The Ripple platform was released long before we first heard about cryptocurrencies. That was a service for instant payments operating in the financial market. Over time, Ripple Labs released the Ripple XRP crypto currency, which is now used by financial corporations, banks, developers and individuals to facilitate money transfers globally with no middlemen. Large financial enterprises already use the Ripple network, and it has all the chances of replacing the outdated SWIFT system.
Here Are Some Critical Facts About Ripple:
- The network enables lightning-fast cross-border transfers (3-5 seconds )
- Low fees for transactions ($0.0002 per transaction)
- Scalability (1,500 transactions per second, 24×7)
- Eco-friendliness (the ledger consumes much less energy than mining).
XRP is one of the top-traded crypto assets. As of November 23, 2022, the Ripple price is $0.37.
How Is Ripple Used?
Ripple has partnered with around 100 different financial institutions and developers worldwide. Financial Institutions use the Ripple network for converting different currencies and conducting speedy and cheap cross-border payments. Individuals use the Ripple XRP cryptocurrency to transfer money worldwide without intermediaries and at low fees instead of banks. Developers use the platform ledger as an open-source base for building applications in an eco-friendly manner.
What Should You Know Before Trading Ripple Crypto?
One thing you should know about the Ripple platform is that it is under legal proceedings with the SEC, which wants the Ripple XRP cryptocurrency to be a claimed security asset. It is the reason why the platform cannot develop on a full scale, and the Ripple crypto price does not grow much. However, when the court case is over, the project will likely receive a much broader application scope, and developers and financial companies will massively integrate the Ripple XRP cryptocurrency into their work. So before buying XRP, read the latest news on the SEC case, for every update on this topic can change the Ripple XRP cryptocurrency price in both up and down directions.
You can buy XRP and trade this asset on the WhiteBIT crypto exchange, using all the advantages and benefits of WhiteBIT tools.