How To Buy Ripple (XRP)
Ripple is one of the giants of the crypto ecosystem, and it has shown that in more than one way. The unique selling proposition of Ripple is that it is a financial money transfer network specifically built to serve the needs of the TradFi (Traditional Finance) systems and services.
XRP is the native token tailored to work on the Ripple network specifically and has been continually placed in the top 10 cryptocurrencies by market capitalization for the last few years.
Sounds interesting, doesn’t it? I wanted to take you through an overview of Ripple (XRP) before diving deeper into some of the more detailed reasons to buy Ripple.
What does Ripple Do? Ripple is a payment transfer service, think of Swift but on the blockchain. It can facilitate various assets such as fiat currencies, crypto like Bitcoin and commodities including gold. It has an incredibly low transfer fee making it more enticing than regular bank transfers, especially for international transactions.
Is the Ripple Team Public or Anonymous? There are loads of coins with anonymous creators (think Satoshi!), but Ripple’s is very public. The creators and founders are Brad Garlinghouse and Chris Larsen.
When was Ripple (XRP) launched? Ripple was founded in 2012, which means it’s quite an ‘old’ coin in the cryptocurrency ecosystem.
3 Reasons Why You Should Buy Ripple (XRP)?
There’s honestly loads of reasons to buy Ripple (XRP), but some of them are pretty long-winded and technical. Instead, today I will concentrate on the top 3 reasons to buy Ripple (XRP).
1. Ripple is built to service large banking corporations
Let’s face it – banks aren’t just going to disappear overnight and be replaced by their more efficient crypto counterparts. But, the fact is real when we say digital currencies are here to stay.
This is where Ripple steps in and, with the teams and founders strong technical and financial knowledge, they created a blockchain that has already been adopted by a large number of big banks, including:
- Cambridge Global Payments
- Axis Bank
This makes Ripple the first crypto to be accepted by banking institutions and makes it part of a very select group of cryptos.
If you’re wondering why a bank would use the Ripple system, it’s because they can save an average of $3 per transaction!
The main factor to remember is that you’re still early in this adoption process, and Ripple will only grow more popular as time goes on.
2. The Ripple Investors and Team
I’ve already touched on Ripple’s talented founders, but their true power is in their blockchain development team.
Due to the founders being very well-connected within the traditional finance space, they attracted significant outside investment from venture capitalists and major players.
With crypto in its infancy, they managed to secure $55 million from venture capital in just one round. Since then, the investor tap hasn’t turned off and keeps flowing into Ripple.
One of the most prominent investors is Google! And another famous investor is Andreessen Horowitz, who has invested in popular startups such as Asana, Airbnb, Facebook and Twitter.
If these big investors are backing Ripple, then what’s stopping you?
3. XRP price per coin is low compared to other majors
The crypto market has always been led by the king – Bitcoin, which has hit highs of $62,000 for just 1 bitcoin.
Altcoins such as Ripple (XRP) have more utility and are rising in price and popularity. For small investors, buying crypto is about the ‘feeling’ of being rich and is a stronger psychological point than you may realize.
A typical investor would purchase a ‘cheaper’ coin with the hope that it will hit similar heights to Bitcoin than buy a fractional part of a bitcoin!
This doesn’t mean that Ripple can hit the $62,000 mark however. You also have to take in its market capitalization when making price predictions.
How To Buy Ripple (XRP)? An Easy Method That Takes Minutes!
The above 3 reasons probably have you frothing at the bit to purchase some XRP. Am I right?
After all, Ripple is one of the biggest, most popular and full of utility cryptocurrencies in the ecosystem.
But, how do you get hold of Ripple (XRP)? That’s what you’re here for, and that’s exactly what I’m going to be covering.
The first significant step that will help you be well-prepared and secure in your purchase is:
Step 1: Set-Up A Cryptocurrency Wallet That Supports Ripple (XRP)
Other guides will miss out on this important step as they’re so keen to start you down the road of crypto.
Here at TurboWallet, we care about your investments’ security and safety, and that’s why we advise setting up a crypto wallet before proceeding.
If you’re treating crypto as an investment rather than trading, then you’ll definitely want a crypto-wallet as it’s more secure than holding XRP on a 3rd party exchange.
There are two main categories of crypto wallets, and they are:
- Hardware Wallets – You have to pay for these wallets, but they offer more security and safety than hot wallets.
- Software/Web Wallets – These are usually free to download, and you own the key to the wallet. It’s the second-best option.
I hear you asking, “which wallet, though?”, well here are my top 3 options:
|Wallet Name||Type of Wallet||URL|
|Trust Wallet||Web Wallet||https://trustwallet.com/|
Tip: When you’re setting up any wallet, please ensure that you take extra care in writing (or copying) all the critical information in the set-up phase.
Step 2: Head Over To Binance to Buy Ripple (XRP)
Binance is the most popular cryptocurrency exchange and has a wide range of cryptocurrencies for you to trade or invest in.
However, there are some equally good exchanges that you should consider. I hold accounts with the following exchanges:
There are a few criteria I look out for when setting up a new account at a crypto exchange:
- How long has the cryptocurrency exchange been around?
- What are the reviews of the exchange online?
- Is there a customer support option?
So, how do you actually buy Ripple through one of these exchanges?
The Step By Step Guide on How To Buy Ripple From Binance
You’ll want to gather up these items before you start:
- Your notes app on your computer or laptop
- A physical notebook and pen
- An internet connection
- Government-approved identification
Once you’ve got everything, let’s start:
- Step 1: Head to Binance and click on ‘Register Now’ in any relevant locations.
- Step 2: Once logged in, click the Profile icon in the top-right next to the ‘Bell’ icon. Then, click ‘Identity Verification’
- Step 3: Binance offers 3 types of identity verification, and I would just go ahead and commit to the advanced verification (this pretty much removes all limits)
- Step 4: Once you are verified, you’ll want to log in and head to the main menu, where it says Buy Crypto
- Step 5: Hover over the menu button and click ‘Credit/Debit Card’
- Step 6: Change the token from Bitcoin (BTC) to Ripple (XRP)
- Step 7: Change the fiat currency to the one you choose and input the amount you want to buy
- Step 8: Click confirm purchase and click confirm again!
Note: Binance recently (27/07/2021) changed their terms and conditions, meaning if you are not verified, you will only be able to withdraw 0.2btc or equivalent – not very much!
Step 3: Withdraw your Ripple (XRP) to Your Crypto Wallet
I’m hoping that you’ve followed all the instructions so far, and that means the last step would be to transfer the Ripple (XRP) out to your newly set-up crypto wallet.
First, head over to your new wallet interface. You’re going to want to navigate to Ripple and grab that exact address. A wallet address is a long alphanumeric string that’s unique to your wallet.
Tip: There’s usually a copy function if you hover over the address or click it directly. A wallet address is case sensitive!
Once you’re confident you’ve copied the exact address, head back over to the cryptocurrency exchange you used. In this case, it’s Binance.
Once you’re on the exchange, head to your Fiat & Spot holdings, this is where you’ll see how many Ripple (XRP) you bought.
Click ‘Withdraw’ and follow the on-screen instructions to complete the withdrawal to your wallet.
What To Do Next Now You Have Ripple
Bet you’re absolutely buzzing about your new investment in Ripple! If you are and you’re interested in researching into a few new cryptocurrencies to see if they’re worth investing then start with these:
These are all major cryptocurrencies with a well-known development team and have strong communities around the world.
The main recommendation is to dig deeper around TurboWallet and get to know the crypto landscape!
Frequently Asked Questions when buying Ripple
Can You Stake XRP?
Ripple, XRP, is a proof-of-work coin. Simply put, no, you cannot stake Ripple. However, you can use lending accounts to lend out your stack and earn interest on your Ripple stack.
Can You Mine XPR?
Although XRP is a proof-of-work coin that normally means you can mine, Ripple’s set-up makes it all but impossible for retail miners to mine Ripple.
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