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Is XRP ripple a good investment in 2021
XRP (also known as Ripple, its parent company) may not be close as common to the average citizen compared to Bitcoin, but by market cap, it is currently the third-largest cryptocurrency.
What is XRP?
In the case of XRP, Ripple, an open-source protocol, is their network (developed by Ripple Labs, more commonly also known as just Ripple).
The primary reason XRP was developed is for it to be used as a token via the Ripple network to enable cross-border currency transfers.
So Is XRP a good investment?
Its low price makes it a great opportunity for investment, and its use as a token for ultra-quick currency transactions with ultra-low fees through the Ripple network has seen its use grow among multinational banks.
Although XRP is a good investment overall, it might not be acceptable for everybody to invest in any investor who really needs to weigh up the pros and cons for themselves.
It does this through RippleNet, an XRP liquidity solution built to make these long and costly transactions a thing of the past.
XRP functions on the network as a token of currency.
If this payment was made on the Ripple network using XRP, however, the result would be slightly more beneficial for Tom.
Instead, at a fraction of the time and expense, the bank could convert USD to XRP, then XRP to GBP.
How is XRP Different From Other Cryptocurrencies?
XRP doesn't run on a blockchain, unlike Bitcoin and other cryptocurrencies.
However, XRP is solely owned by its parent company, Ripple.
XRP is also not mined, unlike Bitcoin and other cryptocurrencies.
XRP Price History.
Any link between the price of XRP and other cryptocurrencies has been pointed out by industry analysts.
During the advent of the COVID-19 pandemic, when stocks collapsed in March 2020, so did the prices of several cryptocurrencies, including Bitcoin and XRP.
The price of XRP plummeted to about $0.15, but after that, prices recovered.
There are other factors that can also affect XRP’s price, which we’ll look at in the next section: the pros and cons of investing in XRP.
The Pros of investing in XRP.
Also, you're not just investing in the currency when you invest in XRP.
It has been claimed that the very fact that Ripple cooperates with financial institutions runs counter to the reason why Satoshi Nakamoto first developed Bitcoin, a decentralized currency free from bank control.
Ripple unveiled its decentralization plan in May 2017 in response to centralization issues, with the goal of making Ripple's XRP Ledger more decentralized than Bitcoin.
Ripple itself has since re-emphasized XRP's decentralized existence, saying:
It definitely looks like a promising future for the cryptocurrency might be on the horizon, with financial institutions requiring more and more liquidity to complete financial transactions, and XRP could continue to provide some of the solutions to the issues associated with that, as discussed in the article.
Interestingly, at the 2019 Future of Fintech Conference in New York, Ripple CTO David Schwartz said that financial institutions are "extremely conservative" and "slow-moving," which may go some way to understand that while there has been a great deal of interest in XRP, actual adoption has been a slow process, and the price has remained very static for some time as such.
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