Ripple’s XRP saw its value soar parabolically to an all-time high of almost $ 3.5. This happened during the massive bull run of 2017. Since then the token has lost 92% of its value.
Even after the drastic depreciation in value, XRP is the 3rd largest cryptocurrency by market cap. Currently there are around 43 billion coins in circulation.
According to Ripple’s policies, there will only be 100 billion XRP ever. All XRP tokens are meant to supplement payments and business transactions on the RippleNet.
It makes sense for you as a potential XRP buyer to know that the coin’s existence is independent of RippleNet. The technology’s potential is promising with respect to redefining monetary settlements between banks, payment processing companies, and other financial institutions.
Because of it’s market ranking and dirt cheap price, Ripple’s token still continues to generate a lot of buying interest. All the more, as people find it difficult to buy Bitcoin (or say one whole BTC) due to its exponential rise in value over the years.
Choosing the Correct Crypto Exchange
Probably the easiest way to get some XRP is from a well-established cryptocurrency exchange operating in your country.
Any crypto exchange, small or large will surely have XRP listed for buying and selling.
While locking onto a particular exchange, some preliminary research needs to be done. Cryptocurrencies by their very nature are assets that come with high risk and equally high rewards. Consequently, the fledgling space also attracts a lot of fraudsters. So, it is mandatory to do your due diligence before picking a platform to buy XRP.
Crypto exchanges need to have well-established headquarters a genuine team (probably with a good Twitter, LinkedIn presence), well-responsive support, decent liquidity and security of trading funds, etc. Some well-recognized names are Binance, Bitfinex, Coinbase, Kraken, eToro.
Registering and Depositing Fiat Balance
After choosing a suitable crypto trading platform, you should register yourself as a legitimate user.
That means you will have to provide a few personal details as KYC (Know Your Customer) which confirms your status as a bonafide citizen of the particular country or state where you reside.
Exchanges do this to stay in line with global Anti-Money Laundering (AML) regulations.
After your details are verified by the exchange officials, its time to use your newly opened crypto trading account to buy XRP. But for that, you need to deposit some fiat currency first.
Simply add money through your bank account or debit card on file. Cryptocurrency exchanges do not generally have high minimum investments so you can invest as little as $5 or as much as $1,000 or more. This is of course, based on the country or location of your residence, and the official currency in circulation.
Funds generally can take a few minutes to several hours to appear in the ‘fiat account’ of your chosen crypto trading platform. This depends on the bank and exchange transaction processing speeds, protocols etc.
After the fiat deposit, you can instantly use it to buy XRP after going through the current rates and trading volumes.
Buying XRP with Stablecoins or Other Crypto Assets
In the past 2 years, there has been a gigantic upsurge in ‘crypto-to-crypto’ purchases. The proliferation of fiat-backed stablecoins like Tether (USDT) and rising bank restrictions on crypto purchases with credit/debit cards and wire transfers have led to the same.
It’s very simple buying XRP in a crypto-to-crypto (C2C) arrangement. All you need is some Bitcoin or a US dollar-backed stablecoin like USDT or USDC (USD Coin) which is easily available on peer-to-peer trading exchanges. These platforms let users exchange actual fiat with fiat stablecoins, which you can use to buy Ripple’s token.
Disclaimer: This article is for educational purposes only. The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
Images via Shutterstock
