Ripple (XRP) News Update – Ripple wants to change the game, and it is excellent news for Ripple XRP investors. The coin intends to change the upgrade the technology behind the coin. The currency launched new white papers to that effect. One white paper focuses on the algorithm powering the current platform, and the other one focuses on the improvement between different nodes.
The upgrade will make the currency efficient in transferring coins worldwide. The increase in efficiency will attract more clients to the platform. Stefan Thomas, the CTO of Ripple talked a little about the upgrades the company intends to roll out. Stefan Stated that the company is launching peer-reviewed academic papers for the first time. He also mentioned that the white papers would improve the security of the Ripple platform.
Ripple XRP is not a centralized platform; neither is it an utterly decentralized platform. The coin’s success is evident in the caliber of some of its users; Bank of America, Westpac, RBC, American Express, and Santander. These users can charge their fees. Ripple users cannot pre-mine Ripple, and there are new additions. There is a fixed number of Ripple tokens that are circulating, the number of tokens cannot exceed that number.
Since Ripple XRP is battling with other coins for the second spot, we might as well check the traits of the coin. The currency is not only competing for the second spot; the currency is hoping to unseat Bitcoin as the top cryptocurrency eventually. Let us analyze the possibility of Ripple XRP unseating Bitcoin. There are certain similarities and differences between the two coins. Examining their traits can help us determine whether Ripple XRP and Bitcoin are competitors.
Let us start with the system of operation. Bitcoin uses the proof-of-work system while Ripple XRP uses the consensus protocol. The proof-of-work system is difficult to produce but easier to verify. This system means the coin has to meet some requirements. The consensus protocol, on the other hand, allows the institutions to control their transactions on the network.
Why Does Ripple Continue to Rise?
The coin is reliable, and many exchange platforms have listed it. The currency has a platform that supports credit and debit cards. Users can transact business in 34 countries, and these make the platform an excellent platform if you want to liquidate. Ripple XRP has also partnered with giants in the banking industry. It does not end there; Ripple is seeking to partner with 200 more banks. The coin allows you to transfer remittances conveniently and cheaper.
You cannot always sell your XRP tokens and may decide to store some for when the price is higher. The question is, which wallet should help you choose. There are lots of wallets available, and there are certain things to consider when choosing a wallet. You should pick a wallet that is compatible with the XRP token. You should also think about the security of your coins hence the wallet must provide enough security features. Irrespective of whether you are a tech geek or not, it would help to have a portfolio that is easy to use. Everyone wants to save cost after all so you should look out for a wallet that is less expensive.
One hardware wallet that allows you to store XRP coins. This wallet is compact and portable. You can access the portfolio by connecting it to your computer via USB. You will have to set up a PIN lock to keep your wallet secure. Toast wallet is another XRP compatible wallet. This wallet is a software, and it supports IOS, Mac, Linux, Windows, Android operating systems. Another mobile application that allows you store and trade XRP is Abra wallet.
GateHub also helps you to manage your XRP, and the Ripple website features this wallet. We also have the Ripple wallet built purposely for storing XRP. There is the website version as well.
Ripple Class Lawsuit
Ripple may be doing very well, but the coin is also battling with legal issues. These issues are disruptive of the currency despite its vast potential. An investor signed a lawsuit against Ripple. The investor sued the startup because he allegedly lost money while trading in XRP. He claimed that Ripple violates the Federal and state laws on security. Ripple has made it clear to users that XRP operates separately from Ripple and that an investment in XRP does not mean the user has shares in Ripple.
James Taylor Copeland, a San Diego attorney, represented the investor named Ryan Coffey in court. Coffey intends to represent all other investors who have allegedly lost their investment to Ripple (XRP). They issued the case on Thursday at a San Francisco court. Interestingly, the filing fee is three times more than the amount he allegedly lost through his investment.
This lawsuit is not the only legal issue the company has battled with so far, quite recently, the company came under scrutiny for them to clear up the relationship between the company, Ripple and The token, XRP. Ryan Zagone, the director at Ripple, stated that there is no direct relationship between Ripple and the token XRP.
Capitalize on the low price of Ripple (XRP)
Ripple XRP is growing again after it experienced a fall in price. If you are thinking about whether or not to invest in this coin, you might want to think about this; the currency is now rising steadily. This period may be the only period in which the coin the coin will record low prices. If you look at the steady growth of the currency, you might want to buy it and wait for a price hike. However, if you are pessimistic about the future of this coin, then an investment in Ripple is not for you. Most crypto enthusiasts are confident that the price would continue to rise.
According to coincapmarket.com, XRP is currently trading at $0.815773 a drop of 1.46% of the previous price. That means Ripple is still in the Green Zone. The coin has a 24-hour trading volume of $462M. The market cap is $32 million.