Why Trade Ripple vs. Bitcoin?
There are many reasons to trade Ripple over Bitcoin. However, they're both entirely different from each other. Bitcoin is a digital currency; Ripple is more than that. It's a settlement network where you can trade currency worldwide in a concise period. The platform has essentially made sending money through swift or Western Union completely obsolete.
At this point, Ripple is wholly focused on working with the banks. They are offering the major financial players a way to create a more cost-efficient, cost-effective way to send payments in real-time on a global scale. You can now easily transfer money from Japan to Nicaragua, which is hardly possible. Individuals or banks have had to convert the currencies to USD and then back over. Now it can be done in one convenient transaction.
And the more conversions that take place, the more it costs in the long run. Banks are traditionally slow to use Ripple, but the platform is growing in popularity on a massive scale. It's merely a great, inexpensive way to send money. XRP is the grease that gives you the ability to exchange any currency on the platform quickly; it's their token and fuel.
What Makes XRP Unique vs. Other Coins?
The Ripple Platform is becoming one of the best payment systems in the world. It gives financial institutions the ability and advantage over competitors. It's a system that is centered around the Internet of value, meaning it should be as easy to transfer money as it is to move information during our age of technology. There should be no reason to pay high fees to transfer money, even on a global scale.
Live Ripple XRP/USD Price Chart
The Best Ripple Trading Strategies
Trading on Ripple is different than Bitcoin. You can invest directly into Ripple, but most intelligent investors will invest in XRP, Ripple's currency. In 2017 alone, the price skyrocketed from under $0.01 to more than $0.30 a coin. That's a return of more than 30 to 1 which is considered by many to be high odds. This massive surge of value is because of the interest many large-scale financial institutions have in Ripple. As of now, Ripple is the third largest cryptocurrency behind Bitcoin and Ethereum. It sits just about Litecoin which is another major contender.
XRP gives you the ability to create seamless financial transactions from any other currency to another one with almost no fees. XRP is the reserve currency on which the Ripple platform. It gives users the ability to trade just about any currency into XRP and send it anywhere in the world. The receivers of the XRP can then transfer it to any other currency, and they choose.
Each time a currency is converted to XRP, the liquidity instantly increases along with the value of XRP. Therefore, the demand for Ripple is continually growing as is the value of the tokens. The primary purpose of Ripple is to become a worldwide reserve currency, one that the world has never seen.
Transferring XRP is said to be the least expensive and most straightforward way to do so. Even so, there are times when it will make sense to shift into currencies other then Ripple. If people and banks trade money for XRP, then decide to stick with XRP, money will lose its value and Ripple's will take off. Ripple is looking to create a worldwide currency that is stable and doesn't change too much in value. Ripples has also had to partner with some other more significant institutions because their stability protects Ripple from any wrongdoings.
One of the main aspects of XRP is to think of it in Long-Term. Since Ripple is looking to become the dominant holder of XRP in the world, this makes sense. So, betting on XRP would essentially be betting on Ripple. Here's something else, Ripple doesn't just trade, they also offer resources for consulting. They are said to have had a problem getting funding when needed. Ripple is probably one of the best investments and will be around for a very long time by most guesses. One of the main advantages of using Ripple is that they work directly with the banks. They have some of the best backers when it comes to making smart business decisions and getting financed when needed. Any intelligent investors will capitalize on all of the work Ripple has put in. They are dedicated to becoming one of the biggest cryptocurrencies worldwide.