XRP : What it is, Pros, Cons, Investing Tips, and Its Prices

What is XRP?XRP is a Cryptocurrency created by Ripple which helps all the banks and financial institutions to move or transfer money more quickly...
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XRP : What it is, Pros, Cons, Investing Tips, and Its Prices

What is XRP?

XRP is a Cryptocurrency created by Ripple which helps all the banks and financial institutions to move or transfer money more quickly and at a cheaper price than that of the existing methods. The way this XRP works is different from other cryptocurrencies like bitcoin.

This XRP Cryptocurrency doesn’t rely on intensive-mining energy to create, buy or sell this currency. The people behind Ripple sell it as and when they want to sell it. This Cryptocurrency was developed by  Ryan Fugger in 2004.

XRP is a good way to start investing in Cryptocurrency.

Here are some pros of investing in XRP:

  • It is a cheap way to transfer money internationally.
  • It can handle large volumes of transactions.
  • XRP Cryptocurrency has a proven  record.
  • It is one of the most popular cryptocurrencies.
  • XRP is developed by Ripple Labs and they have a very strong team of professionals.

Cons of investing in XRP:

  • XRP’s price can fluctuate wildly.
  • Ripple labs is involved in legal matters.
  • XRP is not widely accepted as other cryptocurrencies.

Investing in XRP Cryptocurrency is same just like other cryptocurrencies, that is:

  • Firstly, you have to choose an exchange: Choose a good exchange which allows you to buy and sell XRP.
  • Create your account and verification: After choosing your exchange you have to create your account on your exchange and then verify it.
  • Depositing your funds: After verification is done you are supposed to add funds to your account on the exchange.
  • Buy and store your XRP: After completely adding funds to your account, now you have to buy XRP and then store it safely on your account. In this way, you can invest in XRP.

Before investing you need to follow some tips, as to ensure safe investment:

  • Research about the exchange you are choosing.
  • You should diversify your portfolio, that means you should invest in different cryptocurrencies not just in XRP.
  • Invest only that much amount that you can afford to lose.
  • Don’t think that you will get rich quick, it takes time so you should be patient.

What more should you know about XRP?

  • Out of 61,425 posts on social media, XRP was mentioned in around 6,500 of them (Aug 23, 2023). This is a 0.93% increase compared to yesterday’s volume.
  • 115 individuals are talking about XRP and they know about XRP, also it has ranked #3 in mostly mentioned posts.
  • XRP has an average sentiment score of 3.4 out of 5.
  • XRP was mentioned number 1 on Reddit posts.

Price of XRP:

  •  “XRP has lost mostly all gains after Ripple Labs landmark court ruling over the U.S. securities and exchange commission in July”
  • “The price of XRP has moved up by 1.16% in 24 hours”
  • SEC Says It Plans to Appeal XRP Sales Ruling in Ripple Case”
  • “Ripple is now up by 2% in the last 24 hours.”(24th Aug 20)
  • “With the market capital of $9.7M XRP has become the 5th Cryptocurrency.(23rd Aug 2023)”
  • After seeing the 24-hour loss by 2.97%, XRP’s price stood at $0.68.
  • ” Boasting a large market capitalization of $30.88 billion, XRP is the world’s largest Cryptocurrency.(17th Aug 2023)”
  • “XRP Gains 6% on Possible SEC Settlement Conference, Ripple Metaverse Investment.(19th Aug 2023)”
  • “Top analysts set XRP’s potential rebound from $0.60442 to $1.88(24th Aug 2023)”

As per the technical analysis done, the minimum price of XRP is supposed to be $0.521 and maximum price is estimated to be $0.620, with potential return of investment of 19%.

Read all the trending and  Latest Cryptocurrency news in the thrilling world of crypto only on Coinography.

FAQ Section:

Q: What is XRP up to today?

A: The XRP is trading at a value of $0.630324 USD with a 24 hour trading volume of $520,741,406 USD.

Q: Is XRP a good investment option?

A: XRP is a good investment option for those who can afford to take losses along with profits, as the market of cryptocurrencies is uncertain and unpredictable.

Q: Will XRP go high in the future?

A: Future of XRP cannot be told now, because of cryptocurrencies risky and unpredictable nature.

Q: Why is XRP going down?

A: XRP is dropping because of a bad regulatory environment and also because of reduced investor’s interest in owning/holding XRP.

Q: Can XRP become the next bitcoin?

A: Though Ripple has its own unique features, looking at XRP today it’s difficult for XRP to become the next bitcoin.