What is a Ripple coin? How does ripple work? These are some of the questions we receive from our readers who want to know what XRP means. Besides Bitcoin and Ethereum, XRP currency is still one of the most popular cryptocurrencies today. This fact alone makes us take a closer look at what is Ripple currency, hence the reason this page was created to give answers about the XRP currency.
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Ripple cryptocurrency is a global cross-currency and gross payments system created in 2012 by the US-based company Ripple Labs. When talking about what is XRP, the main advantage of the network is that it allows mutual transfers of XRP currency to anywhere in the world in just a few seconds. The high speed of Ripple to us dollar transfers is because the network is supported by 14 servers around the world. That is why this system is so attractive for new investors wondering where to buy Ripple and how to sell Ripple.
If you are a newbie looking for where to buy Ripple, you'll be glad to know that you can buy XRP currency from a Ripple broker or the most reliable crypto exchanges. There are also special wallets to store this XRP currency safely before you exchange Ripple for our dollars. To transfer tokens there, you need to create an account and make a transfer to the address of your wallet.
Now that you know what is ripple cryptocurrency, let's proceed to the XRP price chart.
Despite the advantages of Ripple cryptocurrency, banks and other network members do not want to hold it due to the high volatility seen on the XRP price chart. To them, XRP market price which can drop by 80% today and rise by 100% in a month simply cannot be a reliable intermediary. Banks need a stable XRP to USD rate, they do not need a sharp rise or fall in the XRP market price.
Still, traders conduct XRP price analysis by using Ripple candlestick chart to determine possible XRP market price movement based on past patterns. You can learn how to read the Ripple price graph which is a visual aid for decision making before you trade on a reliable Ripple trading platform.
We have provided on this page, and XRP price live chart to help traders to gauge the emotions surrounding Ripple cost, or other assets, helping them make better predictions about how to purchase Ripple.
So, Ripple news about the development of the firm's integration with trading platforms or large financial institutions has more than once positively influenced the XRP rate. We can recall more than 14% growth in the XRP value in September 2018, following the XRP news about the expansion of cooperation with the largest US bank PNC.
However, a serious blow to Ripple stock price was dealt by the actions of the US regulator, the Securities and Exchange Commission (SEC), which filed a lawsuit in December 2020 with allegations of illegal securities trading. After the release of this Ripple news on December 23, 2020, the XRP rate fell by 65% in a couple of days.
At the time of writing, Ripple's lawsuit with the SEC is still ongoing and it's affecting the Ripple price today.
We believe that the rate of Ripple to US dollar as well as how much is Ripple worth shortly will largely depend on the outcome of the lawsuit.