The world of cryptocurrency is vast, and it can be difficult to keep up to date with everything that is going on. This is why a lot of people who want to get into crypto trading feel overwhelmed and make mistakes early on, but we are here to help you out.
A common mistake that people in the crypto trade make is thinking that Ripple is a cryptocurrency, when in fact, it is a network that holds the technology necessary for the XRP cryptocurrency to function.
As this is a common mistake, we have created this guide to Ripple and XRP so you can trade confidently and get off on the right foot.
What Is Ripple?
As we have mentioned, many people are mistaken when they identify Ripple as a cryptocurrency. In fact, Ripple is the name of a privately held company that created Ripple Net.
Ripple Net is a network that uses blockchain technology. Those familiar with cryptocurrency and digital assets like it will be aware that for cryptocurrency to be used in buying and selling, it needs a blockchain to perform. Ripple Net is the blockchain that facilitates transactions of XRP.
XRP is a cryptocurrency that can be used in trading and selling globally, and it is controlled by the blockchain Ripple Net. While the two are connected, as one cannot work without the other, they are not the same thing.
XRP is the digital currency of Ripple, but it can be used for much more than simply storing value like traditional cash.
What Is XRP?
XRP is considered to be one of the top ten most valuable blockchain tokens in the market, and this is largely due to the blockchain Ripple.
As Ripple is a privately owned company that works in the crypto trading sphere, it can offer greater levels of security and privacy than traditional transactions. This is seen to be a great benefit to those in the global trading market and one of the reasons why XRP is rated highly.
There are multiple elements to the Ripple network, and these are relevant to XRP as a currency. Ripple has both the transfer network Ripple Net, which is a blockchain, as well as the XRP ledger and the XRP coin.
The purpose of Ripple is to create seamless and fast global transactions, which is why they created their own cryptocurrency, which would do just that across their network.
XRP, on the Ripple network, is a global payment that offers real-time gross settlements making it very useful in a range of industries.
How To Buy XRP
If you are looking to buy and trade XRP, or any other cryptocurrency for that matter, you will need to find an online exchange platform that supports this kind of asset, like Swyftx.
At Swyftx, you will have access to the global exchange rates and be able to partake in the trading of hundreds of digital assets across the market, based on their current value.