My Interest in Ripple & XRP
April 2021
The below website article link is a very valuable content filled, yet short summary on what XRP is and how its creator, Ripple is largely related to the blockchain and why that’s important. It also goes more in depth on something very important which is the fact that XRP cannot be mined which is generally the biggest objection the government and outsiders have with crypto since the activity of mining (the creation of more crypto) is considered to be harmful to the earth due to the massive amounts of energy being used to do so.
In addition to the benefits of XRP not being mineable, there’s a total of 100 billion XRP coins in the world and the public is currently only able to purchase from a pool of around 45 Billion coins while Ripple holds the other half from the public and releases an expected 1 billion coins per month. Now, when institutions, banks, people, etc. make transactions using XRP, there’s a small transaction fee, but that fee is not paid for by the parties making the transactions, that fee is actually the elimination or "burning" of a very small portion of the total supply of XRP. So, similar to Bitcoin in the sense of having a limited total supply that can be mined, XRP also has a limited supply, but all XRP coins have already been created and therefore cannot be mined. In addition, over time the total supply of XRP will eventually diminish as millions of transactions are made between retail investors, institutional investors, and banks located all over the world.
In the crypto boom of 2017/2018, XRP’s investors ran up the price to an all-time high of $3 per coin similar to many other popular cryptos and was then followed by a significant crash in the majority of crypto prices. Now within these last couple years, all of the main cryptos such as BTC, ETH, Chain Link, Lite Coin, etc. have been gaining great momentum and most have surpassed their 2017/2018 all-time highs. With that said, during this same time period XRP has been expected to reach its $3 all-time high again and from there to blow that price out of the water within time. XRP is now currently sitting around .53 cents with many crypto analysts predicting XRP could potentially hit upwards of $30 during the next bull run. At this point in time, I believe it’s just a waiting game until XRP finally starts to run up in price again.
“Can Ripple be Mined?”
Eric Huffman - Contributor, Benzinga
https://www.benzinga.com/money/can-ripple-be-mined/
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Sincerely,
Junk
