Ripple Review: Is it legit, safe and trustworthy for UAE citizens and residents?
People probably associated the phrase "cryptocurrency" with shady or illegal
banking or financial dealings a few years ago; but, as of today, the entire
situation has undergone a paradigm change, and the word "cryptocurrency" no
longer carries the same connotations it once had. In point of fact, on the other
hand, the system of fiat currencies is the one whose foundations are being
disturbed by the epidemic because it is unable to endure the recession.
Companies are scrambling to conduct out initial coin offerings (ICOs) or token issuances, and governments all over the globe are rushing to pass laws and regulations that will either enable them to do so or make it simpler for them to do so. Therefore, in the end, there is only one question that has to be answered, and that is, "Are cryptocurrencies here to stay?"
In its most basic form, cryptocurrency is a fully decentralized currency that is primarily founded on blockchain algorithms. This implies that it is in no way managed by any central bank or other monetary authority. Blockchain is the technology that underpins cryptocurrency. Instead, it is a community-based, peer-to-peer computer network that is comprised of the devices, sometimes known as "nodes," of its users. This blockchain network will validate and verify any new entries that are added to the Ledger, in addition to any modifications that are made to it. These digital currencies, which were created through the process of mining, are gaining traction and appear to be able to withstand all of the monetary storms caused by the recession.
Ripple (XRP) is a cryptocurrency that is included alongside Bitcoin, Ethereum, and Tether as one of the four major cryptocurrencies. This is mostly because to the impressive and forward-thinking efforts made by Corporate Ripple, which assisted in the cryptocurrency's ascent to the top position.
Tweets by Ripple First things first: before we get into predicting the price of XRP, let's have a better understanding of what XRP is. Ryan Fugger, who was the first person to initiate the Ripple Payment Network, is credited with giving Ripple its initial foothold all the way back in the year 2004. Soon after, in the year 2012, Jed McCaleb and Chris Larsen assumed leadership of the Payment Gateway project, and it was around this time that Ripple developed the XRP Ledger! Jed McCaleb served as the Chief Technology Officer of Ripple from 2011 till 2013.
Ripple was the original name given to the XRP Ledger because of the way the technology enabled payments to Ripple to be made using a number of different hops and currencies. The word "Ripple" was used as the inspiration for the ticker symbol "XRP," which was derived from the X prefix that is assigned to non-national currencies in the ISO 4217 standard. Ripple Labs is the name that the firm chose to register under. Later, in 2018, it decided to pick the name for the firm and XRP for a digital token in order to minimize misunderstanding caused by names that were too similar.
RippleNet, a decentralized digital payment network, is powered by the cryptocurrency known as XRP. It just so happens that this particular point is at the very pinnacle of the Ledger distributed database. The XRP Ledger is not based on a blockchain but rather on the distributed ledger database. It is open source and freely available. The structure of this ledger and the consensus process is the source of some of the desired qualities that are associated with predicting the price of XRP. Because it does not need mining and the consensus mechanism does not require numerous confirmations for immutability, it is able to process transactions more quickly and efficiently than other cryptocurrencies. This is due to the fact that immutability does not rely on many confirmations.
This decentralized ledger database has been expanding at a dizzying rate over the past several years, outpacing its competitors Bitcoin and Ethereum, both of which have seen a steady ascent in their respective price trends. Researchers have focused their attention on Ripple (XRP) with primary emphasis to the price movement and emotion it has consistently displayed. Despite the fact that Ripple was first thought susceptible yet competent, this is not the case. Ripple's quickest and most reliable payment gateway enables users anywhere in the world to send and receive money with no interference from the government or any other type of financial institution, making the platform entirely oriented toward the needs of its users. This has been Ripple's defining and most notable quality since its inception.
The remarkable services provided by Ripple (XRP) are, without a doubt, the result of the ingenuity and hard work put in by some of the most accomplished individuals in the fields of technology and management. These individuals have made a remarkable contribution to the development of these remarkable services. Brad Garlinghouse, who heads the Ripple Empire in his role as Chief Executive Officer (CEO), is in charge of the company. David Schwartz, who serves as Chief Technology Officer, and Eric Van Miltenburg, who is in charge of the business, come in second and third, respectively. Reputable individuals such as Asheesh Birla, Monica Long, Kiersten Hollars, and Stuart Alderoty, to mention just a few, serve as the heads of several sub-divisions to provide support for the leadership.
The Internet of Value (IoV), which is Ripple's company motto, is the driving force behind all of the company's operations and the actions of all of its stakeholders.
Initiatives such as Xpring bring about cooperation and investment in order to scale forward-thinking blockchain companies. In addition, Xpring is establishing a worldwide payments network. The current iteration of Xpring is a global network of developers, much in the same vein as RippeNet, which is the global network for financial institutions. When it comes to payment gateways, Xpring provides its clients with a comprehensive suite of tools and services that, when combined with the Interledger Protocol, make it possible for customers to conduct business across any type of network. When siloed networks are eliminated, the full potential of the whole ecosystem's unique payment gateways, which are characterized by their speed, security, and cheap cost, becomes available.
Ripple was built on a tradition and set of ideals that are based on a framework that promotes better economic justice and opportunity for all people via research, education, and charitable giving.
Advantages that are Doubled and Tripled:
XRP has opened the door for a wide variety of sectors to conduct transactions that span many blockchainss, make micropaymentss, and monetize their online presence. It has been a driving force behind the expansion of fields like as the media and gaming sectors, both of which have prospered because to Ripple's channel relationships (XRP). By bridging the gap between any fiat or digital money and means of payment, it has proven to be the most widely used method for making payments as well as a lucrative investment. When building with ILP, developers get indefinite scalability and are not restricted to a particular crypto market ledger. Trading in media and games is made possible by the combination of ILP and XRP.
Ripple, on the one hand, is gaining the advantage of the IoV technology, while, on the other hand, it is also addressing the entire community in order to set off a chain reaction of innovation.
Ripple plans to stride in tandem with industry behemoths in the cryptocurrency space in a variety of different ways, some of which are listed above.
Unlocking the potential of blockchain technology, particularly for the purpose of bolstering the world's payment infrastructure, has been one of Ripple's other primary areas of concentration as it seeks to cater to rising consumer demands. Ripple has been effective in substantially speeding the speed, cost reduction, and trustworthiness of the masses, especially in the way that they conduct transactions by using the power of digital asset technology. One of the finest illustrations of this is the transfer of several millions of dollars that was made by Michael Arrington, the founder of TechCrunch. Ripple enables the transfer of fifty million dollars in about three seconds at a price of only twenty to thirty cents each transaction.
Ripple (XRP) has also drastically weakened the role of intermediaries by combining all financial solutions into a decentralized architecture. This was accomplished by bringing all of these solutions together. Accessibility is the central focus of each and every one of these projects. Ripple has taken measures to guarantee that it remains current with an all-inclusive system regardless of the location of its users or the various time zones in which they are located.
IoV's mission has been an important actor in the development of a new strategy for globalization, the redefinition of whole sectors, and the birth of new industries in addition to the 55 nations with whom it presently collaborates. Ripple has worked constructively within the framework of the preexisting financial ecosystem in order to provide alternative liquidity alternatives by utilizing the XRP Ledger and token. Because of this, Ripple has been meeting with authorities, governments, and central banks to verify that the offers are compliant and safe.
The addition of institutional trading is the frosting on the cake for Ripple's menu of services. XRP is a tool that investors utilize as collateral since it is synonymous with rapid speed, low cost, and dependability. This means seizing arbitrage chances, tending to margin calls, and keeping general trade inventories under control in real time. Ripple is able to provide access to services that were not previously available by utilizing technology (DLT) and XRP, which is the resistance level for the universal asset that can be used for the exchange of value anywhere in the globe.
There is a great deal of unpredictability around the future of any crypto assets. However, our projection is to offer the future prices of cryptocurrencies in a manner that is as realistic as possible. It is incredible to observe how XRP has navigated the historic road it has taken over the course of all these years. The XRP coin debuted on the cryptocurrency market at the pitiful price of $0.0058 and remained there for a significant number of months after it was first traded. Then, in the year 2017, the news that Ripple's network had joined forces with Tokyo-Mitsubishi bank circulated, and after that, the voyage for this historically significant platform through a complete and utter revolution.
The price of XRP had a rough ride toward the end of December 2017, as Bitcoin and other cryptocurrencies with a longer track record of success pushed it a little bit lower. Nevertheless, following the markets in February 2018, XRP returned, demonstrating stability in terms of price, market size, and proactive market attitude.
In January 2020, the currency was trading at a market value of $0.25 and had a market cap of $9,206,907,569, according to the historical price movement and the XRP price projection from the previous year. In later stages, the Ripple coin shown some signs of momentum. In addition, the price of XRP achieved its resistance level of about $0.25. Ripple's price hovered between about $0.35 up until the beginning of March 2020, when it experienced a considerable price increase compared to its starting price performance. However, it failed to maintain and started to collapse after that at the end of the quarter, which was in March, and its price decreased to $0.15 as a result.
In April of 2020, it came as a complete surprise when the price of Ripple displayed record levels. This occurred despite the fact that a pandemic had broken out all across the world. Ripple's performance was solid for the entirety of the year 2020, and for the most part, it reported sideways trading from the month of March to the month of November. Despite this, XRP made two unsuccessful attempts to break over the resistance level of $0.312 in August. On the other hand, the price saw a buying frenzy on November 21 and shot up from $0.32 to $0.69.
The unexpected surge in prices in 2020 led to a substantial increase in the amount of transactions that took place in 2021. The length of the candlesticks grew as well, which is an indication that the trader was becoming more interested in the coin. Following the conclusion of the first quarter of 2021, the currency saw another bull run, which resulted in the price increasing from $0.59 to $1.8 in a span of just ten trading days. Despite this, the currency was unable to push through the resistance of $2 and found support at $0.5.
Since the price increase in April 2021 came to a halt, the currency has been trading in a range from $0.5 to $1.4. At this time, one coin can be purchased for $0.8084 USD. The immediate resistance level is set at $0.89, while the critical resistance level is set at $0.99. If the currency is successful in breaking through these levels, it will encounter significant opposition at $1.09 and $1.24.
On the other side, the immediate and critical support is located at $0.69 and, respectively, $0.59. These prices are where the support is positioned. It is still engaged in strenuous efforts to compete with cryptocurrencies of the highest rank, including as Bitcoin, Ethereum, Solana, BNB, and others. The XRP price forecast from the previous year suggested that the Ripple cryptocurrency may continue to maintain its position, and that its price may vary for the short term. Since of this, investing in Ripple is a solid option because it has a range of potential returns.
Because of the high level of volatility involved, it has always been difficult, even for the most knowledgeable members of the trading community or the top specialists, to make accurate forecasts about the long-term or short-term future of a cryptocurrency asset. These major tweets and the XRP prognosis cannot be disregarded to any significant degree either. Let us take into consideration some of the most prominent publications and pieces of investing advice, and attempt to draw some conclusions from the remarks they have made on their forecasts for the price of XRP:
Price Forecast, a website for the prediction of crypto assets, has provided an optimistic bullish perspective for the year 2022. The platform predicts that 2022 will be a perfect year for Ripple, which supports the positive prognosis. They predicted that the price of this crypto asset might reach as high as $1.22 by the year 2022, citing the high capacity of XRP pricing.
It is anticipated that Ripple's price action will increase to $2 by the year 2027 as a result of the expansion of existing alliances and the introduction of new technologies, which will make the years ahead appear to be a time of relative ease for the company.
In the next five years, the exchange rate for XRP/USD can go as high as $5.774. They forecast that there would be more appreciation in the value of XRP. Given that XRP will be trading in the bullish markets, this investment will be an excellent addition to your portfolio.
Wallet Invertor, which provides price predictions for XRP, believes that purchasing it now is an excellent long-term investment. The price of XRP is expected to reach $3 by the year 2026, according to the projection.
According to the projections made for the price of XRP, the majority of investors are certain that Ripple will not reach $10. However, the price forecast of $5 is a reasonable amount to pay. At some point in the future, the value of $5 will also represent a 15x ROI, which is an excellent return on investment. Therefore, in accordance with the price analysis's resistance level and support level, each user is free to purchase or sell XRP at their discretion.
Recently, Ripple found itself in the middle of a scandal involving the SEC. However, upon the news that Ripple had been granted access to the SEC's internal records, its price showed a significant increase and even surpassed the $1 mark. Wallet investment experts' XRP price estimate from the previous year was that the price of XRP will exceed the $0.6 threshold by the end of the year 2021. However, by the year 2021, it had already surpassed the $1 level. The alliances and institutional support both had a favorable impact on Ripple, which in turn positively improved its price outlook. The current price of XRP is $0.69, and according to some forecasts, it might go as high as $1.43 in the future. On the other hand, if it falls, it could find support there.
The vast majority of industry professionals blame Ripple for the spark token airdrop; thus, many investors were forced to liquidate their Ripple holdings in order to purchase other major cryptocurrencies, such as Bitcoin and Ethereum. The issue that most traders want answered is, "When compared to Bitcoin or ETH, is XRP a worthwhile investment?" Ripple is undeniably a more advantageous investment option than Bitcoin and Ethereum, due to the fact that the value of this cryptocurrency has been less affected by the recent market correction.
Ripple has been the topic of conversation recently due to the fact that its technology, which is a bank-to-bank transfer mechanism that enables the primary feature of cross-border transfer, is the primary reason for its popularity. The same mindset could be very helpful in achieving numerous gains on the exchange as well as for the price of the XRP coin, so keep that in mind. A lot more may be anticipated from the Ripple price projection (XRP) in the years to future, particularly as the alliances and collaborations continue extending to an increasing number of countries.
The following is the most prominent XRP price forecast made by one of the top investors, Roman Guelfi, who is also an avid crypto enthusiast and expert:
Ripple (XRP) price may attain greater milestones in the years to come, according to the estimates of industry experts and the most recent news on the XRP prognosis. The price of XRP/USD will fluctuate above all others as the market begins to observe the large incursion and amount of risk posed by projects. This may cause other cryptocurrencies to take a step back.
According to the price chart and our projection for the long run, the price of the coin will continue to go in an upward direction. The upswing, on the other hand, is anticipated to advance at a more leisurely pace. It is possible that the price of Ripple may increase throughout the year 2023 as a result of the many developments and collaborations that are planned for their strategy. Ripple's value might potentially reach somewhere near $1.50, according to one price forecast for XRP.
Our short-term and long-term technical analysis, as well as our price projection for Ripple, indicate that the value of the XRP cryptocurrency may reach around $1.98 in the year 2024. If widespread acceptance of XRP occurs, as was intended, the price of the currency may see an upward trend. XRP was designed to compete with most fiat currencies. There is a possibility that the price of XRP may rise in the long run.
According to the Ripple price forecast, the XRP price may be fairly optimistic, showing clear increases in the trading range within the area of $2 and $2.5. This would be consistent with the projection. However, the most practical strategy would be to anticipate prices falling somewhere in the middle of these ranges. It's possible that widespread adoption may be the catalyst that launches the future of XRP price prediction as an accessible, low-cost digital asset.
According to our projections, the price of Ripple (XRP) might end up reaching the level of $2.6. It is anticipated that the return on investment would be close to +200 percent over a period of 5 years. Within the next five years, it's possible that the price of XRP will settle at a minimum average of $2.4 over the long run. Because of this, the possibility of making a purchase will increase!
Ripple (XRP), in contrast to Bitcoin and Ethereum, has devoted itself to the exclusive aim of developing forward-thinking financial services that are of direct benefit to clients and that assist individuals and businesses in achieving success.
Users of Ripple (XRP) are able to send digital payments to recipients via a variety of different platforms thanks to the PayID function. When we want to send an email from our personal email address, for example, we can do so from any mail account to any mail account, such as Yahoo or Gmail. However, if you want to transmit cash over the internet, a user of Venmo cannot send money to someone else who is using Cash App or Zelle, and you cannot even use the website of a bank to send money to such applications. Ripple PayID is a miraculous innovation in this regard since it provides consumers with a unique ID that is simple to understand and is compatible with any service provider.
This is the result of significant innovation, and it offers open-source code as well as developer tools to speed up the construction of blockchain technology that is both effective and compatible.
The Ripple (XRP) team collaborates with financial institutions like Santander to build its One Pay FX solution. This service makes it possible for customers to make quick or same-day, low-cost overseas payments. Customers are informed of the precise amount that the receiver receives as well as the exact day on which they will receive the money.
Ripple Swell is the one standard platform where the leaders and all of the participants in the ecosystem's business associates come together to collaborate and think up new ideas. Ripple Swell is the most reliable buzz for financial services, blockchain technical analysis, and policy, and it is dedicated to changing the way money is moved throughout the world.
Line of Credit is a new beta service that enables Ripple customers to use On-Demand Liquidity (ODL) to acquire funds in order to launch XRP-based cross-border payments at scale. This characteristic is the backbone of all venture capitalists who take on the challenge of overcoming ordinary working capital hurdles. The Line of Credit arrangement assists small and medium-sized enterprises (SMEs) in overcoming shortfalls in money and resources, so enabling these businesses to meet competition in the market with the confidence and passion necessary to be better prepared. The line of credit opens up a world of potential for businesses, allowing them to put the money they've saved by not having to utilize their pre-funded accounts to make more investments in their company, allowing them to expand into new areas and acquire more clients.
Today, Siam Commercial Bank (SCB) is able to ease cross-border payments and launch the Outward Remittance Service throughout Thailand using SCB EASY. The success of this endeavor can be attributed to the partnership that was formed between Ripple (XRP) and retail customers located throughout Thailand. RippleNet's service enables remitters to conduct transactions with the benefits of savings on time and money, allowing the beneficiary to receive the full amount transferred at a competitive exchange rate. This is made possible by Ripple's market-leading blockchain technology, which is fuelled by RippleNet's service.
A system that is standardized and allows for enhanced speed, transparency, and efficiency in the messaging and settling of transactions between banks. — The Brochure for RippleNet
It is a pool of cash to which banks have access in order to facilitate the easy transfer of payments between them.
Tweets by CoinMarketCap
Tweets by CoinDesk
Tweets by FXStreetNews
Access to an ODL pool of digital assets, which removes the requirement to keep Nostro accounts in the currency of the destination. — The Brochure for RippleNet
A layer of online services that gives corporations the ability to start real-time payments with rich data attachments in a safe manner. — The Brochure for RippleNet
The above example shows the fundamentals of how Ripple (XRP) operates, despite the fact that its inner workings are rather more intricately technologically constructed. The processing times and fees associated with transactions on the Ripple network are significantly lower than those associated with the Bitcoin network. While Bitcoin continues to be a completely public system, it is not controlled or owned by any one person, organization, or government. Even though it lacks a central authority structure, the Ripple network is owned and maintained by a private firm with the same name. Despite the fact that both prominent virtual systems have their own own cryptocurrency pricing tokens, the types of users that each platform caters to are distinct.
As a result of Nium's use of Ripple (XRP) in the Philippines and Mexico corridors, we have been able to do away with pre-funding restrictions, increase the speed of remittances while simultaneously reducing transaction fees. Co-Founder and Chief Executive Officer of Nium, Prajit Nanu
Because of RippleNet, our clients may now use their mobile devices to transmit real-time financial transactions to loved ones living in other countries.
Siam Commercial Bank's Senior Vice President of Commercial Banking is Arthit Sriumporn.
According to Richard Ambrose, CEO of Azimo, the ODL solution that Ripple provides has dramatically decreased the cost and delivery time for international transfers, and our clients are reaping the advantages of this.
Millions of retail and commercial customers will benefit from Santander and Ripple's (XRP) faster and more affordable cross-border payment solutions. Ed Metzger, CTO Santander.
It is our responsibility to look for advanced technology answers on a consistent basis in order to provide our clients with remittance services that are continually enhanced. Ripple is helping us open up new income opportunities for our company, which is great news considering the consistent growth of remittance flows, and it is also improving the overall experience for our consumers.
Nobuo Ando, Representative Director
Ripple Labs is a legitimate and lawful cryptocurrency company that has been operating for over ten years, and the Ripple network along with its cryptocurrency XRP are well developed and funded technologies that are one of a kind in the cryptocurrency space. Ripple Labs was founded in 2003 and is headquartered in San Francisco, California. - Christopher Masgot [Christopher Masgot]
There is already a enough supply of companies that have an orientation toward ODL in XRP pricing. In any event, businesses in this position do not have to keep XRP for a significant amount of time in order to enable ODL. On top of that, the level of volatility that these financial institutions are subjected to during transactions is quite low.
XRP is a decentralized, open-source digital currency that was developed for payments trading on over one hundred different marketplaces and digital exchanges. On the internet, you will find a number of different exchanges that offer trading in XRP for USD.
Which trading platform is recommended by Ripple for the purchase and sale of XRP?
Ripple (XRP) does not support, recommend, or make any statements with regard to internet listings or exchanges in general and does not advocate or suggest any other cryptocurrency. The procedure for exchanging XRP currencies varies between exchanges, and each exchange bases its customer service and operational procedures on the regulations established by the relevant central bank. Before deciding to accept new technologies or make investments, you should conduct your own research and give it careful consideration. To summarize, Ripple does not support or encourage any one particular platform for trading XRP, and the company makes no exceptions to this rule.
How many different banks and other financial organizations have begun using Ripple (XRP)?
Eight major payment providers, including MoneyGram, MercuryFX, IDT, Cuallix, Western Union, Cambridge Global Payments, and Currencies Direct, have made public announcements regarding their pilot use of XRP in payment flows through its liquidity pool to provide liquidity solutions for their cross-border payments. Ripple is developing relationships with an increasing number of institutions that have expressed an interest in integrating XRP currency into their respective payment workflows.
Ripple Payment Protocol (also known as Ripple Transaction Protocol, or RTXP) is a remittance network, a real-time gross settlement system, and a currency exchange. It is also known by its other name, Ripple Transaction Protocol. The infrastructure of the network is composed of a consensus ledger, a distributed Internet protocol, and the values of the native cryptocurrencies. The Ripple (XRP) cryptocurrency can settle transactions in a couple of seconds thanks to its system.
"Yes" is the short and sweet response to the issue of whether or not Ripple is secure. This is due to Ripple's unique strategy, which sets it apart from other companies competing in the bitcoin industry. Imagine Ripple as the turtle in the classic children's tale "The Tortoise and the Hare." Ripple is aware of its end purpose. And once it reaches that point, it can end up dominating the market for online payment methods.
Ripple is the lightning-fast and secure payment channel that it has manifested. It enables users anywhere in the globe to send and receive money without the interference of any government or other financial institution, which makes it fully customer-oriented. And based on the previous price movements, it may soon show a significant rise; hence, it is beneficial to retain XRP coins and acquire XRP in order to capitalize on this potential gain.
In the event that the XRP Ledger proves to be effective and is adopted as a standard method for the settlement of interbank transactions, there will be an incentive for participants to maintain the network's dependability and consistency. In the event that this does place, institutions will operate rippling servers in order to take part in the network. The most important reason to operate a validator is to help maintain and defend the reliable operation of the network as well as its logical progression.
According to our XRP price estimate, the average price may trade for more than $0.97 until June and might get as high as $1.35 by the end of the year. It is projected that by 2025, the average price of a coin will be greater than $1.99, while the price of XRP may reach a high of $2.7, according to the price forecasts of industry experts. This indicates growth in the near future. It is anticipated that the cryptocurrency will continue to rise in an upward trend.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.