Ripple is one of the most popular assets in all internet crypto rankings. This asset has many advantages, which will be explained in this article. Also, we will talk about Ripple crypto problems and how they impact its price.
So XRP Ripple is a native crypto asset on the Ripple platform. Interesting, the project was founded long ago the first cryptocurrency emerged – Bitcoin. The Ripple developers’ main idea was to build a service that would make it possible to transfer currencies all around the world, avoiding all the problems the traditional financial systems have. For example, when you transfer money abroad, you always pay high commissions, and it takes many days to complete the transaction.
What Benefits Does Ripple Bring?
Here are some facts about the Ripple network:
- Ripple coin can’t be mined. All the coins were released when the project launched.
- Ripple cryptocurrency’s price depends mainly on the platform’s reliability and does not depend on demand.
- Ripple makes it easy to transfer money to another wallet, which increases the mobility and usability of the platform. Transfers only take a few seconds.
- Ripple wallets can transfer Ripple coin as well as other cryptocurrencies and fiat. The platform has an implementation of the Bitstamp gateway, working with the Ripple protocol.
Some Problems of Cryptocurrency Ripple XRP
Since it is impossible to mine Ripple crypto, generating income through mining is not available. The platform is primarily focused on official cooperation with financial institutions, which can lead to distrust among users who choose to stay anonymous when transferring money. So Ripple is a centralised network where 55% of assets belong to the project’s owners.
Another disadvantage of the Ripple cryptocurrency is the judicial process with the SEC, which has been ongoing for a couple of years. SEC calls out the Ripple Labs company to confess XRP Ripple as security, and the company denies doing that.
However, XRP is always on the top crypto rankings. Large investors have long ago bought XRP and hold those coins in the long term because once the judicial process is settled, Ripple Labs will be able to develop its project on a full scale, and the XRP token price will boost. So it is advisable to have some XRP tokens in your investment portfolio, especially because it is now available at a low price – $0.45.