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US District Judge Analisa Torres ruled that Ripple Labs violated no federal securities laws by selling its XRP token on public exchanges, marking and end to the yearslong legal battle between Ripple Labs Inc and Securities and Exchange Commission (SEC).
This ruling is a landmark legal victory for the cryptocurrency industry, as it will likely set a precedent for a number of other crypto coins and tokens being labeled commodities and not securities.
Centralized crypto exchanges in the US may now fall under the purview of the Commodity Futures Trading Commission (CFTC) and not the Securities and Exchange Commission (SEC), which has been hostile to crypto exchanges.
Centralized cryptocurrency exchanges like Kraken and others have relisted XRP in the wake of this ruling.
Ripple (XRP) launched in 2012 with a bold mission to shake up international remittances by using cryptocurrency to help people move money around the world. XRP has a loyal following which helped it reach an all-time-high price of $3.40 in January 2018.
While this has helped make XRP the #5 crypto by market cap, Ripple is still a highly volatile asset capable of major price swings in a single day.
Today XRP is trading for $0.620086, which is slightly up from yesterday's trading price of $0.6102114965. Ripple's seen an increase of 61% over the past year.
So before you buy Ripple, make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Ripple in the US.
To buy XRP all you'll need is a smartphone or computer, an internet connection, photo identification and a way to pay.
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts US dollars, like Coinmama or eToro.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
XRP (XRP) was launched in 2012 by David Schwartz, Jed McCaleb and Arthur Britto. It was designed as a digital payment network to reduce the cost of international payments.
The XRP Ledger is an open-source and peer-to-peer decentralized payment gateway that aims to provide "utility for the new global economy". XRP is an asset on this network and is used by the company Ripple for cross-border settlements.
It acts as an infrastructure layer that supports low-cost, borderless transactions and allows for transferring money and cryptocurrency.
Unlike other cryptos such as BTC and ETH where new blocks are generated via mining or staking, XRP pre-mined 100 billion tokens at its launch.
These tokens were distributed to individuals and companies – which has called into question how decentralized XRP truly is – as a large majority are held by just a few entities.Read our beginner's guide to how XRP works
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not USD.
If you want to buy XRP with US dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in the US and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Once you've set up your account, you'll need to deposit funds to buy XRP with. We've listed out some popular ways to buy XRP and what you should know about each payment method.
Most exchanges let you buy as little as $5 worth of XRP, if not less. Just type in how much you want to spend in USD and let the exchange work out the rest.
Some platforms only offer 1 way to buy XRP, while others provide several choices. The 2 most common ways to buy XRP are on the spot market or with an "instant buy" feature.
If it's your first time buying XRP this will be the fastest method – but also the least cost-effective.
You'll usually find the instant buy section under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of XRP you want to buy, or US dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on XRP's market rate in exchange for the convenience.
If you see colorful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for XRP on the open market. It's usually the cheapest way to buy XRP because it lets traders set their own price.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
There are dozens of different trading platforms to choose from when buying XRP in the US, so to help you find your best option, keep these factors in mind:
Crypto exchanges founded and based in the US are required to register with the Financial Crimes Enforcement Network (FinCEN), a division of the US Department of the Treasury. This bureau safeguards the US financial system by working to prevent money laundering, terrorist-financing activity and other financial crimes.
FinCEN-registered exchanges contribute to a more secure financial system in the US and provide you with better consumer protections compared to exchanges based in other countries.
Other reasons for using a FinCEN-registered exchange may include the following:
You shouldn't invest in any asset, including XRP without doing plenty of research first. Before you buy XRP, make sure you understand and weigh up these risks:
Finder's panel expects the XRP price to trade as high as $0.90 by the end of December 2022 from the current price of $0.53. However, should XRP lose its case with the SEC the panel expects its value to drop to $0.24. Unfortunately for investors, we won't know the outcome of the case until 2023.
Looking further down the road, the panel estimates XRP's value to hit $3.81 by the end of 2025 if XRP wins the lawsuit or $0.98 if it doesn't win.
Compare today's price of XRP ($0.620086 USD) against its all-time high (ATH) price of $3.40 USD on January 07, 2018. The closer the bar is to 100%, the closer XRP is to reaching its ATH again.
If you hold XRP as an investment, you'll be taxed on any capital gains you make when you sell it — which includes spending it on goods and/or services. In the US, tax obligations also apply to mining, professional XRP trading and in a range of other scenarios, so make sure you're fully aware of what you need to report to the IRS.
If you want to buy XRP, start by comparing a range of crypto brokers and exchanges available in the US. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Use an exchange registered with FinCEN for added peace of mind.
Remember that owning and using XRP is not without its risks. Carefully consider investing in XRP as part of a wider strategy, and talk to a financial advisor if you have any questions.
Once you've bought some XRP, think about what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.
You cannot currently buy XRP on Coinbase in the US. Coinbase delisted XRP in January 2021, soon after the U.S. Securities and Exchange Commission (SEC) alleged that XRP was a security and charged XRP's parent company — Ripple — with violating securities laws.
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Disclaimer: Cryptocurrencies, including XRP, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of XRP is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the XRP or any other cryptocurrency discussed.
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