When it comes to cryptocurrencies, selecting a cryptocurrency to invest in is a major issue. The issue further intensifies with new cryptos being introduced every day in different markets. While most of the world believes Bitcoin to be synonymous with cryptocurrency, there are other cryptos like Ripple (XRP) and Ether that one can trade with to diversify one’s financial portfolio.
What is XRP?
XRP is the native token created by Ripple, a US-based company, and is on par with some of the major cryptos like Bitcoin, Ethereum, etc. Simply put, Ripple is a real-time gross settlement system (RTGS), while XRP is its native currency. Ripple is also an exchange and remittance network supporting cross-border money transfers.
An Overview of XRP
XRP is an open-sourced, decentralized XRP ledger or blockchain-based digital currency that was specifically created for payments. XRP is the quickest and efficient means for carrying out international or cross-border transactions that are mostly free on the Ripple platform.
The Ripple team states that both XRP and the XRP Ledger are used for powering some of the innovative technologies across the payments landscape. Whether for cross-border payments or decentralized finance, many businesses are already using XRP.
XRP is the quickest and reliable means for sourcing liquidity on demand for financial institutions. XRP can be leveraged for uses that range from e-commerce and micropayments to P2P networks and exchanges (both crypto and fiat.) In fact, some banks, like Santander, Axis Bank, Yes Bank, Westpac, Union Credit, etc., have already adopted the Ripple platform.
How to Buy XRP or Ripple?
Ripple (XRP) can be purchased on most of the exchanges globally. Apart from exchanges, you can also buy XRP from online cryptocurrency brokers and cryptocurrency wallets.
Buying XRP from cryptocurrency brokers is different from exchanges as there is no interaction with other traders in the former. Online cryptocurrency brokers typically offer XRP from the broker’s asset stocks. Cryptocurrency brokers selling XRP or other cryptos have many payment methods to choose from. However, the charges are quite high when compared to exchanges. Examples of crypto brokers selling XRP are Pepperstone, easyMarkets, etc.
Cryptocurrency Exchanges
Exchanges are of two types; you can buy currencies directly from the exchange or other traders (P2P exchanges.) Cryptocurrency exchanges offer better crypto trading tools and features and are believed to be ideal for purchasing XRP.
Below, we have listed some of the best options to buy XRP.
- Changelly and Binance are two exchanges that allow users to exchange or convert other cryptos like BTC, ETH, etc., to XRP.
- To buy XRP using your credit or debit card, CEX.io and CoinBase are some viable options. CoinBase and Bitstamp also support XRP purchases via bank transfer.
- Some of the exchanges where you can buy XRP using fiat currency include Kraken, Bittrex, EXMO, eToro, BTCBIT, CEX.io, etc.
Cryptocurrency Wallets
Cryptocurrency wallets enable users to store, send, or receive cryptocurrencies digitally. These wallets can be physical or hardware wallets like Ledger Nano S, TREZOR Model T; or online wallets like Toast Wallet; or software wallets like Edge, Exodus, etc.
Some cryptocurrency wallets also offer crypto exchange services like the Abra Wallet. Most exchanges also offer wallet services, for which they may or may not charge an additional fee.
When buying XRP via wallets, the primary step is to make sure if the wallet is XRP compatible or not. You can either choose an online wallet or a hardware wallet that stores XRP from the options provided above.
Key Considerations
To buy XRP via crypto wallets, you need to download the wallet in the case of software wallets or buy the device in the case of a hardware wallet. Online wallets require you to complete the registration and verification process.
Most wallets do not have the option of resetting passwords. So losing one is akin to losing your cryptos.
Crypto exchanges are the ideal choice for buying XRP. However, one must consider the payment methods supported by the exchange. For instance, if you want to buy XRP using your credit card, opt for an exchange offering credit card XRP purchases.
The key steps involved in buying XRP via exchanges are
- Registration: Register by filling a simple online application form for creating your account. Some exchanges also have a verification process to complete the registration; others do not.
- Funding the account to buy or exchange XRP.
- Buying XRP using any of the payment methods or exchanging it for other cryptos.
How to Buy Ripple with USD?
Bitstamp, Coinbase, Bitsane, Kraken, CEX.io, EXMO, etc., are some of the exchanges and wallets where you can exchange XRP for USD. CoinMama exchange also supports XRP trading. However, the site cannot be accessed by residents of the United States.
As stated earlier, some exchanges allow users to buy XRP using fiat currency (fiat-to-crypto exchange), while others allow you to exchange XRP for other cryptocurrencies (crypto-to-crypto.) Thus, depending on your requirement, you can choose an exchange accordingly.
Final Words
XRP is the cryptocurrency of the Ripple network platform; an exchange and a remittance network. One can buy or exchange XRP on various exchanges. Some crypto wallets used for storing, sending, and receiving cryptos are also an ideal choice for buying XRP. Cryptocurrency brokers provide a better user experience and multiple payment options for buying XRP and other cryptos—they enable users to buy XRP at a considerably lower fee. However, if you want to buy ripple(XRP) then you have to go through ripple price prediction first, where you will get to know whether it is an ideal time to invest in it or not.
