Best Ways to Make Passive Income With Crypto
The market of digital coins offers over 20 000 crypto assets, which are placed in the Coinmaketcap’s ranking. Looking at the top traded coins, we can see the XRP crypto ranked 7th. The Ripple currency has over $17 billion market capitalization, and its price is $0.34. In this article, we will talk about the best passive income crypto.
What is Ripple Currency?
Ripple Labs is a project aiming at facilitating currency conversion and transferring processes for financial institutions, businesses and individuals. The XRP token acts as a middle layer for fiat and crypto assets converted and delivered to any point on the globe. The asset is traded and staked on crypto platforms.
Let’s see how to receive crypto passive income.
What is Staking?
Staking is the way to generate income from holding crypto on the network. Some digital coins are developed based on the Proof-of-Stake mechanism, for example, SOL coins. Locking those assets on the Solana network allows its owners to get more SOL coins in return. It is popular to gather in staking pools and stake a large number of coins, thus, people receive much more staking rewards and then share them.
Crypto coins that are not developed on the Proof-of-Stake consensus can also be staked not through the network but through crypto platforms. For example, WhiteBIT and Binance allow for this option. It offers crypto lending, meaning you may put a number of XRP tokens and pick a period of locking. Depending on that period and the number of coins, your rewards will vary. There are 40 crypto lending plans to pick from. On the platform, you will find a staking calculator, where you may enter a different number of XRP, pick different lock periods, and see what bonuses you get eventually. It is recommended to start with a small number of tokens and a short period for lending.
XRP is a good asset for crypto passive income because it has a large market capitalization, and its price is not very volatile. So you may lock the Ripple currency on WhiteBIT and receive more XRPs in return.