Even though we’re knee-deep into a bear market,
present incredible profit opportunities. Traders in this relentless industry utilize the market downturn to accumulate value and make gains, despite the price action.
Two incredibly popular coins that provide such opportunities are LTC and XRP. In this article, we will analyze both and give you a rundown of the basics for each of them. We will also provide you with a guide on crypto exchanges and present you with several foolproof choices on how to exchange LTC to XRP.
What You Should Know About LTC and XRP
LTC and XRP are quite disparate cryptocurrencies from a fundamental standpoint. They cater to different audiences and serve different purposes. Let’s have a detailed look at their main principles.
What’s Important About LTC
Many consider Litecoin to be the first ever alternate cryptocurrency. Released way back in 2011, Charlie Lee forked the Bitcoin code to create a lighter and faster version of the original cryptocurrency.
To achieve this feature, Litecoin processes block 4x times faster than BTC. At the same time, it has 4x the maximum supply. As one of the pioneers of the industry, Litecoin has proven itself as one of the most efficient forms of digital payments. Since it offers fast transactions, LTC has seen adoption by thousands of merchants worldwide, both online and in-store.
The crypto community often compares Litecoin to silver, in the narrative where Bitcoin is gold. It’s less scarce than BTC but provides more utility as payments. Ongoing development on the Litecoin blockchain is implementing additional privacy features to the coin. In this regard, it will be able to compete with privacy-focused coins like Monero or Zcash.
In 2021, even after a decade following its release in the market, LTC managed to record a new all-time high — $386 per coin.
XRP is the native token of the Ripple payment network, which came into the market in 2013. The Ripple network is a utility-focused platform that caters to financial institutions and enables them with fast payment cross-border processing.
The XRP token is used to pay for the fees on the network or for transferring value. The idea behind Ripple is to replace expensive cross-border money transfers and provide banks with a sustainable and cost-effective alternative.
To achieve this, Ripple issues IOUs and allows the tokenization of any real-world asset on the network. Then, institutions can transfer these digital assets at minimum costs over the Ripple net.
That said, Ripple has been in an ongoing lawsuit with the SEC, which accuses them of selling unregulated securities. However, the lawsuit is slowly coming to an end and Ripple is favored to win. If the company wins the lawsuit, this could jumpstart a price rally for XRP that could bring it back to its $3.37 all-time high from 2018.
Types of Exchanges to Consider
To exchange LTC for Ripple, you will need to use a centralized exchange platform. However, there are different types of these, and you can choose between:
- Trading platforms that offer fiat on-ramps require extensive identification procedures.
- Anonymous exchanges that do not offer fiat access but don’t require KYC.
Another thing to consider is the LTC/XRP trading pair. Very few exchanges will allow you to swap between these two tokens directly. Instead, you will need to go through an intermediary coin like BTC or USDT, which inevitably increases the trading fees. Fortunately, some anonymous exchanges like Godex will offer direct LTC to XRP swaps.
Swap LTC for XRP at Godex
The Godex exchange provides users with a beginner-friendly interface that requires no specific knowledge of cryptocurrencies or trading tools. Moreover, there’s no registration process, so you can swap your coins immediately after visiting the website.
Here’s how to proceed:
- Visit Godex.io
- Choose your currencies — LTC on the left and XRP on the right.
- Next, provide the amount of LTC you wish to swap for XRP.
- Paste your XRP wallet address in the required field and send LTC to the exchange at the address provided in the payment process.
That’s all it takes to swap LTC for XRP on Godex. It shouldn’t take more than a few minutes to complete the exchange and receive XRP directly in your wallet.
Important to Remember
Litecoin is the first altcoin and has a strong community of supporters. Nevertheless, its popularity is slowly decreasing. XRP has incredible upside potential following the SEC lawsuit, making it an LTC to XRP exchange and a profitable venture. Godex will provide you with a secure and anonymous platform for exchanging these tokens, without any extra steps or complicated procedures.