If you’ve just started getting into the crypto world, you’ve probably noticed that some cryptos are more complicated to buy than others. Ripple (XRP) is one of the harder cryptocurrencies to buy.
Despite spending a long time in the top 10 cryptocurrencies (by USD market cap) for a long time, XRP is not offered on many of the most popular exchanges. For example, it’s not available on Coinbase, and it isn’t easy to place an order where it is available.
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There are certainly many ways you can acquire XRP. But today, we are going to look into:
- What Ripple is
- Ripple as an investment
- The best way to buy Ripple, regardless of how experienced you are with cryptocurrencies
What is Ripple (XRP) Cryptocurrency?
Ripple was formed in 2012 with the primary purpose of facilitating international transactions. Ripple/Ripple Network is both a cryptocurrency (XRP) and a digital payment network.
The primary way Ripple facilitates international transactions is through its payment settlement asset exchange/ remittance system. In this way, you can compare it to the SWIFT system for international money transfers. Ripple, however, is an open-source, peer-to-peer decentralized platform. This enables it to make seamless transfers in many fiat currencies and cryptocurrencies alike.
To make this possible, Ripple works with several banks and other financial service providers. They can thus seamlessly transfer US Dollars, Euros, Yen, Bitcoin, Litecoin, AVAX and more.
If you want to invest in Ripple, you will be buying their cryptocurrency with the ticker XRP. As a crypto coin, XRP is pre-mined, unlike most of the other leading cryptocurrencies. Each token serves as a part of the exchange mechanism between two currencies or networks.
Should You Buy Ripple (XRP)?
The decision to invest in any instrument is your decision to make alone. Ripple, like other cryptos, is quite volatile, meaning it presents an extraordinary opportunity while presenting extraordinary risk.
As a long-term investment, Ripple offers unique utility in the finance industry. Ever since April 2017, its price has reflected its growing significance. As of March 2022, XRP remains the 6th largest cryptocurrency, and there are no signs that it will dramatically drop in popularity and usefulness anytime soon. However, as is often the case with the top cryptos, Ripple is beginning to face some real competition.
Rival cryptocurrency Stellar, launched in 2014 by Ripple co-founder Jed McCaleb, presents one such example. However, it’s impossible to currently guess what effect competition will have on Ripple going forward. For now, it’s proven to be a resilient investment.
Invest in over 30 cryptocurrencies from your checking account with no trading fees with the Current mobile app crypto feature.
Titan is an investment platform with a team of experts actively managing your portfolio based on your chosen strategy, including cryptocurrencies.
Alto IRA allows you to invest in stocks, bonds, mutual funds, ETFs, real estate, cryptocurrencies, and even gold for your retirement.
What Can You Do With Ripple (XRP) Coin?
There are several uses for Ripple coins. Let’s review some of them:
Buy, Sell, and Trade
Buying, selling, and trading are the primary profit-producing activities in the crypto market. Ripple is no exception to this.
Users on cryptocurrency exchanges can buy, sell, and trade XRP to produce short or long-term profits, depending on the strategy. While XRP is not available on the most popular, user-friendly exchanges, exceptions exist.
Stake it
Passive income in cryptocurrency can seem complicated for beginners. However, it’s entirely possible to earn passive income (interest) for your XRP.
Use Ripple to Borrow Cash or Stablecoins
Lastly, XRP coins can be used to collateralize a loan to borrow cash or stablecoins in some platforms. Crypto-backed loans use cryptocurrencies as collateral. For example, you provide XRP as collateral and take a fiat currency or stablecoin loan.
How to Buy Ripple (XRP)
Buying Ripple is much like buying any other crypto, except it’s harder to buy. But in the spirit of keeping everything user-friendly and straightforward, you can any platform to buy, trade, sell, stake, or collateralize (for a loan) XRP.
All you need to do is:
- Visit the platform’s website
- Click “Create Account” at the top-left corner
- Follow the prompts and complete the account creation process
- Connect a valid payment method to your account
- Place an order for XRP
Once you’ve acquired XRP, you are free to do with it whatever you please, like taking advantage of passive income, trading, and other features on the platform.
