Ripple is a gross settlement system that works in real-time. It is a network of currency exchange and remittance by Ripple Labs Inc. which is a US-based company. It was released back in 2012. The server through which it is operated is Linux, Windows, macOS.
The decentralized cryptocurrency which ripple employs is known as XRP. It is the third-largest cryptocurrency in the market of virtual coins. It was started in the classic blockchain style and today it has covered the whole market. In this blog, we will discuss is XRP a good investment in 2020, and how you can buy XRP in India.
XRP is known as a digital asset that is used to make payments. It is an open-source platform that requires no permission. It is known for its furious transaction settlement which takes less than 7 seconds to settle a transaction.
It is an advanced decentralized blockchain. Unlike other cryptocurrencies that give the power of contributing to a validating transaction, XRP gives this authority to its approved participants only.
Transactions with Ripple
As soon as the supreme court of India has lifted the ban from cryptocurrency trade in India people are investing as much as they can. Around 2500 people are investing daily in cryptos. Talking about the investment, Ripple offers you the best trading opportunities. With even a small budget you can start investing in XRP. Ripple offers you an easy to use platform for faster and cheaper transactions thereby making it the best place to invest in 2020.
Buying XRP is very easy. You have to open an account with the exchange which permits you to deal in cryptocurrencies. Next, you need to deposit funds into your account. Then you can directly buy XRP from either their official website or through exchanges.
Top exchanges for trading
XRP is the 3rd most popular cryptocurrency across the globe. In India, it is easily available through various cryptocurrency exchanges. Some of them are as follows:
- WazirX Cryptocurrency Exchange
- Bitbns Cryptocurrency Exchange
- Coinmama cryptocurrency marketplace
- eToro Cryptocurrency Trading & CFDs
- Kraken Cryptocurrency Exchange
Risks associated with XRP
When we talk about vulnerabilities in the ripple network the first thing that hits the discussion is the openness of the network. This allows intruders or cyber attackers to easily attack the accounts of the users. According to a report as much as 50000 wallets are at high risk is such an attack occurs. However, it can be resolved at earliest as the weakness has been detected. Soon the developers of the ripple network will be able to correct this weakness.
Ripple is a platform for those investors who wish to trade with a small budget. It gives you a cheaper and faster transaction platform to easily covert you INR to XRP or XRP to INR. India has recently seen a boom in trading in cryptos after the Supreme Court’s judgment. And with platforms like Ripple, it is more convenient for traders to invest their money.