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As one of the world’s largest cryptocurrencies by market cap, XRP (XRP) is one of the most traded currencies on global crypto exchanges. The native asset of the open-source XRP Ledger, XRP is designed to facilitate fast and affordable transactions between the world’s different fiat currencies.
XRP is most famously used by cross-border payments provider Ripple, and currently you can only buy XRP on a handful of exchanges in the US.
XRP is currently only available on a few cryptocurrency exchanges in the US, including:
If you’re a cryptocurrency novice, you’ll most likely find that buying XRP with fiat currency is the easiest and most convenient option. However, you can find simple, step-by-step instructions below on how to buy XRP with either fiat or digital currency.
If you want to buy XRP with US dollars, here’s one example of how you can do it:
Step 1. Register for an account with an exchange like Crypto.com
While you can buy XRP on a wide range of exchanges, your choices in buying XRP with US dollars (USD) are limited. Crypto.com, however, allows you to do so, and you can register for an account by providing your name, email address, mobile number, proof of residency, social security number and proof of ID.
Remember to enable 2-factor authentication for increased security.
Step 2. Deposit funds into your account
Once your account has been verified, log in and go to your account, click “Funding” and then “Deposit”. You’ll then be asked to choose your deposit method.
To deposit US dollars, you’ll be instructed to make a deposit wire transfer that must be completed at your bank.
Step 3. Buy XRP
The funds should be available in your account within one to five business days. Once the funds arrive, click on the “Buy/Sell” tab on the screen, search for Ripple and click on “Buy XRP”. You’ll then be able to enter the amount of XRP you want to buy or the amount of USD you want to spend.
Make sure you take a moment to review the full details of your transaction before clicking “Buy XRP”.
Step 1. Register for an account
You can trade XRP on an extensive range of cryptocurrency exchanges, so compare the features of a number of platforms before choosing one that’s right for your needs.
Step 2. Deposit funds into your account
You’ll now need to ensure that the cryptocurrency you’ll use to buy XRP is in your exchange wallet. If it’s already there, skip ahead to step 3.
Choose your desired currency, and then copy the relevant wallet address or scan the QR code. You can then use this address to deposit funds from your external wallet.
Step 3. Buy XRP
Once the funds have arrived in your account you can navigate to the exchange page and buy XRP.
Make sure you take a moment to review the transaction details before you click “Buy XRP”.Back to top
If you want to sell XRP, the process for doing so is quite similar to the buying process outlined in Step 3. Depending on the exchange you choose, it’s possible to exchange XRP for a decent range of fiat and cryptocurrencies, so do your research to find the right platform for you.
However, keep in mind that XRP isn’t listed in trading pairs with every possible currency, so it may not be possible to make a direct exchange for the coin you want.
While you can store your XRP on an exchange if you wish, this is generally not recommended due to the security risks associated with centralized trading platforms. Instead, it’s a good idea to transfer your tokens to a secure, private wallet.
Ripple doesn’t offer an official wallet for XRP, but there are several third-party providers that offer wallet support for this popular crypto. Examples you may want to consider include the Ledger Nano S hardware wallet or a mobile/web wallet like Uphold or Cryptonator.
Unsure about the difference between Ripple and XRP?
Ripple is the name of a US technology company that aims to make it easier and cheaper to send money overseas. Meanwhile, XRP is the native digital asset of the XRP Ledger and is used to facilitate transactions between different fiat currencies.
Ripple is a San Francisco-based tech company that also has offices in New York, London, Sydney, India, Singapore and Luxembourg. Founded in 2012 and currently led by CEO Brad Garlinghouse, Ripple is focused on making it quicker, easier and cheaper to send cross-border payments.
Ripple aims to create a global settlement network that allows for more efficient transactions between financial institutions around the world. Its network, RippleNet, is designed to connect banks, payment providers, digital asset exchanges and corporate entities around the world, linking independent payment infrastructures to allow for fast and affordable international transfers.
And, this is where XRP comes in. XRP is the native digital asset of the XRP Ledger and acts as a bridge currency, facilitating fast transfers between different fiat currencies. Transactions using XRP can be processed within four seconds as opposed to the lengthy waiting times that currently plague international bank transfers.
XRP is also designed to be scalable, making it capable of processing 1,500 transactions per second. This, combined with low transaction fees (currently set at a minimum of 0.00001 XRP per transaction), has seen Ripple strike up partnerships with more than 100 financial institutions.
Ripple offers three main solutions for banks and other corporate entities:
Cryptocurrencies are complicated and volatile assets, so it’s essential that you do your own research before purchasing any digital coin or token. There are a myriad of factors that can potentially impact the price movements of any given crypto, so if you’re thinking of buying any XRP, make sure you consider the following:
Consider all these factors and any other potential risks before deciding whether you should buy XRP.Back to top
Disclosure: At the time of this writing, the author holds ADA, ICX, IOTA and XLM.
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