Ripple (XRP) is more of an open payment network within which that a currency called Ripple is transferred. Ripple Labs aims to become the preferred method of transferring value from one bank to another, with minimal fees.
Ripple Labs aims to keep XRP fluid and wants to make sure it flows freely. As of now, 38 billion ripple exist with plans to create 100 billion. Now, that may seem like a lot, but keep in mind that every time Ripple transaction is made, a little bit of Ripple is destroyed.
Will Ripple be the next Bitcoin? I am hoping so since I have a long position, but Ripple probably won’t see the success of Bitcoin. But the main reason is because Ripple has been built for a different purpose. There’s only 21 million bitcoin in the world. And most of it has been mined already. If you think bitcoin has been volatile now, just wait until all of them have been mined. The scarcity is what makes Bitcoin shoot up in price. Ripple unfortunately, doesn’t have that scarcity as a factor.
But this doesn’t mean you shouldn’t buy Ripple. As of now Ripple Labs seems to be negotiating and signing up banks. They haven’t really started using Ripple the way it was meant to be used, just yet. The question remains; will banks adopt Ripple and use it to transfer value if the price is so volatile?
Right now, we just have to wait and see. If you like crypto currencies for the decentralization and anti corporate stance, then Ripple is not for you. Ripple is a crypto made by banks, by bankers. It’s not decentralized and it can’t be mined. But it does have value. The recent rise in Ripple is due to high trading in South Korea, where many are buying Crypto’s in case there is a war with North Korea.
Will Ripple ever reach Bitcoin prices? Probably not! But that doesn’t mean you shouldn’t invest. Specially when you can double your money in a matter of days.
Want me to keep writing about Crypto in laymen’s terms? Then donate and stay tuned for updates about my upcoming software development project and Token.
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STOPNice article. Same thoughts here. How much do we actually know about a coin. It's surprising to me people invest in cryptos that they know nothing about. Do you know this interesting site? https://www.coincheckup.com This site did all the research for you. It's truly amazing. Check for example: https://www.coincheckup.com/coins/Ripple#analysis To watch Ripple Detailed report.
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