Ripple is the brand that developed the Ripple Consensus Ledger. Ripple serves as both a platform and a currency (XRP) in this way. Ripple creators employ an open-source protocol to give a variety of benefits to users. Secure, quick, and low-cost transactions are among the advantages.
Ripple (XRP) was first created in 2012 as a cryptocurrency and an online payment network for monetary operations. Ripple is the world’s only centralized cryptocurrency that is closely related to the banking industry.
Anticipation for Ripple in 2021: Will it turn out to be a great investment?
Understanding Ripple’s history over the last few years is critical to determine if the coin is still a viable investment in 2021 and is a prerequisite before understanding how to buy Ripple in India.
HDFC Bank Limited (HDB), India’s largest bank, announced its participation in RippleNet in August 2020. After years of conjecture and rumors, Ripple revealed its partnership with Bank of America (BAC) in November, confirming that the US second-largest bank had now become a RippleNet client.
It’s also crucial to figure out if you’re the right person to keep and trade XRP and if the coin suits your needs and desires.
XRP is suitable for different traders and investors. It’s a fine cryptocoin for essential cryptocurrency enthusiasts because it’s an altcoin — that is, it’s not Bitcoin — but it’s still respected and grounded enough to be considered a top-five coin with a thriving sector.
At the same time, since XRP is a coin targeted at conventional financial institutions, it is a good investment for thematic investors in the financial sector. This means that anyone interested in investing in the future of transactions and payments should consider XRP.
Furthermore, some aspects that influence the XRP token are distinct from those that influence other cryptocurrencies. As a result, when investing in other currencies, it could be used as a hedging strategy.
Finally, and perhaps most importantly, XRP is a highly volatile commodity that is ideal for day traders because it offers many short-term trading opportunities, both for long and short positions.
The next step in determining if you should know before how to buy Ripple in India for you in 2021 is to observe how the market changes and make sure you keep an eye on the value of 1 Ripple to INR while noticing the market since the price of Ripple doesn’t stay constant like any other cryptocurrency.
We will be now covering five reasons why Ripple could be a potentially great investment in 2021:
- Cooperation with financial institutions
Ripple is favored by banks and financial institutions more than any other cryptocurrency. As a result, it ensures that more global industries use it. Another benefit of this special relationship with banks is their relative insusceptibility to modifying cryptographic money guidelines throughout the world due to their firms and partnerships with such financial institutions.
- Transaction Procedure
Ripple’s transaction protocol is used for a variety of things, like transferring and receiving cryptocurrencies, fiat currencies, and details. This protocol can handle massive transactions all over the world and has lower transaction fees.
- Fees are minimal
Ripple, unlike other cryptocurrencies, has a fast transaction period. In addition to this benefit, Ripple has a relatively low transaction cost, making it an excellent cryptocurrency for trading. Ripple has attracted the attention of various big financial fishes worldwide due to its decentralized nature.
The price of Ripple is expected to rise in the coming months. It’s almost like it has and will continue to have no relationship with external market shocks or price volatility. Ripple stands apart from other cryptocurrencies because it is centrally managed and arguably more efficient and adopted.
- Price Action So Far
Since its inception, Ripple has been playing a brilliant game. The price of Ripple has risen in tandem with the price of other cryptocurrencies, but it delivered exceptional returns in 2021 after news of its incoming SEC case win broke. Investing in Ripple will help you receive a decent ROI in the future, as it is being embraced globally.
Price of Ripple
If you are wondering how to buy Ripple in India, you should make sure you are aware of the current price of Ripple and the tokenomics. You may notice the value of 1 Ripple to INR, and the price of Ripple is constantly fluctuating, which happens for many reasons.
As of May 2021, the value of 1 Ripple to INR is in the 56 INR range. Worth noting that it has dropped about -44% in the last 30 days. The highest price of XRP versus the Indian Rupee in the last 30 days was 1.75 Indian Rupee, while the lowest was about 51 INR. It now has a circulating supply of 46.1 billion coins.
How to buy Ripple in India
After understanding everything stated before, if you are ready to know how to buy Ripple in India, then the first thing you should decide upon is selecting the right cryptocurrency exchange platform. Pick a large cryptocurrency exchange that offers many different cryptocurrency trading pairings. As a result, you will be able to have a diverse asset portfolio in the Indian market.
Below is the step-by-step process on how to buy Ripple in India through an exchange platform:
- Go to the exchange platform and register your account.
- After you’ve registered, enable two-factor authentication.
- Deposit funds.
- Find the XRP/INR market and buy.
For a detailed explanation, check out this guide to buy Ripple in India.
We have now covered the top five reasons in motion of the potential of Ripple turning out to be a great investment in 2021; as more financial institutions exhibit interest in joining the RippleNet, Ripple appears to have a bright future ahead of it. Hopefully, this post will be successful in helping you to understand everything you need to know about why Ripple can turn out to be a great investment this year and how to buy Ripple in India.