Cryptocurrency works much like the stock market but can be much more volatile. There are chances that you may lose all of your investments, so it’s important to research and be careful before investing in crypto.
XRP is a form of digital currency. It can be traded on the Ripple network and transferred between individuals or banks.
If a person needed to send Euros to a person that uses American Dollars, they Ripple network could convert the currency into XRP.
XRP is a form of currency similar to Bitcoin and Ripple is a network that transfers money. XRP existed before Ripple. Ripple began in 2012 and was introduced as Newcoin, then Opencoin the following month in October of 2012. Opencoin became Ripple om 2013.
XRP has been the currency transfer method since 2012.
Right now, XRP is worth $1.06. At the beginning of Oct. the coin was worth $.95, but it’s all time high was in Jan. of 2018 at $3.29.
Bitcoin and XRP differ because Bitcoin can still be created, while XRP has a set number of coins in circulation. There are about 100 billion coins but not all of them are circulating.
About one billion XRP coins are released every month and Ripple has 55 billion.
XRP confirmations take seconds while Bitcoin takes minutes.
Most cryptocurrency has fallen recently, except Bitcoin. It’s unknown why exactly XRP has fallen.
China is banning banks from allowing crypto and is warning investors about trading them. Elon Musk also announced Tesla won’t take crypto as a form of payment for cars. He doesn’t like the harm on the environment from mining for cryptocurrency.
Related: What is cryptocurrency and how do you make money off of it? Here’s everything to know about crypto
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