Unlike Bitcoin and Ethereum which disrupts global finance, Ripple (XRP) solves the current banking channel with its real-time gross settlement system (RTGS), currency exchange, and remittance network. XRP uses its blockchain-based payment protocol, RippleNet, to facilitate instantaneous transactions between financial entities.
RippleNet acts as a facilitator for sending and receiving payments seamlessly between the sender and the receiver through its distributed platforms. It also helps global banks streamline communication that is using its Ripple Transaction Protocol (RTXP).
This protocol reduces bottlenecks in cross-border payments that are done instantly, as compared to current SWIFT systems used globally by banks that take days to complete the transactions.
What is XRP?
Founded in 2012 as Opencoin, Ripple is a blockchain technology that acts as a digital payment network and protocol with its own cryptocurrency, XRP.
Instead of using a proof-of-work (PoW) mechanism, XRP uses a consensus mechanism, via a group of bank-owned servers, to confirm transactions.
Transactions on the XRP network cost a fraction, use less energy than Bitcoin, and are confirmed in seconds, whereas bitcoin transactions use more energy, take longer to confirm, and users have to pay higher transaction costs.
Ripple (XRP) is one of the top 10 cryptocurrencies among the most valuable blockchain-based tokens with a market capitalization of $36.56 billion with a 24-hour trading volume of $1.58 billion as of 9 April 2022.
Rippe was founded by Arthur Britto, David Schwartz, and Ryan Fugger in San Francisco, California.
How can you use XRP in your Klever Wallet?
Klever always tries to bring crypto projects that work on real use cases, and (Ripple) XRP is the one that users can buy.
At Klever, users can do a lot of things with XRP from sending, receiving, checking charges you will pay to perform the transactions, paying XRP directly from the wallet, and buying XRP.
Let us now understand how to send, receive, check, charge and buy XRP from Klever Wallet.
The unique feature of Klever Wallet is that you don’t have to pay XRP as a transaction cost. Users can select to pay in KLV as transactions cost to process the swapping service.
In other wallets, if you want to buy tokens based on a specific blockchain, you have to pay transaction costs in the same blockchain, but Klever gives you the freedom to select KLV, their utility tokens to complete the swapping process.
Use a Klever Swap from XRP to another pair?
Imagine you need KLV, Tron, Bitcoin & wrapped BTC, Ethereum & wrapped Ethereum and you don’t have USDT. With XRP, you can easily swap all these tokens within minutes.
The process of swapping is very simple and allows users to select other tokens listed on the Klever Wallet.
To send XRP, users need to log in to the Klever Wallet with a six-digit code. Once you log in, you will come to the portfolio page, and click on XRP.
After clicking on XRP, put the desired amount of XRP you want to send. Click on the book icon and select an XRP account or XRP address you wish to send the XRP. Alternatively, you can paste an address from the Clipboard or scan a QR code. Once done, click on the Send button.
After, you will be redirected to a screen where you can see all the transaction details. When everything is confirmed, click on the submit transaction button. Once submitted, a green screen will appear which confirms that the transaction is submitted successfully to the network.
To receive XRP, the user has to share the XRP address with the sender who will be sending XRP.
Click on the desired token from your Portfolio in this case Ripple (XRP). Click on XRP, you will see a QR Code and your XRP account for receiving XRP.
Users can also share the QR code by using a sharing application or alternatively, copy the address to the clipboard, then paste the address inside the sending application.
The Klever wallet provides users with a very easy way to buy XRP. It has partnered with the world-leading payment processor Simplex.com where users can buy crypto instantly and securely inside the Klever Wallet with either a credit or debit card.
Klever is also working to expand its footprint with other payment gateways that include Moonpay, Mercuryo, Banxa, and others.
Now, let us understand how to buy XRP on Klever Wallet
Click on the settings button (5th from your left), select the buy XRP tab, input the amount of XRP you want to buy, or fiat value, select your receiving address and follow simple steps like adding card details and completing the KYC process by uploading your identity document. Once your payment is approved your XRP tokens would be credited to your wallet address that is provided.
The charge is another unique feature of the Klever wallet that enables a user to make payments for goods and services in cryptocurrencies without leaving the Klever wallet.
Open your Klever wallet and select XRP to be used for charge (payment). Click on the charge button and put the amount to be charged (either in XRP or USD value).
Add a description if necessary and click Next. Scan the QR code with an amount to be charged and the user’s wallet address would be charged accordingly.
XRP reserved balance
The XRP blockchain requires 10 XRP to be reserved when an account is activated. This value is locked and cannot be never moved. This is a feature of the XRP blockchain and not a Klever Wallet rule.
By trading in an XRP token, users are only helping this platform solve the cross-border payments problems for global goods, that are paying billions daily in just remittances cost, and Klever Wallet is helping the users not to pay such a high cost by holding XRP in their wallet.