Ripple is the company behind XRP, a blockchain solution for corporate transfers, both domestically and internationally. The current system for international transfers uses the SWIFT system, but it’s roughly 50 years old and has significant disadvantages.
SWIFT is a slow and outdated system. If XRP is able to become the new standard then it is well deserving of its position as a top 10 cryptocurrency by market capitalization.
XRP doesn’t have much utility yet mostly because of the lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC) in December 2020. The lawsuit has halted much of the development of the chain, as well as prohibited the coin from being traded on the majority of exchanges. The lawsuit made XRP and Ripple separate entities too.
The following article will discuss if now is a good time buy Ripple (XRP).
Is Now a Good Time to Buy XRP?
Market crashes tend to be good buying opportunities, but crypto market crashes also wash out the altcoins that are not providing value. Speculative investments such as XRP get hit even harder than cryptocurrencies like Bitcoin or Ethereum. However, altcoins can often bring greater returns when they see success.
This is not to say Bitcoin and Ethereum are not speculative as well, but the two coins have provided far more value. Bitcoin has provided a decentralized form of peer-to-peer money, uncontrollable by any one person or organization. Ethereum has proven a successful decentralized network for many decentralized finance (DeFi) applications to thrive, helping users swap currencies, govern organizations, raise funds and earn yield.
How Long Will the Crypto Bear Market Last?
The bear market is here, and for many investors the falling prices cause serious anxiety. Leading the charge for the nervous crypto investors is Jim Cramer, who has called for a further drop in market valuation.
In a recent airing of CNBC’s Squawk Box, Cramer states, “Crypto really does seem to be imploding. Went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There’s no real value there.”
Despite Cramer’s take, the last thing crypto investors should do is panic. Letting your emotions get out of control by watching talking heads on CNBC can be dangerous. A better solution could be to begin dollar cost averaging – by setting an exact day each week and amount to invest, you can automatically get exposure and reduce risk of buying the top or making an emotional mistake. This hands-off approach is praised by many who have been in the crypto market for a number of years. Some investors increase their dollar cost averaging amount or frequency when a bear market is under way.
It is uncertain how long this bear market will last or if there is further drop ahead. Try not to panic sell, overextend yourself in buying or 100% believe everything you hear from analysts like Cramer.
Will XRP Ever Reach All-Time Highs?
XRP briefly reached over $3 per coin; today, it trades for just $0.32, roughly 10% of its previous market cap. For XRP to go back to its all-time high and surpass it, the Ripple network will need to overcome the SEC hearing and begin to displace SWIFT as the international banking transfer mediator.
Is Ripple (XRP) a Good Long-Term Investment?
XRP is a tough one to make a long-term bet on. It has so much that it must overcome. Especially with a market capitalization of over $15 billion, there is still a fair amount of speculation baked in. If you are highly convinced of its potential use case, then XRP could be a high-risk, high-reward trade you are willing to take a chance on.
How to Buy Ripple (XRP)
get started
securely through eToro’s
website
Disclosure: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) and USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections and not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
eToro is headquartered in Cyprus, England and Israel. A major eToro plus is its social trading operations, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its underwhelming research and customer service features.
Best For
- Investors looking to CopyTrade other traders
- Simple user interface
- Several major cryptocurrencies and altcoins
- Expansive network of social trading features
- Large client base for new traders to imitate
A couple centralized platforms support XRP, but it has become increasingly difficult to purchase the asset since the SEC’s actions. One exchange that still offers XRP trading is eToroX. You may also want to look into decentralized exchanges that trade XRP.
How to Store XRP Safely
buy now
securely through Ledger Hardware Wallet’s
website
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
Best For
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
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Read More:Is Now a Good Time to Buy Ripple (XRP)? • Benzinga
