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Ripple is the brand that developed the Ripple Consensus Ledger. Ripple serves as both a platform and a currency (XRP) in this way. Ripple creators employ an open-source protocol to give a variety of benefits to users. Secure, quick, and low-cost transactions are among the advantages.
Ripple (XRP) was first created in 2012 as a cryptocurrency and an online payment network for monetary operations. Ripple is the world’s only centralized cryptocurrency that is closely related to the banking industry.
In this post, we share every vital detail you should know about Ripple, especially if you are thinking about how to buy Ripple in India.
Anticipation for Ripple in 2021: Will it turn out to be a great investment?
Understanding Ripple’s history over the last few years is critical to determine if the coin is still a viable investment in 2021 and is a prerequisite before understanding how to buy Ripple in India.
HDFC Bank Limited (HDB), India’s largest bank, announced its participation in RippleNet in August 2020. After years of conjecture and rumors, Ripple revealed its partnership with Bank of America (BAC) in November, confirming that the US second-largest bank had now become a RippleNet client.
It’s also crucial to figure out if you’re the right person to keep and trade XRP and if the coin suits your needs and desires.
XRP is suitable for different traders and investors. It’s a fine cryptocoin for essential cryptocurrency enthusiasts because it’s an altcoin — that is, it’s not Bitcoin — but it’s still respected and grounded enough to be considered a top-five coin with a thriving sector.
At the same time, since XRP is a coin targeted at conventional financial institutions, it is a good investment for thematic investors in the financial sector. This means that anyone interested in investing in the future of transactions and payments should consider XRP.
Furthermore, some aspects that influence the XRP token are distinct from those that influence other cryptocurrencies. As a result, when investing in other currencies, it could be used as a hedging strategy.
Finally, and perhaps most importantly, XRP is a highly volatile commodity that is ideal for day traders because it offers many short-term trading opportunities, both for long and short positions.
The next step in determining if you should know before how to buy Ripple in India for you in 2021 is to observe how the market changes and make sure you keep an eye on the value of 1 Ripple to INR while noticing the market since the price of Ripple doesn’t stay constant like any other cryptocurrency.
We will be now covering five reasons why Ripple could be a potentially great investment in 2021:
- Cooperation with financial institutions
Ripple is favored by banks and financial institutions more than any other cryptocurrency. As a result, it ensures that more global industries use it. Another benefit of this special relationship with banks is their relative insusceptibility to modifying cryptographic money guidelines throughout the world due to their firms and partnerships with such financial institutions.
- Transaction Procedure
Ripple’s transaction protocol is used for a variety of things, like transferring and receiving cryptocurrencies, fiat currencies, and details. This protocol can handle massive transactions all over the world and has lower transaction fees.
- Fees are minimal
Ripple, unlike other cryptocurrencies, has a fast transaction period. In addition to this benefit, Ripple has a relatively low transaction cost, making it an excellent cryptocurrency for trading. Ripple has attracted the attention of various big financial fishes worldwide due to its decentralized nature.
- Scalability
The price of Ripple is expected to rise in the coming months. It’s almost like it has and will continue to have no relationship with external market shocks or price volatility. Ripple stands apart from other cryptocurrencies because it is centrally managed and arguably more efficient and adopted.
- Price Action So Far
Since its inception, Ripple has been playing a brilliant game. The price of Ripple has risen in tandem with the price of other cryptocurrencies, but it delivered exceptional returns in 2021 after news of its incoming SEC case win broke. Investing in Ripple will help you receive a decent ROI in the future, as it is being embraced globally.
Price of Ripple
If you are wondering how to buy Ripple in India, you should make sure you are aware of the current price of Ripple and the tokenomics. You may notice the value of 1 Ripple to INR, and the price of Ripple is constantly fluctuating, which happens for many reasons.
As of May 2021, the value of 1 Ripple to INR is in the 56 INR range. Worth noting that it has dropped about -44% in the last 30 days. The highest price of XRP versus the Indian Rupee in the last 30 days was 1.75 Indian Rupee, while the lowest was about 51 INR. It now has a circulating supply of 46.1 billion coins.
How to buy Ripple in India
After understanding everything stated before, if you are ready to know how to buy Ripple in India, then the first thing you should decide upon is selecting the right cryptocurrency exchange platform. Pick a large cryptocurrency exchange that offers many different cryptocurrency trading pairings. As a result, you will be able to have a diverse asset portfolio in the Indian market.
Below is the step-by-step process on how to buy Ripple in India through an exchange platform:
- Go to the exchange platform and register your account.
- After you’ve registered, enable two-factor authentication.
- Deposit funds.
- Find the XRP/INR market and buy.
For a detailed explanation, check out this guide to buy Ripple in India.
Conclusion
We have now covered the top five reasons in motion of the potential of Ripple turning out to be a great investment in 2021; as more financial institutions exhibit interest in joining the RippleNet, Ripple appears to have a bright future ahead of it. Hopefully, this post will be successful in helping you to understand everything you need to know about why Ripple can turn out to be a great investment this year and how to buy Ripple in India.
Further Reading:
What are the Differences Between Bitcoin and Ripple?
What are the Differences Between Ripple (XRP) and Ethereum (ETH)?
5 Ripple (XRP) Myths you Should Stop Believing
8 Benefits Of Investing In Ripple (XRP)
Difference between Litecoin (LTC) and Ripple (XRP)
Frequently Asked Questions
How To Buy Ripple Coin In India?
Here are the common steps by which you can buy Ripple (XRP) tokens in India at your trusted Crypto exchange, like WazirX.
- Select a trusted Crypto exchange, like WazirX, that supports the Ripple token.
- Create an account: You can create your account by providing personal information and complying with the KYC verification.
- Add funds to your account: Exchanges support various ways by which you can add funds to your account. You can do a bank transfer or a debit/ credit card.
- Buy Ripple (XRP): You can now easily trade Ripple (XRP).
How To Mine Ripple Coins?
Ripple (XRP) cannot be mined in the traditional sense like other cryptocurrencies such as Bitcoin or Ethereum. One of the most efficient techniques for mining XRP is to mine Bitcoin (BTC) and Ethereum (ETH) and then exchange the mined coins for Ripple (XRP) via Crypto exchanges.
Should I Buy Ripple Coin?
Based on your personal circumstances and investment plan, you should conduct your own research to determine whether the Ripple (XRP) crypto is a suitable asset for your portfolio. Always keep in mind that previous performance is no guarantee of future profits, and never buy XRP or any other Crypto with money you cannot afford to lose.
Is It A Good Time To Buy XRP?
The future of Ripple XRP is uncertain due to ongoing legal issues and regulatory challenges. However, its value and potential will depend on how successfully these issues are resolved.
Can XRP Reach $100 Dollars?
To reach $100, XRP must climb 270 times. At $100, the market capitalization of XRP would be $5.1 trillion. If XRP rose at a 25% annual pace, it would take at least 26 years to hit $100.
Should I Invest In XRP 2023?
XRP is a virtual currency that was created by Ripple Labs. It is used to facilitate cross-border payments and is often referred to as a "bridge currency." XRP is one of the top Cryptos by market capitalization and is traded on many Crypto exchanges. You can consider investing in XRP in 2023, but it is also advisable to conduct your own research before making any investment decision.
Is Ripple Coin A Good Investment?
Ripple coin can be a good investment option due to its potential to revolutionize cross-border payments and its partnerships with major financial institutions.
Where To Buy Ripple Coin In India?
XRP, the native token of Ripple can be purchased through any licensed Crypto exchange by creating an account. It can be bought with Fiat or traded in exchange of other tokens on exchanges such as WazirX
How Ripple Coin Works?
Ripple is a blockchain that records transactions on its electronic ledger XRP. It is embedded with key pairs and only private key holders can validate transactions. For any transaction to be validated, Ripple uses the Ripple Protocol Consensus Algorithm where majority of operators need to approve the move.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
