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Ripple is a payment network (RippleNet) and a cryptocurrency (XRP). RippleNet is designed to connect major banks and other large financial institutions and allow them to send fast, secure and affordable transactions all over the world.
XRP is the currency used for all transactions in the Ripple payment network. One of the top five cryptocurrencies in the world in terms of market capitalisation, XRP is widely traded on a range of global exchanges.
To find out how the Ripple network works and how you can buy XRP, keep reading.
XRP is available on an extensive range of cryptocurrency exchanges, including the following:
If you want to buy XRP, here’s an example of how to do it:
XRP is listed on a wide range of exchanges, so search for an exchange that offers your desired XRP pairings. You can then register for an account by supplying your email address and setting up a password.
At this stage of the process, some exchanges will allow you to start trading straight away. However, other exchanges will need further information to satisfy Know Your Customer (KYC) requirements, in which case you’ll have to provide your name, contact information and proof of ID.
Before depositing any funds, you should also enable two-factor authentication on your account for increased security.
Many cryptocurrency exchanges don’t allow you to exchange Indian Rupees (INR) or other fiat currency for XRP. If this is the case on the platform you choose, you’ll need to first use your INR to acquire a crypto that’s listed in a currency pairing with XRP, such as Ether (ETH) or bitcoin (BTC), and then exchange it for XRP.
Click the “Buy/Sell” link on the account dashboard page and search for “XRP”. Click on “Buy XRP” and you’ll get an option of specifying the amount of XRP you want to buy.
You can then review the full details of the transaction, including the amount of XRP you’re buying and the total cost, before confirming the purchase.
The process for selling XRP is quite similar to the buying process outlined in step 3. Just remember to look for the “Sell XRP” option and enter the specifics of your transaction. In addition, make sure you’re aware that XRP may not be listed in a pairing with your chosen currency, so you may need to first exchange it for a widely-traded crypto before you can acquire the coins or tokens you want.
While you do have the option of storing your XRP holdings on a cryptocurrency exchange, this is usually not recommended due to the security risks involved. Instead, it’s usually safer to move your XRP into a secure wallet for storage. There are several wallets compatible with XRP, including the following:
Launched in 2012 by Ripple Labs, Ripple aims to facilitate global financial transactions by providing an enterprise-grade blockchain solution for global payments. RippleNet is designed to connect banks, payment providers, digital-asset exchanges and corporate entities to allow for real-time payments anywhere in the world.
Ripple is built on a distributed ledger network which requires various parties to participate in validating transactions. This network is made up of private blockchains, called gateways, which financial institutions, companies and governments use to access RippleNet.
XRP is the currency used in the payment network for all transactions. Transactions through the Ripple network can be processed within four seconds. It’s 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.
It offers three main solutions for banks and other corporate entities:
Cryptocurrencies are complicated and speculative, not to mention known for their volatility. With this in mind, you’ll need to carefully research any cryptocurrency before you buy and assess all the risks involved with these digital assets.
If you’re thinking of purchasing XRP, consider the following factors first:
Consider all these factors and any other potential risks before deciding whether you should buy XRP.
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