What are penny cryptos? A look at 2 such cryptos- XRP and Ren

Be the First to Comment Read

What are penny cryptos? A look at 2 such cryptos- XRP and Ren

penny cryptos
Image source: ShutterstockProfessional, Shutterstock.com

Highlights

  • In order to diversify their portfolios, Investors look for cheap and inexpensive crypto investments, offering quick profits
  • XRP was jumping 4.10% at the time of writing
  • Ren’s platform helps in generating cross-chain liquidity

Investing in cryptos seems a rage these days. In order to diversify their portfolios, many tech-savvy investors are looking at these digital tokens which could provide them with a high rate of return in less time and are affordable at the same time.

Hence, come low-cost cryptocurrencies into the picture.

Just like penny stocks, penny cryptocurrencies trade for less than 1$. Though there are several cryptos that are valued under one dollar, a few of them seem promising.

In this article, we will be covering Ren and XRP cryptocurrencies, both of them priced below one dollar.

 cryptocurrency- XRP, Ren

Source: © Perfectvectors | Megapixl.com

XRP

XRP is a payment protocol that makes use of blockchain technology for global money transfers. The platform boasts an extremely fast processing time and offers low transaction fees to its users.

As per its website, XRP settles transactions within 3-5 seconds, while the average transaction fee costs $0.0002 per transaction.

Must Read: 10 best penny cryptos to watch in 2022

It facilitates cross-border payments with its increased speed and efficiency and runs on XRP Ledger Consensus Protocol.

The platform’s native token is called XRP. There are over 48.34 billion XRP coins in circulation while the maximum supply is capped at 100 billion XRP coins.

Also Read: Why are penny cryptos Stellar and VeChain hogging the limelight?

Currently, the crypto is priced at US$0.429, with a jump of 2.22% over the last 24 hours.

One can buy XRP on major crypto exchanges like Binance, KuCoin, Gate.io, Bithumb, Kraken and heaps more.

Ren

Founded in 2017, Ren is an open protocol designed to offer liquidity and interoperability between different blockchain platforms, i.e., the platform is designed to generate cross-chain liquidity by allowing its users to shift their digital assets from one blockchain to another.

REN aims to do away with barriers related to DeFi projects and charges fees for internal operations, most of which are paid to its miners.

Do Read: Stellar (XLM), XRP- 2 cheap cryptos under $1 grabbing eyeballs

Its native token is called REN, which is priced at US$0.1599, gaining 0.610% over the last day, at the time of writing.

Currently, there are nearly 999 million REN coins in circulation, while the total supply is capped at one billion coins.

The crypto is available on most of the top cryptocurrency exchanges like Binance, KuCoin, FTX, Huobi Global, etc.

Bottom Line

The crypto space has seen a meteoric rise in its popularity in recent times, and several investors are drawn to it as they see a quick way to earn profits. However, the crypto industry is marked by a lot of uncertainties. Hence, one should do thorough research about the desired crypto before diving in and must know the risks involved.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Speak your Mind

Featured Articles