Want to diversify your investment portfolio with a well-performing digital asset? Or you see that the market of cryptocurrencies is flourishing, and enthusiasts make money on crypto trading, so you want to join the bandwagon, too? There is a nice candidate to take place in your crypto wallet and stand you in good stead – Ripple’s native token XRP. Here is a guide on how to buy XRP quickly, easily, and legally.
The appearance of Bitcoin (BTC) in 2009 ushered in a new era of innovation based on distributed ledger technology. Bitcoin and thousands of subsequently created electronic currencies created a value transfer system that is faster than banks and does not rely on third-party intermediately thanks to blockchain capabilities.
How to Buy XRP?
Unlike the industry’s titans Bitcoin and Ethereum, XRP is quite a cheap alternative coin with its price hovering around at the mark of 1 USD. Well, at this point, you may think that XRP cannot boast a solid earning potential with such a low figure.
But your opinion may change when you know that from its inception in 2012 to now, XRP cryptocurrency has brought a whopping 16888.33% ROI to investors who managed to purchase tokens in the early days of the Ripple project (when the value of XRP was just $0.002802). It is a crazy price spike. Moreover, XRP ranks in the TOP 10 coins by market capitalization, which is a pretty big deal.
So, if Ripple’s coin solid performance has impressed you, and you would like to buy XRP, here is an easy path to follow.
There are throngs of platforms in the world that are willing to give users access to crypto trading and investing. But most of these websites are complicated, hard to use, or they set an exorbitantly high entry threshold for beginners.
Crypterium is principally different. This crypto wallet software is designed with your needs in mind. Not only does the solution allow you to buy XRP, Bitcoin, Ethereum, and an array of other popular cryptocurrencies with your bank card through its app or website. It also accepts payments that are as small as €2 and charges a zero-cost commission on your first crypto purchase.
If you choose Crypterium, buying XRP will be an utterly stress-free and quick process that will essentially consist of the following steps:
- Open the Crypterium Wallet on your device or browser and log in to your account. If you are a first-timer, you will need to create an account, using only your valid phone number, and complete a registration process that will take you as short as a minute.
- Go to the “Money Transfer” section and tap “Buy Crypto”.
- As you are buying XRP for the first time, you will need to add a new payment method and enter your bank card credentials.
- The next step requires you to select the coin you would like to purchase. It may be XRP (Ripple), Bitcoin, Ethereum, or any other supported digital asset.
- Now you need to input the specific amount of fiat money you want to swap for the cryptocurrency. The system will automatically show the exchange rate and the applicable fee. Note that Crypterium is integrated with the world’s best crypto exchanges, and the AI-powered bid-ask matching engine always gets the most optimal deal for you.
- Once you are ready, you need to click “Get xxx XRP” to review your order.
- If the order pre-view looks OK, you need to click on “Buy xxx XRP” to confirm the transaction.
- That is all, now you know how to buy XRP.
Since Crypterium is a multi-functional solution, it allows you to use your digital assets in many ways rather than just to buy, sell, or store tokens in your wallet. For instance, you can leverage your XRP funds to set up a savings account and reap juicy profits every year.
Or you can top up your Crypterium Visa with XRP tokens and pay with crypto anywhere in the world where card payments are accepted. Alternatively, you can withdraw your virtual coins to any Visa or MasterCard card right from your wallet.
Surely, you can plunge into XRP trading right from your wallet and exchange Ripple coin for any other cryptocurrency that appeals to you. Crypterium supports over 200 crypto pairs with instantaneous order execution and delivery.
Moreover, the platform features an AI-based price prediction system for over 150 coins with an accuracy rate exceeding 95% to empower smart crypto trading and investment decisions.
Crypterium does not stop at that and offers many other incredible services to help you manage and use your digital assets with ultimate benefit. See for yourself.
What is XRP?
XRP is the native token for Ripple, a real-time gross settlement system, cryptocurrency exchange, and remittance platform created by Ripple Labs Inc (a USA-based technology company) in 2012.
Created for international payments, XRP Token fuels the XRP Ledger—an open-source, permission-less, and decentralized blockchain technology that can process transactions in 3-5 seconds. Although the cryptocurrency itself is called XRP, some people use “XRP” and “Ripple” interchangeably.
The XRP ledger is maintained by independent participants of an international “XRP Community,” where Ripple takes active participation. The ledger’s nodes are operated by independent validators who must reach a consensus to verify XRP transactions.
This consensus (agreement) serves as a final and irrevocable settlement. The nodes agree on all transactions within five seconds. Active validators on the ledger today are presented by universities, exchanges, and financial institutions. There are currently 36 validators, and Ripple runs 6 of them—16%.
Strengths of Ripple
Despite being relatively company, Ripple is a very ambitious company that aspires to dethrone SWIFT from market dominance. In the best-case scenario, Ripple would become the most preferred method for cross-border money transactions.
Given the fact that SWIFT is the world’s largest (and most expensive) provider of secure financial messaging services, squeezing it from the market will be a very hard quest. But there are a couple of hefty advantages that could help Ripple Labs get its way. Here are the main benefits of Ripple as a payment technology:
- Network transactions charge an extremely tiny fee that is nearly $0.00012 per transfer with little to no energy consumption. SWIFT and other prominent payment processors can hardly beat Ripple due to their strangely high fees.
- Transactions are processed within 3-5 seconds, while the network’s bandwidth is 1,500 transactions per second.
- Banks can use XRP to facilitate exchanges of one currency for another. Instead of holding many different currencies, financial institutions could hold XRP and exchange currencies at a lower price.
- XRP’s utility is much better compared to other rivals such as Bitcoin. Due to Bitcoin’s ever-increasing mining difficulty, each BTC transaction costs over $40, takes nearly an hour to complete, and consumes 250 kWh – the amount of energy consumed by a refrigerator during a year.
The goals of Ripple are lofty, and the project is steadily going to its aim. For example, they launched RippleNet that is touted as the global financial network of the future. According to the information on the official website, the network already consists of over 300 partners across 55 countries across the planet.
Companies that have already started using XRP to facilitate transactions include Bank of America, American Express, NIUM, and many other big names in the industry. For comparison, SWIFT partners with over 11 thousand financial institutions and has a footprint in 200 countries. Ripple is to come a long way before it can outclass the competition.
It also should be noted that many financial institutions that partner with Ripple use RippleNet, but not XRP tokens. RippleNet does not limit itself to only XRP, but can handle transactions in various types of currencies and commodities. Banks that employ RippleNet are not required to use exclusively XRP, and actually, many of them avoid transacting with XRP because of its volatility.
Is XRP a Good Investment?
Now as you know how to buy XRP, you are, probably, wondering whether XRP is a good asset to invest hard-earned dollars in.
SEC aka the U.S. Securities and Exchange Commission is a notorious scandal-maker that has become tightening its grip on cryptocurrencies, too. Ripple Labs, the company that owns XRP, has got a rap on the knuckles, too.
SEC initiated legal action against the firm at the end of December 2020, accusing Ripple of selling $1.3 billion in unregistered securities through its XRP coin. But Ripple is disputing the claim, claiming that XRP is not a type of security. While the conflict is going on, no one can tell the future of XRP, but many decentralized crypto exchanges have already started delisting XRP from their inventories, just in case.
If SEC wins the lawsuit, the Ripple project may encounter many unpleasant consequences, including:
- An inability to go public (one of the company’s goals).
- An inability to trade XRP on global cryptocurrency exchanges.
- The price of XRP may dramatically decrease.
Should You Buy XRP?
Despite SEC continues to poke sticks into Ripple’s spokes, the project is steadily moving forward. You could invest in XRP if you believe that the coin will make a hit over time. Of course, you do not want to bet all your chips on this electronic asset and should invest as much as you can safely afford to lose. Crypto trading has always been a risky venture.
If Ripple stands the trial, it has all chances to achieve its audacious goals. Today, legacy financial organizations cannot provide users with quick, cheap, and easy international money transfers. Ripple is on the mission to solve these problems, and the fact that Ripple mustered support from giant financial institutions such as Bank of America proves the company’s seriousness. So, there is much promise behind Ripple, and investing in XRP today can bring a very handsome financial return in the future.
Investing in crypto means putting your personal finance on the line. Before you buy XRP, make your own research about the coin’s perspectives, read user reviews and expert opinions.
Ripple blockchain technology is supported by a network of 200+ banks, payment providers, and other IT companies. XRP is one of the largest cryptocurrencies of today, but there’s no guarantee that it will always keep this way.