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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)
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
Is Bitcoin Cash A Good Investment?
Bitcoin Cash is a hard fork of Bitcoin formed in 2017 to address Bitcoin's scalability and challenges. Bitcoin Cash seeks to make global transactions faster, cheaper, and more secure. Bitcoin Cash is now accepted by thousands of online and offline businesses all over the world. Studied correctly, Bitcoin Cash may be an investment worthy of consideration.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Pi Cryptocurrency Safe?
Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
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.
