How To Buy Ripple (XRP)
Discover the secrets and peculiarities of one of the top-used cryptocurrencies in the world, which intends to continue its momentum by ousting the current money transfer systems, and becoming more and more integrated with the banks.
Why invest in Ripple (XRP)?
Ripple and its XRP token are an effective solution for the current banking sector and system. Its purpose remains relatively simple: to move money quickly and cheaply. In addition, XRP has scope for upside through a potential partnership between Ripple and Amazon.
What are the benefits of buying Ripple (XRP)?
Investing in the Ripple can quickly become interesting when considering certain criteria. The benefits of this cryptocurrency include:
- 3.5 seconds to move money around the Ripple network, thanks to high frequency, simultaneous transactions (10,000/second versus 7 for Bitcoin).
- A real transformation of financial institutions: banks will adopt blockchain technology and use it to carry out their missions more quickly. We’re talking about interconnection using a single protocol separate from the Swift protocol.
- Banks are integrating Ripple technology for payments, which is becoming attractive to institutional investors.
- The XRP blockchain has one of the top market caps, just behind Bitcoin and Ethereum. It is therefore accessible on the main cryptocurrency platforms, as it is very popular.
- Cheap in energy, because XRP tokens are pre-mined. For example, BTC takes up lots of energy with each transaction, because they must be mined using its proof-of-work protocol.
- With Ripple technology, we can now manage the identity of the parties that are exchanging. This confidentiality is a guarantee of security.
What are the risks of buying Ripple (XRP)?
Ripple’s technology, while it is groundbreaking in international transactions, has some drawbacks:
• Its pseudo-decentralisation: some claim that it is not really decentralised, as it is partly controlled by the RippleNet network (its payment and exchange network), unlike other fully decentralised cryptocurrencies.
• The XRP token is still little-used, so it is difficult to predict any significant increase in its value.
• Like any cryptocurrency, the risk is high. Before getting started, it is essential to DYOR and fully understand this asset.
• Banking transactions have nothing to do with Ripple, as banks and institutions do not need to use XRP to complete them. There is a risk for XRP owners of being left behind.
• As Ripple is not a public company, there are no Ripple shares to buy. The question is whether the XRP token itself could pay dividends afterwards. These two points are unanswered questions facing XRP owners looking to profit from its long-term bullish trajectory.
On which platforms can I buy Ripple (XRP)?
Several online trading platforms offer XRP. You should take your time and choose the one that you feel is the safest, in order to avoid scams and fraudulent sites, which are, unfortunately, numerous.
What are the criteria for selecting a good platform?
In order to invest in Ripple and trade in a completely secure manner, a bit of groundwork is necessary in order to find the most secure site. To find the right one, you will have to compare it against the following points:
- Number of users
- User reviews
- Payment methods
Everything should be taken into account, and as a reminder, this is an investment – so the risk of a potential loss of money is not just possible, but high.
Note: The price of Ripple fluctuates greatly on a daily basis.
How can I buy Ripple (XRP) on eToro?
In order to invest in Ripple through eToro, you will first need to visit the site and register by creating an account. To do this, you will have to provide the required information for their KYC obligations. The following steps boil down to:
• Choose the desired payment method: credit card, Paypal, etc.
• Deposit funds
• Place an order by clicking on “Markets”
• Navigate to “Crypto”
• “XRP Ripple”
• Set the amount of Ripple you want to buy
“Open order”, which will validate the purchase order and finalise the order
How can I buy Ripple (XRP) on Binance?
As of writing, Ripple (XRP) cannot be purchased directly with a currency on Binance. Therefore, you will need to trade it for another cryptocurrency:
• Bitcoin Cash
• Ethereum, etc.
If you do not have other cryptocurrencies, you will need to buy some first so that you can exchange them for Ripple (XRP) later.
Start by going to the Binance site, registering and creating an account by clicking “Register“. Fill in the required information and, after completing the registration form, verify your account using the email that will be sent to you.
Once registered, find the “Wallets” tab and click on it in order to deposit the cryptocurrency of your choice, purchased previously and not yet present on the platform, which will serve as an exchange against Ripple (XRP). Then click on “Deposits”.
Say you have Bitcoin, which you want to trade for Ripple (XRP). Search for “Bitcoin” in the search bar, then select it. In order to proceed with the transfer, Binance will generate a wallet address, which will serve as a link to the wallet where your BTC were stored. Then:
• “Copy” the new address
• Access your old wallet
• Send it to this new address by pasting the link
The transfer will then begin, and should take around 20-30 minutes. Once the transfer confirmation has been received, you can finally proceed to exchange your cryptocurrency. You must find and go to the “Trade” tab, then “Basic” in order to access the page for transfers between cryptocurrencies.
The next step is to find the pair of cryptocurrencies you want to trade, here “XRP / BTC“, knowing that we own and want to trade our Bitcoin (BTC). Then select the pair, then enter the amount you want to trade. The BTC / XRP price will show up, and you just need to enter the amount of XRP you wish to buy. This can even be done as a percentage:
Once this data is entered, the Ripple (XRP) value will automatically appear in the box blow for you to double check. Simply click on “Buy XRP“. Congratulations, the operation is complete, and you are the proud owner of some Ripple (XRP)!
How to buy Ripple (XRP) on Coinbase?
Start by opening Coinbase and create your account by clicking on ”Get started“. Fill in the required data and have your identity verified by providing a valid identity document with a photo:
•National Identity Card
Once your account is created, you can start buying Ripple (XRP) directly with your credit card. You are finally ready to buy Ripple (XRP) on Coinbase, which as you may have seen offers a quick and easy to use purchase interface.
What payment methods can I use to buy Ripple (XRP)?
It is possible to buy Ripple (XRP) using a number of different payment methods. However, not all sites accept all payment methods. It therefore varies depending on the site you have chosen. Find out below the different payment methods available to you to buy Ripple (XRP) in general:
• Credit or debit card: check the charges applied to avoid any unpleasant surprises
• Neteller, a fast and secure online payment system
• Skrill, a platform for paying and sending money online, as well as for speculating in various currency markets, including cryptocurrencies
• You can also use cash in some cases
For this last point, it is essential to add a bit of an explanation. Why? Because to buy a cryptocurrency in person, you will have to buy Bitcoin for cash and then convert them into Ripple (XRP). It is not yet possible to buy Ripple directly with cash. This feature is in the pipeline, but you will have to settle for this intermediate method through Bitcoin for now.
TheCoinTribune’s opinion on the best way to buy Ripple (XRP)
TheCoinTribune recommends that you first do some careful research before going down the Ripple (XRP) rabbit hole, via any platform. If you are just getting started and are overwhelmed by the complexity involved in investing in such markets and such trading sites, look for the following:
• Ease of use
If you’re new to the business, consider the easiest way to get started: a site like eToro, which has nearly 10 million users, and claims to be the world’s leading investment and trading network. The good feedback about it tends to confirm this reputation.
If you don’t own any cryptocurrency and want to buy Ripple (XRP) for the first time:
• Look for direct purchase rather than trading for another cryptocurrency.
• Rely on user reviews.
• Don’t worry about taking your time, the goal being not to invest quickly blindly and place your money on a site which could prove to be a scam or not very secure.
TheCoinTribune does not in any way encourage you to try out trading if you are new to it, as you are likely to lose a lot of money very quickly. However, thanks to our advice and guides, we hope that you can approach the subject more calmly and that as you gain more knowledge of the subject, you can invest.
Buying or investing in cryptocurrency is now easy thanks to the multitude of platforms available for:
In recent years, the cryptocurrency boom has continued to gain momentum, attracting even the world’s largest banking and financial institutions, which proves how disruptive they are.
Even if it is impossible to predict the evolution of the price or the market cap of a cryptocurrency, and even if some see it only has one more method of unnecessary speculation, we must recognise the genius of Ripple for setting up a quick and secure service.
Ripple and XRP likely have a bright future ahead of them, as some see it as the winning and most reliable digital currency in the long run, ahead of Bitcoin and Ethereum. True, it does have a solid use case; however, its success is not certain, since no one can concretely predict the future of cryptocurrencies. Remember: “Only invest what you are prepared to lose”.
Just your average global millennial embracing, and interested in, the future of money and finance. Excited by blockchain tech as well as fintech but have a special passion for DeFi and Yield Farming, what will this technological disruption bring next?