Long before the emergence of advanced blockchain networks of today such as Solana and Polygon, the world of crypto was shaken to the ground with the introduction of XRP, the coin that truly has stood the test of time. XRP brought on a complete revolution in terms of transaction efficiency, as it enabled users to transfer coins at previously unheard-of speeds and at a fraction of the cost of an average BTC transaction. Today, XRP remains one of the top coins and is held in high regard by crypto-friendly businesses. NOWPayments provides free-setup solutions to companies and individuals that entertain the idea of featuring XRP as a payment option.
Key points:
- XRP is crypto with 5-second transactions.
- XRP payments are cost-effective and private.
- Start accepting XRP as a payment method via NOWPayments.
What is the Future of XRP?
Before making any predictions about the future of XRP, it is vital to take a look at the story of the coin so far. XRP has a long history since it dates back to 2011, the time when cryptocurrency was far less trendy than today. The project was created by Ripple Labs, the parent organization of XRP. In fact, the initial name of XRP was Ripple, but later it was dropped. Yet, you can still encounter instances when XRP is called Ripple, for example, on crypto exchanges.
The idea behind XRP was to create a digital asset specifically for the purpose of conducting payments. The team succeeded in their endeavor, as XRP has gone on to become one of the most extensively utilized cryptocurrencies in history. XRP has been holding one of the highest market capitalizations for over a decade now.
As of the beginning of 2023, the market cap of XRP stood at over $19 billion, which goes to show the significance of the coin for the industry. Hosts of traditional financial institutions also employ XRP. Banks and similar organizations have integrated the coin or its blockchain into their operations in one way or another. Thus, it is safe to say that XRP is unlikely to lose its dominant position, while the continuous expansion of its ecosystem will certainly contribute to solidifying its status as one of the leading cryptocurrencies on the market in the future.
Should I Accept XRP in 2023?
Accepting XRP as payment in 2023 is a good idea if you want to embrace crypto technology and benefit from it to the full extent. Unlike cryptocurrencies such as Bitcoin or Ethereum, XRP has a much faster transaction speed and lower fees. At the same time, the level of adoption of XRP is on par with these two coins. Basically, there are millions of people who own XRP, so you will face no problem finding customers willing to pay with this crypto. Overall, XRP is, perhaps, the best value crypto in terms of its popularity and efficiency for merchants.
Pros of XRP as payment option
Negligible fees
XRP network fees may truly surprise you if you see them for the first time. On average, one XRP transaction will cost you a mere $0.0002. This is simply nothing compared to the fees associated with Ethereum transactions, which can become incredibly pricey in some instances. Basically, XRP cares about your pocket and makes sure you receive your payments without any significant losses. Affordable fees mean higher profits and lower prices, so it is a real win-win situation for everyone involved, including your clients.
Prompt transactions
XRP is one of the most attractive cryptocurrency payment options not only because of its low cost but also due to the fact that it is mind-blowingly fast. When you make an XRP transaction, it takes no more than 5 seconds to complete. This is why featuring XRP payments will let you at least partially forget about the pain of accepting payments using mainstream solutions. No more bank transfer delays or bank holidays. With the help of XRP, you will get a chance to accept payments 24/7 and 365 days a year without a single failure.
International community
The XRP community has been steadily growing for more than a decade now. There are thousands of organizations that rely on XRP in their activities, and millions of individuals who use it for a variety of purposes. By featuring XRP as a payment option, you expand the XRP ecosystem and gain the attention of its loyal community members.
These individuals are likely to be interested in your products or services, and will instantly turn into your prospective customers. Basically, by accepting XRP payments, you gain access to a large pool of new clients and tap into this new market.
Privacy and global reach
XRP payments are a great option to ensure both you and your clients can maintain their privacy, as the coin’s transactions are anonymous. In fact, they are also borderless. Subsequently, you can set up XRP payments to allow anyone in the world to buy your products and services confidentially and with ease.
Since there are no third-party intermediaries involved, all XRP transactions are peer-to-peer, allowing you to avoid any unnecessary scrutiny and remove all the barriers, which exist in traditional finance. XRP is your gateway to becoming a truly global business.
Cons of XRP as payment option
Volatility
Although XRP is one of the best cryptocurrencies for use as a payment option, it has certain downsides, which you will need to learn to manage. Volatility is perhaps the main problem of XRP. This means that XRP’s price is not stable. As a result, it may fluctuate significantly depending on the current market circumstances.
Thus, after accepting XRP you may experience either a loss or an increase in the value of your coins. Still, this problem can be easily avoided by converting your coins to fiat.
Centralization
Another noteworthy downside of XRP is its high level of centralization. Essentially, the coin is controlled by its parent company Ripple, which holds a substantial share of the total supply of XRP.
So far, the coin has been functioning without any major problems, but some critics claim that too much power in the hands of Ripple may eventually backfire. For instance, Ripple may influence the price dynamics of XRP by releasing new coins into circulation. Still, the centralization of XRP is unlikely to have any impact on your business if you decide to accept the coin as payment.
How to Accept XRP Payments?
NOWPayments delivers the following tools for accepting XRP payments:
- eCommerce plugins: These plugins are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware.
- Payment Link and a PoS terminal: Businesses can use a payment link and a virtual Point-of-Sale terminal.
- Recurring Payments: Some companies may deploy special recurring invoices.
- Custodial Recurring payments: It allows companies to set up separate billing accounts for their customers and let them top up these accounts with the cryptocurrency of their choice.
- API: NOWPayments’ versatile API enables businesses to create custom crypto payment solutions.
In order to deploy an XRP token payment link, follow these steps:
- Enter your public XRP crypto address.
- Press “Create payment link.”
- Enter the details of your payment link and click “Confirm.”
- You will receive a payment link that your clients will be able to use by simply scanning its QR code.
Conclusion
XRP payments are an ideal choice for businesses that need to receive payments quickly, privately, and without breaking the bank. Use NOWPayments to accept XRP as a payment method.