Updated – 22nd November 2024
Cryptocurrencies have witnessed substantial improvements in value transfer, but crypto in a broad and general sense lacks levels of compatibility with conventional money systems.
By harnessing the power of blockchain technology, Ripple aims to provide a quick and smooth experience of money transfer. It takes advantage of XRP Ledger and XRP coin in various levels, where the two are independent of the Ripple company.
XRP was built by Ripple to be a quick, less costly, and more scalable alternative to both (other) crypto-assets and existing monetary payment platforms like SWIFT. Since its launch, XRP Price in India has jumped a lot and has proven a great mode of investment for crypto investors.
As of 5 January 2022, 1 Ripple’s Price in India is nearly ₹65.7386, and the current trajectory of Ripple’s Price in India is surely attractive to potential investors and traders in the crypto market.
What is Ripple?
There lies a distinctive difference between XRP, Ripple, and RippleNet. XRP is the native currency that runs on a digital payment platform known as the RippleNet, which is on top of a distributed ledger database called the XRP Ledger.
While Ripple, the company, runs the RippleNet, the XRP Ledger is an open-source project that is not exactly based on blockchain but rather on the previously mentioned distributed ledger database.
The RippleNet payment platform is an RTGS (Real Time Gross Settlement) system that aims to provide instant monetary transactions worldwide. While XRP is the cryptocurrency that is native to the XRP Ledger, you are able to use any currency to transact on the platform.
How Does Ripple Work?
Designed to be a fast, cost-effective, and more scalable platform for digital and monetary transactions, Ripple (XRP) works using the XRP Ledger that relies on a setup known as the XRP Ledger Consensus Protocol to validate account balances and do transactions.
Compared to other blockchain consensus mechanisms like Proof of Work and Proof of Stake, the XRP Ledger Consensus Protocol statedly boasts increased efficiency. The Ledger is maintained by the global XRP Community and has the Ripple company as an active member.
How to Invest in Ripple?
Investing in Ripple entails purchasing it through one of the several crypto platforms out there in India. Currently, numerous apps exist that make it easier and seamless for people to invest and obtain Ripple. All you really need is a registered account on one of the cryptocurrency exchanges like WazirX.
The WazirX app is a powerful and seamless trading application that displays the most recent price of Ripple and other accessible cryptocurrencies, providing purchasers or investors with valuable information on trading volumes, price history and more.
How to Buy and Sell Ripple in India?
Cryptocurrencies like Ripple can be traded in India by using a variety of crypto trading platforms that offer their purchase and sale. You can start by joining a crypto exchange platform in order to start trading in Ripple and other cryptocurrencies.
WazirX is a leading cryptocurrency exchange and trading platform that is backed by Binance, the biggest cryptocurrency exchange in the world. With WazirX’s latest QuickBuy option, one can easily begin investing and trading in a cryptocurrency for as little as 100 rupees in under a minute.
Is Ripple Legal in India?
Even though cryptocurrencies like Ripple are unregulated in India, they aren’t illegal. However, regulations for the sector are expected to be rolled out soon.
