Is XRP a good investment in 2024?

Jack R. Mitchell

The XRP ledger was built at the beginning of 2012. Since then, the digital currency developed its ecosystem significantly, improving the network’s liquidity and the overall ability to facilitate the functioning systems for the investors.

man typing on the laptop

It’s managed by Ripple, a private company that runs on centralized software, and it’s well-known for its partnership with traditional financial systems, which make the coin prices follow the path of real money like the US dollars. XRP is ranked sixth by the market capitalization, holding a spot among crypto leaders like Bitcoin, Ethereum, and Solana. The ease of the XRP structure makes trading an easier game, and it also comes with promising future growth. In this article, you can find the strong areas of XRP that may define the digital coin as a good investment in 2024: 

The promising future of XRP

Forecasting the development of cryptocurrencies is an essential practice for investors to determine their next moves on the market. Besides the interconnection between supply and demand, sentiment and competition, one of the main factors that influenced the development of the currency is the problems with the US Security and Exchange Commission, but since the dispute has almost come to a partial resolution and the coin is winning, big chances are that it may experience significant growth in the near future. The digital coin’s current value is 0.5$, and the XRP price prediction suggests that it may continue to increase its value up to 0.67$ by 2030. Still, of course, it might all depend on the potential boost of popularity and positive legal outcomes. Moreover, Thanks to the centralized system, the digital coin is less volatile, and assuming its demand remains relatively constant, there is no inflationary pressure. So, it can be a wise choice for new entries in the crypto market who are looking to make a safe investment. 

Trading with less money 

Trading can be considered a lifestyle, as crypto enthusiasts spend many hours a day trying to find strategies to maximize their profits in order to create extra income. Still, this business might require a significant investment from your personal funds, but XRP is the greatest way to begin your trading journey with less money. Its current value is 0.50$, so understandably, it’s affordable and accessible for anyone who wants to enter the crypto world with a smaller budget. Expert analysts consider that 2024 is the perfect time to invest in XRP before it becomes expensive, as in the crypto market, it is all a matter of time. Still, you should make decisions based on your trading goals, whether you are going for long- or short-term investment. Analyze the market carefully and get to know crypto deeply so that you can adopt the best strategy for you, and determine if XRP is a suitable option.

Eco-friendly technology

In 2024, XRP will stand out in the crypto market for its commitment to sustainability. The digital coin addresses environmental concerns by adopting eco-friendly practices that don’t require the consumption of a lot of energy, working on a carbon-neutral future in the crypto market, and setting healthy standards for other industries to follow. The XRP Consensus mechanism automatizes some tasks and, hence, eliminates the need for intensive mining, which requires a significant consumption of energy. XRP uses 0.0079 KW per transaction, which is 100.000 times smaller than the energy consumed for other crypto. This feature attracts eco-conscious investors who sustain the initiative of reducing the carbon emission of the blockchain technology, as it could reshape the financial systems allowing global eco-friendly transactions. 

Partnership with the financial industry 

Unlike other currencies on the market that don’t rely on a third party, Ripple has a centralized system, which means that it’s in direct connection with traditional financial systems like banks and other governmental institutions. Its functionality and reliability encouraged banking institutions to dip their toes into the crypto world, embracing the innovative blockchain technology thanks to the reduced gas fees, transaction speed, and eco-friendliness. The increasing interest in XRP in the finance sector comes with the potential for growth because the digital coin follows the path of the traditional Fiat money, minimizing its volatility and, hence, attracting even more investors who look for alternative financial solutions, resulting in big demand. 

Low fees and fast transactions 

The Ripple network uses XRP to facilitate transactions between fiat currencies, with the intent of creating a global network for payments to overcome the traditional SWIFT. The network is well-known for the speed of transactions, which require just 3-5 seconds for processing, which is significantly faster than other crypto that take several minutes. This happens thanks to the consensus mechanism that validates transactions in real time. Additionally, users can send big or small amounts of money for the same low fees, helping reduce the costs of cross-border payments. 

How to buy XRP

If XRP might seem like the suitable investment for you, here is a simple guide on how to buy the digital currency fast: 

  • Find an exchange: first of all, you should find a trustworthy exchange where you create an account
  • Deposit money: to buy XRP with fiat money, you should deposit the amount you are willing to invest into your account 
  • Buy XRP: you can buy the digital coin from an exchange platform that suits your needs
  • Store XRP: You can keep your crypto securely on the exchange platform, store it on a digital wallet, or use a physical storage method, such as a hardware wallet. 

The bottom line 

Besides offering cheaper solutions for exchanges between fiat currencies, XRP promises great potential for investors who look for crypto that may reshape the financial systems. The crypto market’s ups and downs are well-known, but if you have a high risk tolerance and clear investment goals that lead you to strategies you can adopt with Ripple, remember that the profit can exceed the hazards, so that XRP could be a good investment in 2024. 

The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

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