How to Buy Ripple (XRP)? Ripple (XRP) is a payment network designed to serve the financial services industry. It is a relatively popular cryptocurrency, which has been ranked in the top ten in terms of market value. XRP aims to make payment transactions faster and cheaper, and its settlement cost is only a small part of the traditional method. XRP is one of the more ambitious cryptocurrencies designed to revolutionize the global payment system and the digital economy.
The advantage of Ripple (XRP) is to confirm transactions every three to five seconds. Ripple is the company behind XRP. In the past few years, it has experienced many brand remodeling efforts. It was first launched in the name of opencoin in 2012, renamed ripple labs in 2013, and then established ripple at the end of 2015.
What is Ripple (XRP)?
Ripple is a centralized blockchain protocol/ledger designed with a specific use case in mind: allowing banks to settle global cross/interbank transactions cheaply, efficiently and securely via the blockchain.
The Ripple ledger was conceptualized and developed in 2012-2013 by software developers Ryan Fugger and Jed MacCaleb. They founded RippleLabs, a San Diego-based legal entity that controls and operates most of the 100+ nodes of the RippleNet blockchain.
Ripple is a centralized/permissioned ledger and blockchain network. All participants / nodes of the network must manually be approved by RippleLabs, the network operator. To this day, over 80 Ripple nodes are run by RippleLabs itself while some are run by Ripple partners/client banks like Santander, Bank of America, Siam Commercial Bank (SCB).
This is in stark contrast to Bitcoin, a decentralized peer-to-peer-currency where anyone can download the Bitcoin client anf participate and join the network (permissionless).
The distribution method varies too, as all 1.000.000.000 XRP tokens were pre-mined at token generation event. Hence, all XRP tokens have already been issued; a large part of them however is held as a reserve by RippleLabs and hence not in circulation. There is no ongoing mining process in the Ripple network, all transactions still have to be validated by the permissioned RippleNet nodes.
How Does Ripple (XRP) Work?
The mission of Ripple’s blockchain infrastructure, RippleNet, is to provide banks with quick, low-cost and simple cross-border transactions. As a result, it is a viable alternative to the current international payments system used by most banks, which is the Society for Worldwide Interbank Financial Telecommunication.
To verify transactions, the XRP cryptocurrency employs a consensus system involving several bank-owned servers. Validators verify that proposed transactions are valid by comparing them to the most recent version of the XRP Ledger. A transaction must be accepted by the majority of validators to be verified.
RippleNet provides a multitude of cross-border payment solutions for businesses and financial institutions.
Why Buy Ripple (XRP)?
The financial world is unpredictable. Every investment has its fair share of ups and downs. And digital assets like XRP are no exception.
XRP or Ripple’s future is currently questionable due to the lawsuit with SEC and previous delisting among several major exchanges. However, should XRP be able to settle this lawsuit, it can create an even stronger bull run.
Thus, XRP is an excellent choice for a thematic investor who buys digital currencies based on a top-down investment approach to diversify their portfolio.
XRP’s low price has opened up an affordable entry and investment opportunity with higher returns. In addition, the use of XRP across the Ripple network for ultra-quick currency transfers at a lower fee further strengthens its position. The vast acceptance of RippleNet at over 100 multinational banks increasingly proves its credibility.
Although we think XRP is a good investment overall, investors definitely need to weigh the pros and cons. It may not be suitable for everyone to invest in XRP. Ultimately, it depends on your appetite for risk.
How to Buy Ripple (XRP) in 4 Simple Steps
- Step 1: Decide where to buy Ripple (XRP).
- Step 2: Think about how to store your Ripple (XRP).
- Step 3: Make your purchase.
- Step 4: Manage your investment.
How to Buy Ripple (XRP) on a Crypto Exchange
We can buy Ripple (XRP) on safe crypto exchanges. XRP was built as a bridge currency to connect financial institutions such as banks, payment providers, and digital asset exchanges to help settle transactions in real time while cutting down on costs.
However, XRP’s speed and efficiency is most significant to companies and platforms within the financial services industry. Everyday investors may want to buy XRP because they believe it will become more widely adopted, and therefore valuable, in the future. Unlike Ethereum and other smart contract blockchains, XRP isn’t used for nonfungible tokens (NFTs), gaming, metaverse purchases, and other fun applications. Owning XRP doesn’t have the same applications as owning ETH.
- Step 1. Create a Coinbase account
Download the Coinbase app and start the sign up process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.
- Step 2. Add a payment method
Tap on the payment method box and connect a payment method. You can use a bank account, debit card or initiate a wire.
- Step 3. Start a trade
Press button then select “Buy” from the list of options.
- Step 4. Select Ripple (XRP) from the list of assets
Search for Ripple (XRP) by typing “Ripple (XRP)” into the search bar. When you see Ripple (XRP) show up in the results, tap it to open up the purchase screen.
- Step 5. Enter the amount you want to buy
Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a Ripple (XRP) amount.
- Step 6. Finalize your purchase
Tap “Preview buy” when ready. You’ll be shown the details of your purchase. Make sure everything looks good and then confirm your purchase. That’s it, you’ve bought Ripple (XRP).
- Step 1: Find a crypto exchange or trading platform that offers Ripple (XRP)
There are a number of exchanges that will let you trade your funds for Ripple (XRP). One of them is the eToro trading platform.
- Step 2: Sign up
If you’d like to buy Ripple (XRP) through eToro, all you need to do is sign up, verify your account and make a deposit. From there, you’ll be able to buy and sell Ripple (XRP) easily.
- Step 3: Buy Ripple (XRP)
Ripple (XRP) can be purchased fractionally, so you don’t need to buy a full Ripple (XRP) to own some. For example, if Ripple (XRP)’s price is $10,000, you can purchase 0.1 Ripple (XRP) for $1,000.
- Step 1. Log in to your account or sign up to Bitfinex.
- Step 2. Go to Deposit, choose Payment Cards.
- Step 3. Select the payment processors.
- Step 4. Choose the crypto and enter the amount.
- Step 5. Select the destination wallet and proceed payment
- Step 1: Create your Binance Account
Sign up with your email address or mobile phone number, and choose a strong password. Or, download the Binance crypto trading app from the App Store or Google Play store and open an account there.
- Step 2: Start Buying Ripple (XRP)
There are two main ways to buy Ripple (XRP) on Binance using cash: you can link your debit/credit card or bank account, or buy crypto directly from other users on Binance P2P.
Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Ripple (XRP). Through this method, you can buy Ripple (XRP) for a minimum. (This amount varies depending on the currency you use.)
Buy Ripple (XRP) directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Ripple (XRP) listings to shop the best offers on Ripple (XRP) from other users. With thousands of merchants and hundreds of payment methods available, Binance P2P caters to many regions in the world right now.
- Step 1. Sign Up for KuCoin Account
- Step 2. Secure Your KuCoin Account
- Step 3. Verify Your Identity
- Step 4. Connect Your Account to Funds Fund Your Account
- Step 5. Start Trading on KuCoin
How to Buy Ripple (XRP) With PayPal
- Step 1. Login to Paypal and Select Cryptocurrency
In Paypal website, you should see the option for cryptocurrency in the top right of the dashboard, next to ‘Send’ and ‘Request’.
- Step 2. Select ‘Ripple (XRP)’
Or choose any of the other coins listed.
- Step 3. Select ‘Buy’
- Step 4. Choose How Much You Want to Buy
Enter an amount of dollars you want to spend on Ripple (XRP) or choose a pre-set amount below.
- Step 5. Select Payment Method
You likely already have you bank account linked to you Paypal account, but you can also hook up another method if you don’t want to use your bank account.
- Step 6. Hit the ‘Buy’ button
After finalizing your purchase, you will be taken to a confirmation screen and you should see your coins reflected in your Paypal account dashboard.
How to Buy Ripple (XRP) With a Credit Card
Not all platforms will allow you to use a credit card to make your cryptocurrency purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.
Some credit card companies allowing cardholders to make crypto purchases treat the purchases as a cash advance (cash advances usually involve a cardholder using a credit card to withdraw money from an ATM). This has several critical disadvantages.
- Cash Advance Fees: Some cards treat a cryptocurrency purchase as a cash advance. This means each crypto purchase is subject to a cash advance fee. A typical fee of either $10 or 5% (whichever is greater) would be charged. These fees are in addition to fees charged by the vendor or exchange.
- Cash Advance Interest Rates: Most cards have a higher Annual Percentage Rate (APR) for cash advances—often over 25%. This is a variable interest that changes with the market. Interest will start to accrue on the day the purchase is made and will continue to accrue until the credit is paid off. By comparison, cardholders have up to 25 days to pay off a regular credit card charge before accruing any interest.
- No Credit Toward Rewards orBonuses: Credit used to purchase crypto (and thus make a cash advance) typically doesn’t qualify for any purchase rewards nor toward spending that would normally apply to a welcome bonus.
- Lower Credit Limits: Cash advances often have a lower credit limit than the cardholder’s overall credit limit that applies to the card itself. Cardholders hoping to make big crypto buys may find themselves limited by the cash advance terms and limitations.
Read More: How to Sell Ripple (XRP)?
Buying Ripple (XRP) FAQs
Sending and receiving XRP requires a wallet. An XRP wallet will provide you with the ability to access your funds and sign transactions with a combination of both your private and public keys. Choosing the right wallet will depend on a number of factors, including your cryptocurrency experience and expected investment amount.
What is a Ripple (XRP) Wallet?
- Crypto.com – Best Non-custodial DeFi Wallet
Crypto.com is one of the best Bitcoin crypto current wallets that enables you to buy 200+ cryptocurrencies with 20+ fiat currencies. It allows you to access, manage, and spend your funds anytime. Crypto obtain the highest security and compliance standards.
- Coinbase – Best Wallet for Beginners
Coinbase is a crypto wallet that can be utilized for purchasing, selling, transferring, as well as storing digital currency. It securely stores a wide range of digital assets in offline storage. This platform supports more than 100 countries.
- Binance – Best Wallet with Multiple features
Binance is one of the best XRM wallets that allows you to create a bitcoin wallet and offers a platform for trading more than 150 cryptocurrencies. It also provides an API that helps you to integrate your current trading application.
- Ledger Nano – Best Cold Wallet
The Ledger Nano offers the hardware that supports a multitude of cryptocurrencies. These hardware wallets have an LED display for payment validation and a PIN to confirm the payment. This handheld device is convenient and secure to use.
- Trezor – Best Hardware Wallet
The Trezor hardware wallet helps you to store your bitcoins. You can easily plug it into your computer or smartphone. It helps you to randomly generate a PIN code that keeps the device safe and secure.
- Kraken – Best Wallet with High deposit & withdrawal limits
Kraken is one of the best ripple wallets that offers financial stability by maintaining full reserves, relationships, and the highest legal compliance standards.
Can You Sell Ripple (XRP)?
As one of the world’s largest and best-known cryptocurrencies, XRP plays a vital role to facilitate cross-border payments on the Ripple network. XRP can also be traded on a wide range of exchanges, but if you’re not an experienced trader, working out how to sell XRP safely and at a good rate can be a challenging proposition.
Knowing how to sell XRP is only half the battle, so use our list of exchanges to some of the best places to sell XRP. Sort exchanges by deposit methods and fiat support, then click Go to site when you find the right fit.
Read More: How to Sell Ripple (XRP)?
What is a Ripple (XRP) Address?
Each wallet has its own unique receiving address. This is a sequence of numbers and letters, and a ripple address always begins with an ‘r’.
A receiving address is similar to a bank account number. You can find it in your wallet under the tab or button ‘Receive’. If you want to purchase XRP on our platform you simply copy and paste the address from your wallet onto the order form on our website. Your coins will be sent as soon as we receive the funds.
How to Accept Ripple (XRP) Payments?
In order to add an XRP payment gateway, choose the best payment gateway solution. With NOWPayments, the integration is very simple. The service assists organizations and individuals offering different ways of deploying a payment gateway.
You don’t even need to understand the basics of crypto transactions to start getting benefits raising money for your business. Just do this: sign up for a NOWPayments account, select XRP as a cryptocurrency and add a new API key to use for transactions. Then paste it in the required place for any type of the payment gateway. Let’s look at some types of the XRP payment and donation methods.