Plus500 Ripple CFDs - Not Offered

Plus500 Ripple | XRP CFD | Cryptocurrency Weekend Trading
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Ripple CFDs
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Plus500 does not currently offer Ripple CFD trading

Plus500 does not currently offer trading in Ripple CFDs

Ripple is a protocol for exchanging currencies, sending payments and settling payments. RippleNet is a network using a distributed electronic database called the XRP Ledger to process payment data, validating payment data by consensus. The XRP Ledger is public and can be used by anyone to send payments in the cryptocurrency XRP. Ripple itself is a company which makes products to facilitate payments for enterprises. XRP is traded on exchanges and cannot be currently traded as a CFD at Plus500. When trading a CFD, the trader does not own any cryptocurrency.

RippleNet utilises the token XRP, which can be considered a cryptocurrency as it is a digital currency using cryptography with an underlying distributed electronic ledger. RippleNet makes use of XRP to eliminate what is called pre-funding, whereby a cross-border payment needs to be converted into a destination currency first and held in an account. Instead payments are converted into XRP and then converted into the destination currency.

RippleNet utilises xCurrent to settle cross border payments and xRapid to provide XRP liquidity. xRapid uses a cryptocurrency exchange to convert the local currency to XRP, makes use of the XRP Ledger to send it to the destination country, then converts XRP to the local currency and sends it to the benificiary. xVia is the interface used to make these payments by businesses. Thus RippleNet can be seen as aiming to solve issues in cross border payments for emerging markets, as well as providing a digital payment system for enterprises based on a distributed electronic database.

xVia, xRapid and xCurrent are made by Ripple, which is a San Francisco based company with offices around the world. XRP is traded on cryptocurrency exchanges. When trading XRP as a CFD (Contract For Difference), the trader does not own any XRP and does not trade on an exchange. Rather they trade contracts with their CFD provider which let the trader speculate on the price movement of XRP. The value of an XRP CFD is based on the value of XRP on exchanges.

Plus500 offers CFDs on Forex, Indices, Energies, Soft Commodities, Options, Shares, ETFs and Cryptocurrencies, with 2000+ available. Plus500 provides a range of cryptocurrency CFDs to trade, namely CFDs on Bitcoin, Ethereum, Litecoin, Bitcoin Cash, NEO, EOS, IOTA, Stellar, Cardano, Polygon, VeChain, Solana, Polkadot, Axie Infinity, Uniswap, Filecoin and Chainlink, but not currently Ripple. These can be traded on its web trader and apps. The trader can use the platform's charting tools including 115+ technical indicators. The web trader has a particularly clear layout, aiming to create a more intuitive trading experience. Cryptocurrency CFDs can be traded 24/7 at Plus500, with a short break on Sundays. The trader may try Crypto CFD trading initially on the demo which may be signed up for in the following form.