.
Hardware wallets are considered to be the safest method of storing your cryptocurrencies and while there are not too many of them about right now, we just know that this will soon change. Shaped much like a USB stick, these devices will literally allow you to physically hold your currencies in your hand rather than store them online.
Anything that is online will always have the potential to be hacked – so why keep it online?
- Ledger Nano S
The Ledger Nano S is without a doubt the most popular hardware wallet and probably the most popular cryptocurrency wallet overall. You literally own your private keys and the device can receive currencies at any time – even when not connected. Sending currencies, however, does require the Ledger to be connected to a computer.
Some might say that software-based wallets do not offer as much security as hardware-based wallets and while they might be right, these wallets are still very safe for your cryptocurrencies. Some are better than others, however, and the three below are some of our top recommendations.
As far as online wallets go, Getehub is considered one of the best for XRP and is actually the official wallet for Ripple. You just sign up with your email and password and you will be able to deposit your Ripple.
What makes Toast standout is that it is a non-hosted wallet. This means that your funds are not kept online. It is an open-source wallet that can even be used on your desktop computer as well as other devices using Android and iOS.
Rippex is another software based wallet that you can use to store Ripple. It is available to be downloaded for Windows, Mac and Linux and comes with the ability to set up two-factor authentication.
Whichever wallet you choose, you will massively improve the protection of your cryptocurrencies. It will just come down to your own personal preference and the costs involved in acquiring one.
Pros & Cons
The Ripple coin is certainly a cryptocurrency that should be considered if you are looking for another currency for your portfolio. There is a reason why so many exchanges accept it and that is because it is a cryptocurrency that is strong and reliable.
Here are some of the pros and cons of Ripple (XRP):
- Faster and cheaper than Bitcoin
- Centralized (depending on your view)
- Can be traded on many cryptocurrency exchanges
- Centralized (depending on your view)
- Wallet addresses not free