Ripple is a blockchain technology that behaves as both a digital payment gateway as well as a cryptocurrency. It first came into existence in 2012. The main purpose of this network is to behave as a payment settlement asset exchange for financial transactions.
The symbol used by the cryptocurrency of this network is XRP. While Ripple is the name of the network and the company, the cryptocurrency for the same is XRP. XRP behaves as the medium to exchange currencies between two networks- in the form of a temporary settlement layer denomination.
It ranks among the top five most valuable cryptocurrencies by market capitalization. It requires less energy than bitcoin for transactions. The time required by ripple for transactions is also less when compared to bitcoin.
Also Read: Top 10 Crypto to Invest
Basics of Ripple
The current price of XRP as of October 2021 is $1.06. The market cap of XRP is $49,535,146,334 while the circulating is 46.75B XRP. The total market supply of XRP is capped at 100 billion. The token achieved its all-time high on 4th January 2018 priced at a value of $3.84. The all-time low value of this cryptocurrency was $0.002 on July 7th, 2014.
Why buy Ripple
Ripple is one of the most sought-after crypto networks. It has already seen a lot of positive traction from crypto enthusiasts and investors.
The top three reasons to buy ripple are:
- Transaction protocol: XRP is very handy when it comes to international transfers. It can be used to exchange not just digital currency but also information and money. This secured transfer of money is attracting a lot of users to the ripple network. This is one of the prime reasons for any investor to buy XRP.
- Adopted by banks: Many banks in India have already adopted ripple. Some of the names include SEB, Yes Bank, Axis Bank, SBI Remit, etc. This has made ripple the first digital currency to be adopted by mainstream financial institutions. The trend is gaining momentum with each passing month giving investors a good enough reason to buy ripple.
- Great technical team: Ripple attracted a lot of venture capital and some major investors when the journey of the network began. Google is one of the main investors of this token. This gives another great reason for crypto enthusiasts to invest in ripple and buy XRP.
Ripple price trends
How to buy Ripple on CoinDCX
The three-step method to buy Ripple(XRP) on CoinDCX
- Sign up to CoinDCX platform
The very first step to buying ripple on CoinDCX is to create an account on the platform. Use a valid email id and strong password to tighten your security.
- KYC verification
CoinDCX is very particular about the authenticity and credibility of its users. Once signed up the users are asked to complete the KYC before buying any token available on the platform. Submit the required documents and the account is verified in the next 15 minutes.
- Buy Ripple
Once the KYC is done the user needs to enter a certain amount of fiat currency to buy the same amount of ripple. Once the transaction is complete ripple gets deposited in your wallet.