What is Ripple?

How to Buy Ripple (XRP) in Nigeria
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The crypto market offers over 19000 cryptocurrencies, including altcoins, stablecoins, DeFi tokens, NFTs, and so on. Some projects like Bitcoin, Litecoin, etc. are known worldwide, bringing many benefits to users. In this article, we will talk about Ripple, which is meant to make transactions between uses much easier and more profitable.

Ripple is a crypto asset that was designed to facilitate cross-border transfers. For many years, this asset has kept top positions in the ranking of popular crypto. Interesting note – Ripple was developed even earlier than Bitcoin (2002).

The project’s creators aimed to remove all possible intermediaries and third parties (such as banks) and enable people to conduct transactions, lend, and borrow funds directly.

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Ripple is a promising project. Let’s talk about its benefits.

Advantages Of Ripple

To estimate a project, one should check out its founders, backers, and early investors. Looking at the list of Ripple partners (Standard Chartered Bank, BBVA, Westpac, and many others), we dare say this is an up-and-coming project that has all chances to bring the settlements between crypto users to a brand new level.

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The project offers:

  • deals with no intermediaries
  • low fees
  • lightning-fast transactions
  • increased security

The Ripple coin has a built-in deflationary mechanism. Due to this mechanism, the XRP rate will not drop in the long term. The number of coins is controlled, and every transaction burns 0,00001 XRP.

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$155 trillion cross-border payments are carried out every year in the world. The goal of the developers is to bring Ripple to a global scale of use worldwide. As of mid-June 2022, the XRP USDT pair is traded at $0.3186. You can buy Ripple on the WhiteBIT exchange and trade it with a low fee of 0,1%.

In the recent couple of years, the XRP rate did not change much, even amid the bear market trend. The reason is judicial proceedings between the central USA regulator SEC and Ripple Labs.

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Paschal Okafor is NaijaTechGuide Team Lead. The article What is Ripple? was written by NaijaTechGuide Team. The article was last modified: June 22nd, 2022
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