Ripple is one of the most traded cryptocurrencies in the Coinmarketcap ranking. Its market capitalisation is currently over $19 billion, with a trade volume of over $782 million in the last 24 hours. The data provided is taken from November 19, 2022. Let’s take a closer look at Ripple and check out the cryptocurrency Ripple XRP price.
The RipplePay protocol was developed before we first heard the term “Bitcoin”. In other words, Ripple’s developers were working on a cheap and fast money transfer system long before the first cryptocurrency emerged. After some improvements, Ripple launched the XRP token in 2012 and has since partnered with more than 200 companies around the world.
The XRP token acts as a middle layer between other currencies for efficient, cheap and fast money transfers around the world. It works in a similar way to the conventional banking system, only much more speedy and less costly.
Crypto services on the internet allow to trade XRP tokens and offer convenient conditions and numerous pairs with this asset.
Some Important Things to Know about XRP
Let’s list some facts about Ripple coin:
- Compared to BTC, the leading cryptocurrency, Ripple allows much quicker and less costly money transfers anywhere in the world.
- The Ripple platform is centralized, which means that a central authority manages the processes within the Ripple ecosystem.
- Financial organizations and banks use XRP to facilitate business and make transactions cheaper.
- Despite the advantages of Ripple, there are also some problems. A few years ago, the SEC filed a lawsuit against the company to make them recognise the Ripple coin as a security. These court cases have slowed down Ripple’s development process, which is the main reason why the Ripple cryptocurrency has not shown significant price appreciation, even with different market trends.
The Ripple crypto price was at $0.84 in early 2022, fell to $0.61 in February and rose slightly in April ($0.81); it only reached $0.33 in September and $0.45 in mid-October and is now $0.37 in the middle of November. Experts predict that the Ripple crypto price will rise once the issues with the SEC are resolved, and the project can develop and expand. Until that happens, it is advisable to buy and hold some tokens in a wallet – one day, the Ripple price may boost and bring you a fortune.