All you need to know about Ripple! Ripple or XRP is one of the top Cryptocurrencies in the market now, this article will talk about all you need to know about Ripple.
History of Ripple
XRP started in 2012 when Arthur Britto, David Schwartz and Ryan Fugger created it. Alongside the coin, Ripple also provides an RTGS system (real-time gross settlement) and remittance system. Ripple or XRP is managed by Ripple Labs Inc. which was originally OpenCoin. The firm named itself Ripple Labs, Inc in 2013 following the success of the Ripple payment protocol.
After getting a fine of $700,000 from FinCEN, the company changed its name to Ripple.
Ripple became the fourth company to receive the BitLicense in 2016. The New York State Department of Financial Services issued the virtual currency license to Ripple.
Value trends of Ripple coin
Unlike Bitcoin, Ripple doesn’t enter the circulation chain when they’re given off as a block reward. Instead, ripple coin enters circulation whenever Ripple decides to sell its pre-mined coins in the secondary market.
The original creators of the coin pre-mined 100 billion Ripple coins. Out of that 80 billion of them were given to Ripple to fund future development and operations. The rest of the coins were distributed among the creators.
XRP holds a market cap of $ 48.773 Billion and a volume of $ 3.13 Billion, Ripple XRP is popular among crypto investors. Just like other big Cryptocurrencies, XRP is prone to fluctuations and its value changed rapidly and drastically. XRP has hit the 52-week bottom at the value of $ 0.1748 and the peak value of $ 1.9650.
Ripple has seen quite some fluctuations and at the time of writing the article was at $ 0.933.
The highest value it attained was $2.80 in 2017 but after that, it slumped. However, in the late summer of 2020, the coin reached $1.80 before plummeting once again.
The day this article was written, the coin slumped down. Losing 10% of its value in a day. While these kinds of dips and jumps are frequent in crypto trading. Some traders might get intimidated seeing such a drastic drop in such a small amount of time.
Cryptocurrency has seen a lot of hard days and has been controversial in some instances. However, with a lot of coins in circulation and a good track record, XRP is expected to grow and stay strong in recent years. Despite seeing a drop in popularity and slowing down and getting behind newer Cryptocurrencies, Ripple has given investors nice returns.
However, the current scenario looks kind of Bearish for Ripple. The website CoinCodex in their analysis of XRP came to a consensus that its value is supposed to tumble 8.71% to hit $ 0.863520 in early December 2021.
With this in mind, XRP can be a great addition to your portfolio. However, Considering the recent price drop and the future bearish trend. Consider this not a great time to buy this Cryptocurrency.
In this article, we talked about a popular Cryptocurrency Ripple or XPR that has been a famous name in the Cryptocurrency domain for the past 5-6 years. Hopefully, this article was educational and helpful to you and helped you understand everything you need to know about Ripple. If you have any suggestions and comments about the article please put them below.