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Difference between Litecoin (LTC) and Ripple (XRP)

By November 11, 2020May 9th, 20234 minute read

Ripple and Litecoin are ruling the crypto market with their sheer simplicity and security, which comes at a low cost. As the crypto market evolves continuously with the emergence of brand new cryptos, thorough competition prevails between the contenders. This, in turn, propels their faster growth by helping with the implementation of new technologies so that transactions can be completed securely. Today, we are going to compare Litecoin and Ripple for you to decide which is the more lucrative means of investment.

About Litecoin

Litecoin entered the crypto sphere back in 2011 to fill up the inherent loopholes of Bitcoin. It was specially designed to improve transaction speeds while lowering down the fee compared to BTC. As of today, Litecoin remains to rule the global crypto market in terms of market capitalization. If you are thinking about undertaking LTC to INR conversions, then you are bound to feel the benefit from this decentralized crypto’s Send/Receive features, check out the latest price of litecoin in india. Let us now take a look at the biggest USPs of Litecoin:

  • GPUs are used for efficient mining of Litecoin, and this distributes Hash power equitably amongst all the users by keeping ASIC miners at bay.
  • Litecoin ranks highest in terms of block timing, and this makes it a preferred choice of users around the globe seeking out faster turn-around times.
  • Litecoin made use of spam filters for the most part, which helped keep a limit on the block size.
  • A highly progressive core development team and community have helped all users of Litecoin in getting readymade answers to their doubts. A high level of interaction has led to its massive popularity amongst users. 
  • LTC is the preferred choice for everyday transactions given its comparatively lower value and an encryption process that strengthens the security threshold. 

Just like the advantages listed above, Litecoin also comes with certain inherent shortcomings, which have been listed below:

  • The growth track of Litecoin is dependent completely on the troubles of Bitcoin. However, if BTC can address its transaction speed and scalability concerns in the days to come, then Litecoin might find it difficult to sustain its stronghold.

Should You Invest In Litecoin?

Litecoin has been trading since 2011, and this has established its stronghold as reputed crypto. Investors usually favor investing in Litecoin over the short-term, and thus, you won’t face any difficulty in finding sellers. The listing of Litecoin on Coinbase has also helped convert LTC to INR and engage in buying or selling transactions. Irrespective of all these advantages, Litecoin is crippled by the highly volatile level of the crypto market, which invests the same as a considerably risky affair. 

About Ripple

Ripple Technology has gained recognition around the globe by the name of XRP digital coin. Users can undertake various forms of money transfer through the decentralized platform of Ripple, courtesy of its open-source, peer-to-peer network. Let us first take a look at the advantages of using Ripple:

  • Big banks and financial institutions around the globe are now banking on Ripple, which has led to its popularity amongst general consumers. 
  • The transaction speed of Ripple is higher than peer cryptocurrencies such as Ethereum, Bitcoin, and Litecoin. While pre-SegWit Bitcoin took more than 1 hour and Ethereum took more than 2 minutes, XRP transactions could be completed in just 4 seconds. 
  • Ripple’s transaction fees are 0.00001 XRP making it significantly lower than that of Bitcoin, Ether, and Litecoin.
  • XRP serves as a popular means of cross-border payment, which is already giving rival fiat payment systems like MoneyGram, SWIFT, and Western Union a run for its money. 

Ripple also comes with certain loopholes, which have been mentioned below:

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  • Most of the cryptocurrencies are decentralized. But Ripple goes against this general consensus by owning more than 50% of the coin supply. This acts as a cause for concern for experts who believe that the lack of decentralization can impact the price predictability of Ripple adversely.
  • Ripple’s consensus ledger approach requires transaction verification by validated participants, which are considerably different from the usual cryptocurrency standards. Anyone on the Bitcoin network can set up a node, and they can even verify the transaction. 
  • Ripple doesn’t conform to traditional cryptos’ rules as its primary goal is the promotion of money transfer technology. This makes the XRP coin the secondary part of their strategy. 

Should You Invest In Ripple?

The positives of XRP to INR conversion outweigh the cons by a good margin. Ripple has created a network that interconnects banks and other payment providers. This has evolved into a highly lucrative venture which draws in users from around the globe. Ripple’s high scalability levels are modified according to the market trends, which has led to its successful collaborations with the banking fraternity. Ripple started out from a low price point, but it’s sudden price explosion brought it in line with peer cryptos. While the prices of peer cryptos have crashed countless times, Ripple has experienced a steady hike making experts fully optimistic about its future. Ripple coins’ low price makes it a highly affordable investment and one that doesn’t burn a hole in your wallet. 

Litecoin Vs Ripple – Final Thoughts

Both these cryptos carry the potential of making their mark felt in the world of crypto. While they are considered similar, certain differences also exist, and you need to take note of these dissimilarities to choose the one which is better fine-tuned to your requirements:

  • Litecoin was created to cover the loopholes of Bitcoin, and this brings in more functions. Ripple has a solitary function to perform, and that is to propel cross-border transactions like converting 1 Ripple to INR in a low-cost and secure manner.
  • Litecoin attracts people engaging in daily transactions, whereas Ripple is more suited for financial institutions and large corporations. 
  • Maintenance of Litecoin requires more effort, while Ripple is simpler to maintain since it does not rely on multiple functions.

Frequently Asked Questions

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.

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.

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.

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.

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.

  1. Select a trusted Crypto exchange, like WazirX, that supports the Ripple token.
  2. Create an account: You can create your account by providing personal information and complying with the KYC verification.
  3. 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.
  4. Buy Ripple (XRP): You can now easily trade Ripple (XRP).

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.

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.

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.

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

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.
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