You can use an exchange or an exchanger if you need to exchange cake to usd to buy or sell a cryptocurrency such as XRP.
What is XRP
XRP is an online payment network for processing international money transfers, similar to the SWIFT system used by banks. However, XRP offers much faster transaction settlement and lower costs than traditional payment methods. The network was launched in 2012 by Chris Larsen and Jed McCaleb.
The XRP network makes it easy to exchange between multiple fiat currencies and cryptocurrencies, as well as gold and other commodities. Along with RippleNet, the company also oversees the XRP Ledger, a decentralized blockchain network in which XRP is the native crypto token. It is important to note that RippleNet serves as the company’s enterprise blockchain and does not require XRP to operate.
Unlike the Bitcoin network, where anyone can validate a transaction by solving a complex math problem, to become an XRP validator, you must be on a unique list of nodes controlled by XRP. XRP tokens are pre-mined, which means that all 100 billion tokens were created at the same time, and they are issued periodically.
If you decide to sell XRP and cash out into fiat (traditional) money, then you can do this in the following ways:
Sell Ripple (XRP) on the exchange
The most profitable way to sell XRP is to exchange it on a cryptocurrency exchange. We look at which sites work with the coin, withdrawal methods, and other conditions. Some exchanges can only work with cryptocurrencies (Binance); for example, you can exchange Ripple for Bitcoin and withdraw it to another wallet. Some exchanges work with fiat, and you can sell Ripple for rubles, dollars, or other currencies.
How to sell Ripple in an exchanger
You can sell Ripple through some online exchangers. The exchange rate will not be very profitable, but if you need to quickly withdraw the Ripple cryptocurrency (XRP), this method may be suitable.
First, we choose a reliable exchanger. On the sites, you can buy, and sell electronic money, cryptocurrency. There are many directions of exchange and payment systems.
For example, the exchanger functions around the clock in automatic or manual mode, relying on the direction of the exchange. The average application processing rate is 10 minutes, but this period may improve if you employ cryptocurrency. You will receive detailed instructions directly at the time of the application. After registration, you will obtain a discount on the exchange, counting the exchange amount.
How much is Ripple in total?
Since Ripple cannot be mined, all coins were issued simultaneously in the amount of 100 billion. Initially, about 60% remained at the disposal of the founders of the company, and the rest was freely available. But this undermined the credibility of the cryptocurrency, so it was decided to “freeze” 55 billion with the condition of a monthly sale of 1 billion coins. Therefore, the Ripple supply is much higher than that of Bitcoin (21 million) or DASH (19.8 million).