Is it a good time to buy Ripple (XRP)? • Benzinga


Ripple is the company behind XRP, a blockchain solution for business transfers, both domestically and internationally. The current system for international transfers uses the SWIFT system, but it is around 50 years old and has significant drawbacks.

SWIFT is a slow and outdated system. If XRP is able to become the new normal, it well deserves its position as the top 10 cryptocurrencies by market capitalization.

XRP doesn’t have much use yet, mainly because of the lawsuit filed against Ripple by the United States Securities and Exchange Commission (SEC) in December 2020. The lawsuit halted much of the chain’s development, as well as prohibits the coin from being traded on the majority of exchanges. The lawsuit also made XRP and Ripple separate entities.

The following article will discuss if now is the right time to buy Ripple (XRP).

Is it a good time to buy XRP?

Market crashes tend to be good buying opportunities, but crypto market crashes also eliminate altcoins that don’t add value. Speculative investments such as XRP are even harder hit than cryptocurrencies such as Bitcoin or Ethereum. However, altcoins can often bring greater returns when they find success.

That’s not to say Bitcoin and Ethereum aren’t speculative either, but both coins have provided much more value. Bitcoin provided a decentralized form of peer-to-peer money, uncontrollable by a single person or organization. Ethereum has proven to be a successful decentralized network for many decentralized finance (DeFi) applications to thrive, helping users trade currencies, govern organizations, raise funds, and earn returns.

How long will the crypto bear market last?

The bear market is here, and for many investors, falling prices are causing serious anxiety. Jim Cramer, who has called for a further decline in market valuation, is leading the charge from nervous crypto investors.

In a recent broadcast of CNBC’s Squawk Box, Cramer says, “Crypto really seems to be imploding. It went from $3 trillion to $1 trillion. Why should it stop at $1 trillion? There is no real value there.

Despite Cramer’s advice, the last thing crypto investors should do is panic. Letting your emotions spiral out of control while watching talking heads on CNBC can be dangerous. A better solution might be to start dollar cost averaging – by setting an exact day each week and the amount to invest, you can automatically gain exposure and reduce the risk of buying the best or making an emotional mistake. This hands-off approach is welcomed by many who have been in the crypto market for several years. Some investors increase their average dollar purchase amount or frequency when a bear market is underway.

It is unclear how long this bear market will last or if there will be more downside ahead. Try not to panic sell, stretch too long, or believe 100% everything you hear from analysts like Cramer.

Will XRP Ever Reach All-Time Highs?

XRP briefly hit above $3 per coin; today, it trades for just $0.32, or about 10% of its previous market cap. For XRP to return to its all-time high and surpass it, the Ripple network will need to overcome the SEC hearing and begin to replace SWIFT as the international bank transfer mediator.

Is Ripple (XRP) a good long-term investment?

XRP is difficult to bet in the long term. He has so many things he has to overcome. Especially with a market capitalization of over $15 billion, there is still a lot of speculation. If you are very convinced of its potential use case, then XRP could be a high-risk, high-reward trade that you are willing to take a chance on.

How to buy Ripple (XRP)

Begin

securely through the eToro website

Disclosure: This advertisement promotes investing in virtual cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) and the United States (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, without EU protection and unsupervised by the EU regulatory framework. Investments are subject to market risk, including loss of principal.

Exam in 1 minute

eToro is headquartered in Cyprus, England and Israel. A major strength of eToro is its social trading operations, which allow new clients to copy the platform’s best performance. Its social trading features are top-notch, but eToro loses points for its disappointing search features and customer service.

Best for

  • Investors looking to CopyTrade with other traders
  • Simplified user interface
Advantages
  • Several major cryptocurrencies and altcoins
  • Extensive network of social trading features
  • Large customer base for new traders to emulate

A few centralized platforms support XRP, but it has become increasingly difficult to buy the asset from SEC stocks. One exchange that still offers XRP trading is eToroX. You may also want to look into decentralized exchanges that trade XRP.

How to Store XRP Safely

Ledger Hardware Wallet

Buy now

securely through the Ledger Hardware Wallet website

Exam in 1 minute

Launched in 2014, Ledger has evolved into a rapidly growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for businesses and individuals. Born in Paris, the company has since grown to over 130 employees in France and San Francisco.

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims to secure the disruptive new class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates with a secure chip for its line of wallets. So far, Ledger is proud to be the only market player to provide this technology.

Best for

  • ERC-20 Tokens
  • All experience levels
Advantages
  • Easy to install and use
  • Supports over 1,500 different digital assets
  • Inviolable
  • Portable
  • Long battery life
  • Bluetooth Connectivity Features

Following the failure of Celsius and a number of other crypto-trading platforms, consumers are increasingly concerned about who owns their digital assets. The only way to be sure your crypto is safe is to hold your own keys, using a noncustodial wallet.

Once your crypto has been secured through a noncustodial software wallet, it is recommended that you move it to cold storage by sending it to a hardware wallet such as the Ledger Nano S. With a hardware wallet, there is much more difficult to be compromised and lose your assets.

How does XRP fit into the big picture?

XRP has different properties than Ethereum and Bitcoin. While these cryptocurrencies are useful for the average person, XRP is not. Few people need to make transfers on the XRP network; rather, it is designed for the biggest companies in the world. While XRP seeks to use blockchain technology, openness is far less important to the project than most other projects.

So is it a good time to buy Ripple (XRP)?

If XRP is able to replace the SWIFT system, its price today is incredibly cheap. For this to happen, a long list of problems must be solved. Crypto is risky and XRP is one of the most speculative bets.

Is it a good time to buy XRP?

1

Is it a good time to buy XRP?

asked

Reid McCrabb

1

XRP is certainly at a deep discount, but it is a risky bet in the crypto market.

Answer link

replied

Benzinga

Can XRP reach new all-time highs?

1

Can XRP reach new all-time highs?

asked

Reid McCrabb

1

Prices are well below their all-time highs, and XRP has a number of challenges ahead to surpass its previous highs. These challenges include overcoming the SEC hearing and seeing market conditions change dramatically.

Answer link

replied

Benzinga


cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button