How to Exchange XMR to XRP at the Best Price?
Q1 2021 was an exceptionally strong period for a majority of remarkable cryptocurrencies and the industry as a whole. The total market capitalization grew from around $800 billion to almost $2 trillion in a period of 3 months. The major driver of this massive gain was increased institutional adoption.
As more participants flooded the market, interest in XRP futures doubled from $250 million to $500 million. This number temporarily rose to a whopping $2.1 billion in the first 2 weeks of Q2. At a glance, XRP’s earliest price was a merger of $0.005874 back in August 2013. Except for a few jumps, the price stayed well under $0.01 until 2017. This year (2021), XRP’s value has bounced back, nearly hitting the $2 mark in April.
With such gains, it’s understandable that you would want to exchange your XMR tokens for XRP. Are you worried about finding the best price to exchange XMR to XRP? Don’t worry you came to the right place. In this article, we are going to show you how to exchange XMR to XRP at the best price. Stick around to the end of the article for a step-by-step guide on how to do it.
Monero Vs Ripple
There is a strong debate on which is the best crypto; Ripple or Monero. Monero is a privacy-focused digital currency created in 2014. It’s ASIC-resistant. Therefore, this keeps the Monero network from centralization and simultaneously allows GPU owners to mine Monero. Through the use of ring signatures, Monero allows any member within a group to perform a transaction without revealing the identity of whoever performed the transaction.
This also renders transactions untraceable which allows users to transact privately without worrying about third parties. Unfortunately, this has made Monero the go-to crypto for cybercriminals. Additionally, it’s also synonymous with a lot of cryptojacking cases.
Ripple, on the other hand, is a San Francisco based tech company that launched in 2021. Unlike Monero that aims to remain decentralized, Ripple is largely controlled by the parent company Ripple. It aims to provide a blockchain solution that financial institutions can leverage to settle cross-border payments quicker and cheaply.
The only downside to Ripple is that it’s not as decentralized as Monero since Ripple is a privately-owned company. Therefore, it assumes a lot of control over the system as a whole.
What’s the Difference Between XMR and XRP?
There are some significant differences between Monero and Ripple that you can’t overlook. While both of these cryptos are altcoins, they were created for very different and specific applications. Monero is a Bitcoin hard fork that was created for the sole purpose of providing anonymity to users. Unfortunately, the anonymous nature of Monero has made it appealing to cybercriminals.
Ripple, on the other hand, is a global blockchain protocol designed to enable super-fast & cheap transactions internationally. The network’s native crypto is known as XRP. Unlike Monero, Ripple can’t be mined. This is because Ripple Labs, the parent company, controls over 60% of the total supply of XRP. What makes Ripple attractive is the fact that its blockchain technology has been adopted by major blue-chip companies with noteworthy names such as UBS and Bank of America.
Why Should I Convert Monero to Ripple?
The benefit of converting Monero to Ripple is that if Ripple grows in value, you make more money. It’s comparable to selling one stock to buy another stock that you anticipate will have a price rise. If you are right, then you make good money. If you are wrong, then you lose money. Remember, the cryptocurrency market is an extremely risky and volatile market.
The major reason why you should convert Monero to Ripple is that Ripple has secured contracts with major international partners such as American Express, Bank of America, and Santander. Monero, on the other hand, has been on the news headlines for the wrong reasons. For instance, in late 2017, Europol released a report showing that Monero had been adopted by darknet hackers.
How to Exchange XMR to XRP (step-to-step guide)
There are so many cryptocurrency exchanges in the market that easily allow you to swap once cryptocurrency for another. Unfortunately, the majority of these exchanges charge hefty fees for every transaction that they process. If you are mindful about your costs, then you need a trustworthy exchange that can help you attain your digital assets at the best price.
Swapzone is the best XMR to XRP exchange in the market right now. It can help you exchange XMR to XRP or XRP to XMR. It provides you with a list of the top cryptocurrency exchanges along with additional details such as price and transaction time. Therefore, you only get to choose what you can afford or what suits your needs. If you are wondering how you can do this, here’s a step-by-step guide:
- Open the Swapzone website
- Look for the select pair tab and select XMR to XRP pairing.
- Enter the amount of XMR that you wish to exchange for XRP. Swapzone will quickly provide you with a list of the best rates for XMR/XRP from various exchanges. You will be able to see how many XRP you can get for your XMR. From here, just select the offer that seems best to you.
- Hit the exchange button. You will be asked to provide a wallet address for where you want your newly bought XRP to be sent to.
- Once you’ve entered your details, click on “proceed the exchange.” Swapzone will go ahead and show you a review of the exchange platform you decided to buy from.
- Wait for your deposit to be processed and the exchange to be finalized.
- Rate the exchange partner so that we can gather more information on the exchanges for future users.