Many cryptocurrencies are on the rise but the smaller ones, or alt coins as they are often referred to, can be lucrative. Ripple is a coin that is traded as XRP and they have some big names and banks listed on their site. Ripple has just hit the $1 per coin and could be going up as more people learn about it. Their market cap is at $39 billion USD making it the 4th largest cryptocurrency behind the big 3 of Bitcoin, Bitcoin Cash and Ethereum.
In the past 24 hours, Ripple has been on the rise and it will only take a few more news articles about Ripple before more people not just hop on board but learn what makes Ripple a little different from the rest.
What is Ripple?
Learning more about Ripple from their website:
Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Rippleâ€™s growing, global network, financial institutions can process their customersâ€™ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.
With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple has more than 100 customers around the world.
Ripple has the who's who of banks listed on their website. A quick explanation and maybe comparison of Ripple to Bitcoin, Ripple wants to be the regulated version of cryptocurrencies. Banks are probably not keen to work with Bitcoin in any capacity so as long as there is the dark side of cryptocurrencies, there are ones like Ripple that aim to be in the middle to actively work with banks and various payment systems worldwide.
Bitcoin vs Ripple
It's actually tough to compare the 2 as most people compare them based on price alone. If you do that, of course Bitcoin is worth more but it's worth noting that Bitcoin is limited to 21 million bitcoins while Ripple has 100 billion coins for their market. The XRP coins are less scarce than Bitcoin but don't let the small numbers fool you. Otherwise Ripple is meant to be a faster means of processing a transaction and meant to keep fees low. If they do succeed in working with banks then this might be their means of getting stronger. Certainly if banks have any fear or cryptocurrencies, at least Ripple offers them a means of getting in the game without being written off.
Where to buy Ripple (XRP)
Kraken.com is a good exchange to buy it. You'll need to have USD or maybe EUR in your account to be able to trade. You can choose to keep it in your exchange, which many people never recommend, or you can put it on your desktop or mobile app like Bread wallet or Exodus wallet.