Whenever it comes to buying crypto, many factors comes into play. Some of those factors include location and protocol. Some cryptocurrencies seem more difficult to obtain than others. XRP appears to be one of them. Hence, currently, many crypto ecosystems do not accept XRP. However, several ways still exist to buy XRP. So we are here to show you how to buy XRP yourself.
Meanwhile, XRP specializes as a form of payment network designed to serve the financial services industry. It is relatively popular and consistently listed among the top 10 cryptos by market capitalization.
Furthermore, the coun has a design that makes payment transactions faster and cheaper. Thus, XRP completes payments at a percentage of the cost of conventional methods. While Bitcoin transactions may take minutes or sometimes more than an hour, XRP transactions take about three to five seconds for confirmation.
Crypto enthusiast sees XRP as one of the more ambitious cryptos targeted at changing global payment systems and the digital economy.
Additionally, for folks new to XRP, don’t allow the interchangeability of relationships to Ripple and XRP to confuse you. Hence, know that Ripple is the company behind XRP. However, it has gone through several rebranding efforts over the past few years. Initially launched under the name OpenCoin in 2012, it shifted to Ripple Labs in 2013 before it changed to Ripple in late 2015.
What Is XRP?
XRP is a native utility token to the XRP ledger. The ledger created in 2012, had its developers place a cap of 100 billion XRP on the token and gave 80 billion of them to a company now known as Ripple. The company used them to create a fast and global payment system. Later, the company locked about 55 billion XRP in escrow accounts to assure XRP’s supply remained stable.
Meanwhile, Ripple’s XRP Ledger protocol also acts as a decentralized exchange that allows XRP to trade directly with peers. However, XRP is chiefly developed to serve as a settlement layer. Thus, this includes the payment method for international banking transactions but the community also treats it as a cryptocurrency. XRP operates as a sort of informal money transfer platform based on blockchain technology.
In addition, the XRP alliance algorithm depends on trusted sub-networks. These networks include part of a wider validator node spread across geographies. It tends to attain a consensus on transactions. Hence, each node in a selected Ripple network trusts nodes comprised of its Unique Node List (UNL). This design intends to produce a consensus mechanism that a restricted group of bank-owned servers can operate to confirm XRP transactions.
Key Take Away
XRP is the native utility token for the XRP ledger and also for the Ripple payment platform.
While the Ripple payment network facilitates fast and cheap cross-border transactions.
You can buy XRP on various exchanges such as eToro, Binance, Kraken, Huobi Global, etc
Many U.S. exchanges have delisted or temporarily stopped trading XRP.
Where Can I Buy XRP?
Although, many crypto changes and brokers have delisted XRP trading, many still gives access to buy XRP. Below, we’ve listed some of the exchanges that allows you to buy or trade XRP:
How To Buy XRP
Time Needed : 5 minutes
We recommend you carefully follow the steps below to learn how to buy XRP for yourself.
Choose a Crypto Exchange
Every crypto network has its methods of operation. So, you’d need to know the crypto exchanges offering the coin you want to buy (XRP). Also, the currency used in the process. Generally, you can easily purchase XRP with USD fiat than any other currency or crypto.
However, if you choose to buy XRP with another crypto, you’ll have to register with a crypto wallet that supports XRP. Then use the currency on the exchange using the pairs with XRP to buy the crypto.Buy XRP
After you’ve registered and verified with a crypto wallet, the next step includes buying your XRP. Meanwhile, before making your purchase, ensure to carefully research which trading platform satisfies you the best based on security and ease of use. Therefore, DYR (Do Your Research) before opening an account. Once you’ve funded your account, then you can start buying XRP.
Hence, within your selected exchange, find the XRP currency and input the amount you’d like to buy.Store Your XRP
Once you’ve bought your XRP, you’ll require to store it in a safe place.
Meanwhile, XRP has dedicated wallets that require one to hold at least 10 XRP to initiate the wallet on the XRP Ledger. See it as a minimum balance requirement for a bank account.
Each account has to keep aside this minimum amount. However, you can recover this amount by erasing your account.
Tools
- PPC or Phone/Tablet
Materials
- XRP
Ways Of Storing XRP
They exist other ways you can store your XRP after purchasing. They include storing them in different types of wallets which we’ve listed below;
#1. Hardware Wallets
Hardware wallets are common digital asset storage methods. Here, hardware devices store the private keys to the owners’ assets and enable them to interact with the wallet without exposing their data. You can connect these devices to your PC or phone/tablet to transact with XRP. The Ledger includes an example of a hardware wallet that supports XRP.
#2. Paper Wallets
The Paper wallet method of storage is known to be bulky and susceptible to phishing scams. For paper wallets, we use private keys to send funds. With this technique, you simply print your private keys and recovery passphrases on a piece of paper and then store them for safekeeping.
#3. Software Wallets
We also consider the Software wallets as Desktop wallets or Hot wallets. They include programs downloaded to store your crypto asset. They also have mobile wallets interfaced with managing crypto assets. However, they often criticize this method for safety concerns since most of these wallets function over the internet. One example of a mobile wallet that supports XRP is Trust Wallet.
#4. Crypto Exchanges
Many exchanges that trade XRP will allow you to store your it there. We’ve listed some of them above.
What Can You Purchase With XRP?
One significant use of XRP include the fact that one can use XRP to exchange between fiat currencies instead of directly exchanging currencies through a traditional financial institution. This tends to be a much faster and cheaper approach compared to paying the high fees banks and money remittance organizations charge.
Frequently Asked Questions About How To Buy XRP
What Is XRP?
XRP is the utility cryptocurrency native to Ripple’s open-source blockchain network.
Is XRP a Good Cryptocurrency?
XRP is modeled as a utility token to be used within the Ripple blockchain and payment platform. Initially, XRP was not intended to be used as a cryptocurrency, however, the investing and cryptocurrency communities are using it for holding, trading, and exchanging. Meanwhile, it’s not as popular as Bitcoin (BTC) or Ethereum (ETH).
How Is XRP Used?
We use XRP as a settlement layer for financial institutions to make cross-border transactions quickly and less expensive.
Is it better to buy Bitcoin or XRP?
This question may seem invalid because Bitcoin and XRP are not in direct competition with one another. While Bitcoin functions as a payment system and store of value, XRP provides its cross-border transaction platform to banks and financial institutions. As such, if you wish to vary and you have conducted adequate research, you might consider gaining exposure to both cryptocurrencies.
Conclusion
Finally, the Ripple network is undergoing difficult times momentarily which has suppressed its growth. Irrespective of the downside XRP experience as of the time of this publication it still maintains a strong stand in the crypto sphere. So deciding buy XRP now and hold long term is not a bad idea.
Hence, endeavor to follow our guide on how to buy XRP to secure yours now.