What to Look for When You Buy Cryptos on Ripple Example
When you decide to invest in crypto assets, you should take into account many factors and analyze them. The crypto market is dynamic, and it changes every day. It is not only about the price changes but also about the entire market trend and the events happening worldwide. Let’s take the Ripple project as an example and see what to look for when buying crypto.
What is Ripple?
Ripple Labs is a company that provides fast, secure, and cheap payment systems for banks and other financial establishments worldwide. The platform released its token XRP, which takes part in all the processes for currency conversion and transferring across borders. The platform has all the chances to replace the popular SWIFT system used by banks. Here are the reasons why:
- Ripple network works with no intermediates
- It charges minimum fees for transactions ($0.0002 per transaction)
- Speedy transactions (3 – 5 seconds)
- Scalability (1500 transactions a second)
- Utility for developers, banks and individuals.
The Ripple price XRP is $0.37. It is so low because of legal proceedings started by the SEC and ongoing since 2000. The project cannot develop on its full scale and cannot become widely adopted. However, the Ripple Labs company has already partnered with around 200 financial enterprises and banks worldwide, which now actively use the Ripple network to facilitate their business processes using the Ripple XRP crypto.
What to Consider When Buying Crypto?
Here are some factors to analyze when you choose a crypto asset for investment:
- The balance between supply and demand.
- Market capitalisation and trade volume
- Competitors
- News background
- The market trend
- Supporters, investors, partners
- Emission.
Starting with the emission, we can say all Ripple tokens have been issued. Their emission is limited to 100 billion tokens.
The market cap of XRP is over $18 billion, and the trade volume exceeds $1 billion. The essential thing to think about when buying Ripple XRP crypto is the news about the lawsuit with the SEC. Experts predict that as soon as the court case is closed and Ripple receives the freedom to develop and expand, the project will multiply its user base and thus, the price of XRP will skyrocket. However, it is not likely that it will happen as long as the legal proceedings are ongoing.
To find out today Ripple price and to buy XRP, you are welcome to the WhiteBIT crypto exchange.