XRP crypto token is one of the top traded crypto assets throughout crypto platforms. Its price is $0.38, its market capitalization exceeds $19 billion, and its trade volume is over $1 billion. Why is XRP Ripple so popular, and why is its price so low? Let’s discuss it in this article.
What is Ripple?
Ripple is a network for speedy payments meant to facilitate the operation of banks and financial companies and is used by app developers and individuals to conduct fast and cheap money transfers around the world.
Ripple is able to replace the popular SWIFT system in the future, for it has the following advantages compared with the bank system:
- Cross-border payments are completed within 3 – 5 seconds
- The average fee for one transaction is $0.0002
- The network is capable of 1,500 transactions per second
- The platform is much more energy efficient than block chains operating on the Proof-of-Work mechanism
- Using the Ripple network, banks and financial institutions can develop cryptocurrencies they can manage and control.
- Developers use the XRP Ripple to build products on an energy-efficient network
- Individuals use XRP crypto token to avoid expensive and time-consuming bank services and send currencies anywhere in the world in a matter of seconds.
Is it Worth Buying XRP Crypto Token?
In 2022, the SEC filed a lawsuit against the Ripple Company claiming XRP is security. The court case is still ongoing which slows down the development of the Ripple network. However, it already has around 200 clients worldwide, and most of them are financial companies. The project has all the chances to become the market leader and conquer most financial institutions, for the era of blockchain banking is only at the early stage of development now. Ripple’s success will depend on how it solves the issues with the SEC.
Wrapping up, yes, it is worth allocating space in your crypto portfolio for XRP crypto token. If interested, feel free to visit the WhiteBIT crypto exchange and buy crypto XRP.