Ripple (XRP) is a cryptocurrency as well as a platform. Ripple refers to both the corporation and the network, while XRP refers to the cryptocurrency. It is an open-source technology that allows for quick and inexpensive digital transactions.
- Ripple, or XRP, is both a cryptocurrency and a platform.
- The company and network platform are typically referred to as Ripple, and XRP is cryptocurrency.
- The Ripple platform allows fast and cheap digital transactions.
- XRP can purchase on various exchanges such as Bitstamp, Kraken, and GateHub.
- Several U.S. exchanges delisted or temporarily halted XRP trading after the Securities and Exchange Commission launched enforcement actions against Ripple.
Understanding Ripple (XRP)
Ripple has built a reputation for itself, and several financial institutions and analysts believe the network has a bright future ahead of it. The network is projected to improve global money liquidity by allowing transactions to take place at record speeds and for cheap fees all around the world.
Unlike Bitcoin and other decentralized cryptocurrencies, XRP confirms transactions through a consensus method controlled by a small set of bank-owned servers. With a market valuation of roughly $40 billion as of December 2021, XRP is the eighth-largest cryptocurrency.
XRP Price History
On January 4, 2018, the value of one XRP achieved an all-time daily high of $3.84. After the top, however, a downward trend began, and by September 2018, XRP had lost over 93 percent of its value since its January 2018 high, reaching a new low of $0.26 on September 11, 2018. Despite brief spurts of optimism in 2018, 2019 and 2020, the downward price trend persisted. XRP’s ongoing dismal performance resulted in an all-time daily low of $0.12 on March 13, 2020.
The price of XRP increased in November 2020, with a daily high of $0.77 on November 24, 2020. The price of XRP has been shakily trending upward since November 2020, reaching a daily high of $1.96 on April 14, 2021. The significant and broad price swings in the crypto market in May 2021. It is affected the majority of exchange-traded digital assets, are now reflected in the price of XRP. The modified close of XRP on November 19, 2021 was $1.05.
How to Buy XRP Cryptocurrency on an Exchange
Ripple, like other cryptocurrencies, may be purchased with fiat currency, Bitcoin, or other cryptocurrencies on various online exchanges. The following exchanges provided XRP trading pairs as of November 2021:
- Coinbase
- Binance
- Huobi
- Bithumb
- Bitstamp
- FTX
- Bitfinex
- Poloniex
- Gemini
- eToro
The XRP Ledger also has a decentralized exchange built in, allowing users to trade XRP for other virtual assets.
Legal Restrictions
Though most people may acquire XRP with little difficulty everywhere in the world, this is not the case in the United States, where Ripple is in a legal battle with the Securities and Exchange Commission (SEC). In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, saying that its issuance of XRP was an unregistered securities offering worth over $1.38 billion. As a result, many exchanges, mainly in the United States, have delisted XRP. Many international exchanges have imposed trading constraints on American traders or have blacklisted American IP addresses entirely outside of the United States.
Exchange Delistings
Many exchanges have chosen to stop XRP markets until the legal action against Ripple is settled, rather than risk potential violations of US securities laws. Upon are some examples of well-known exchanges that delisted XRP following the announcement of the lawsuit:
- Coinbase
- Crypto.com
- Binance
- Bitstamp
- Kraken
- eToro
- Abra
- B2C2
- CrossTower
- Bittrex
- Eobot
- Beaxy
- OSL
- Okcoin
- STEX
- Ziglu
- Wirex
- Bitwise
In order to comply with U.S. securities laws, many international exchanges have restricted trading for U.S.-based customers or even blocked American IP addresses. It is important to review an exchange’s policies before depositing any assets.
Phemex, which had earlier delisted XRP, has reversed its decision and reinstated XRP trading on its platform for both spot (XRP/USDT) and contract (XRP/USD) trading.
As of November 2021, it’s unknown when the legal action against XRP will be resolved, or what the current courtroom judgements and motions mean. Though you may not be able to invest in XRP right now, the conclusion of this lawsuit has the historic potential to determine not only Ripple Labs, Inc.’s and XRP trading’s future, but also the regulatory future of cryptocurrencies.
Investing in cryptocurrencies and other Initial Coin Offerings (ICOs) is extremely dangerous and speculative, and this article is not an endorsement of cryptocurrencies or other ICOs by Investopedia or the author. Because each person’s circumstance is different, you should always get advice from a knowledgeable specialist before making any financial decisions. Investopedia makes no guarantees or representations about the accuracy or timeliness of the information provided. The author does not own Ripple as of the date this article was written.
Click here to read more useful and interesting articles.
