The digital currency Ripple (XRP) was designed to change the banking sector and ease transboundary transfers. For many years on, it has been among the TOP-10 cryptocurrencies. Today XRP USDT pair is traded at $0.38. The ongoing market drop did not affect the price for Ripple, since it did not show growth even before the market trend changed. The matter is the project has troubles with the USA jurisdiction. The SEC USA filed a lawsuit against Ripple Labs. The regulator states that the XRP token is a security, and the project’s founders violated the USA law. The company and the XRP community do not agree with this statement, and the judicial proceedings are ongoing.
Let’s find out more about the project. Here are some facts:
- The RipplePay protocol was developed in 2005, a few years before the first cryptocurrency, Bitcoin, emerged. With this protocol, Internet users could carry out transactions directly.
- The protocol developers wanted to remove intermediaries (banks) and create a trusted peer-to-peer network enabling users to lend and borrow independently.
- The XRP cryptocurrency was launched in 2012. It had the redesigned RipplePay protocol in the core. The updated concept contained the old features with the addition of the cash system and some other innovations.
XRP is a global intermediary for both digital and fiat currency exchange. Many digital currencies cannot be directly exchanged. For this reason, financial institutions use the US dollar as an intermediary. Such transactions charge double fees. For these purposes, people can use XRP coins and avoid high commissions. However, current troubles with SEC made the project’s development slow down.
Steps To Buy A Ripple
If you want to buy a Ripple, you can choose the safest and simple way – register on one of the most credible crypto exchanges. It may be WhiteBIT, Coinbase, etc. Usually, official services offer the best XRP price and low fees. Important to note that such platforms require registration and KYC verification to provide maximum safety for clients. Once you get your account registered and verified, you can place an order to buy a Ripple. You can either receive it through exchange or buy it with the fiat money you have on your bank card.
The future of the Ripple project and the XRP price will depend on the result of the judicial proceedings between the company and the SEC.