Alright, so I've been doing my research on cryptocurrencies, that's for sure. As a fairly young person, I've wanted to purchase some cryptocurrencies. Initially I wanted to compare the price now, to the price in the future, say 2023 (6 years from now)
I've looked at a whole lot of currencies, from the ultimates like Bitcoin and Ethereum, to the not as highly documented ones, such as Litecoin and Monero. Being the 14 year old I am, I have a certain amount of money saved, but not enough to invest in Bitcoin or Ethereum the way I would like to. And then one currency caught my eye. XRP, commonly known as Ripple.
When you start looking into Ripple, immediately what you notice is how cheap they are. As of today (July 10 2017), one Ripple is $0.22 USD (which is $0.28 CAD) according to coingecko.com. During the days of late June, a Ripple was 30 cents, so you can see the price has dropped.
So why would you want to invest in XRP?
Ok. Ripple is the third largest cryptocurrency based on market capitalization believe it or not, after Bitcoin and Ethereum respectively. While Ripples are cheap now, they have the potential to increase in value for sure.
Let's keep in mind that Ripples have well increased from their price in January 2017 which was approxiamtely $0.0066 (less than a cent). Ripples are now worth an average of lets say 25 cents. That's about 38x the price in January. Which is some nice growth.
With Ripple prices rising the way they have, its completely possible that Ripples could hit $1 by 2018. That may not seem like a lot but if you were to purchase, say 100 ripples right now for a price of 30 cents (that'd be a $30 investment), in 2018 you could stand to make a profit of about $70. Now this isn't much, by any standard really, but its only an example to show you the possible profit. And generally speaking the more you invest, the more you make. Somebody who bought $120 worth of Ripples in May 2016 stands to make thousands of dollars right now.
I'm going to list some pros and cons about Ripple as a whole:
Pros:
● Fast settlement in Blockchain like technology - they can handle 1000 settled transactions per second (and you know how long blockchain can take)
●Has strong connections with banks - including on their public blockchain.
● They sell Ripples directly to banks and other institutions.
● Allow you to exchange into/from Bitcoin and other cryptocurrencies.
Cons:
○ Ripple owns 63% of their XRP which means they basically have a whole lot of control over how much the prices increase (can also be a pro)
○ Ripple works closely with banks which means that if you're looking to unstabilise the financial system, Ripple won't be much help to you.
So,
do I, a 14 year old canadian who wants to have some money saved by the time I'm 20, think you should buy XRP?
Sure! That's what I did!
I'll let you know how that went in 2023!
For more information on Ripple, visit www.xrpchat.com where experts, banks, and buyers are readily discussing the currency.
- Ally O
Great post. I do have a little bit of ripple myself but unsure where it will go due to the bank involvement. 🐱💻🐱💻
follow me @shifty0g
Thanks for reading! Yes, the bank involvement is making everyone a bit wary, but think of it like this. If huge banks all around the world are investing in, and trading with XRP, it can't be that bad for people like us! Again, thanks for reading!
Hey great post. Like the sincerity, humour and straight up data. Upvoted you and followed you. Feel free to do the same. Keep up the good work... you will definitely make something out of it if you keep trying and push forward.. Follow your dreams kiddo.... Great work!!!!!!!
Thank you for reading. I'm glad you found the post informative! I will keep pushing forward, thanks!
Great post allyo.stories 😎 here is a link to my post about some other cheap Cryptocurrency I recommend on a small budget.
https://steemit.com/steem/@crypto-expo/cryptocurrency-altcoins-top-20-to-invest-in-2017
Thanks for reading, crypto-expo!
Interesting article. I was about to post a similair post. Cryptos will probably go through a more extreme pattern that bitcoin went though. High ups and high downs before it becomes stable. We really need more insights in the market and previous investment results. I really advice people to take a look at: https://www.coincheckup.com Since I use this site I make so much less basic investment mistakes. For example: https://www.coincheckup.com/coins/Ripple#analysis For a complete Ripple Report.