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How to Buy Ripple (XRP) in 3 Simple Steps

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Ripple (XRP)
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Ripple provides a digital payment platform that enables instant, low-cost, cross-border payments in a range of currencies—including the project’s native digital asset, the cryptocurrency XRP.  In this guide, we will go through how to buy XRP and what Ripple has to offer.

3 Steps to Buy XRP Ripple

1. Choose a broker or exchange

When deciding on a broker or exchange to sign up with, consider aspects such as what fees they charge and what customer support they offer. You can check out the section on platforms later in this guide for a comparison of the best ones. If you can’t wait to get started, you can register with our top choice right now.

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2. Create and fund your account 

Go to the joining page of your chosen platform and fill in all the required fields in the registration form to create your account. You will likely have to provide a photo ID to complete the verification process on a regulated platform. Next, click “Deposit” and fund your account with one of the accepted payment methods.

3. Buy XRP Ripple

If you have just deposited a fiat currency like British pounds, you will need to search your platform for the XRP/GBP trading pair. Create a buy order for the amount you want to purchase. If you use a limit order, it will be automatically bought for you once it reaches a specified XRP price. A market order, on the other hand, will be filled straight away at the current price.

Buy Ripple in 5 Simple Steps

Create an account on Binance

Sign up with our recommended partner Binance now to get started. Once you’ve signed up, verify your account by uploading some form of photo ID and proof of address.

Buy some BNB

Next, you’ll need to purchase some BNB to swap for XRP. Fund your account with your preferred payment method, then search for BNB. Select the trading pair with your local currency, and click “buy”.

Send your BNB to a Web 3.0 wallet

Next, set up a Web 3.0-compatible wallet like MetaMask or Trust Wallet—you’ll need this to swap your BNB for XRP. Paste your wallet address into the “withdraw” section of Binance, and transfer your BNB.

Connect your wallet to Pancakeswap

Go to Pancakeswap and connect your wallet. Your wallet will display a few prompts to confirm the connection, and after that, you will be able to complete your swap.

Swap BNB for XRP

Find the coin’s pair here, enter the amount you want to buy, then complete the swap. Your XRP will immediately display in your wallet.

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What Is Ripple?

Ripple is a company that provides global payment solutions. Its digital payment platform, RippleNet, enables payments to be made anywhere in the world in about three seconds and is already used by traditional financial institutions including Santander and Bank of America.

RippleNet is built on the public distributed ledger database XRP Ledger (XRPL), which is high-performance and environmentally sustainable, thanks to its speed, low cost, scalability, and energy efficiency. It supports a range of services, including decentralised exchange, cross-currency payments, batched micropayments, and issuing currencies.

The native cryptocurrency of the XRPL is XRP, which can be sent directly between XRPL addresses, making it a convenient bridge currency. It is used as a bridge between all trades on the decentralised exchange to ensure there is sufficient liquidity, as well as to pay XRPL fees and secure payment channels for batched micropayments.

Ways to Invest in Ripple

Whatever your experience and investment goals, XRP may have something to offer as it can be bought for both the short and long term. We will look at why both approaches can be profitable below.

Buy and hold Ripple

This is a strategy that anyone can follow as it simply involves buying XRP and holding onto it for a period of time. Skills such as technical analysis are not required for this strategy. In fact, very little time and effort is required to potentially make a profit, just be sure to buy in at a good XRP price.

XRP cannot be staked for passive income but it can be used to pay fees on the XRPL.

Best Ripple wallets

Private wallets are a popular place to store coins for long-term investors as they mean you always have custody of and access to your coins. They can also provide you with a bit of extra security.

Hardware wallets such as Trezor, BitBox, and Ledger are the most secure, but you will have to pay for this level of security. Alternatively, you can download a software wallet onto your computer or mobile device for free, which tends to be more user intuitive.

Trade Ripple (XRP Trading)

You can also buy and sell XRP much more frequently to generate returns more often, taking advantage of the XRP price volatility. People who are trading XRP often use skills such as technical analysis to identify the best times to buy and sell. 

Private wallets are less useful to traders because they need to access their coins on an exchange regularly. Exchanges provide free web wallets, which although less secure, tend to be the most convenient option for traders.

Should I Buy Ripple Now?

This is up to you; just make sure to read all the available information before making your decision. XRP has a capped maximum supply, and with some XRP being destroyed through transaction costs, XRP is actually slightly deflationary. This could help XRP conserve its value in the long term.

The use of XRP for escrow, securing payment channels, and providing a bridge between currencies on the decentralised exchange creates utility and demand for the coin, giving it value on the XRPL.

As XRP is needed to pay fees on the XRPL, there should be more demand for it as the number of people using the XRPL grows. With XRPL-based payment solutions such as RippleNet already being applied by world-leading institutions for financial transactions, Ripple appears to be a valuable project, of which XRP is an important part.

Frequently Asked Questions

  1. Yes, but the XRP Ledger is an open-source public ledger maintained by the XRP community, including Ripple.
  2. Anyone can be a Ripple validator as long as they have the time, skills, and equipment to set up and maintain a ripple server. Current validators include Ripple, universities, and financial institutions such as banks or payment providers.

  3. No. Any currency can be represented on the XRPL as an issued currency but all XRPL fees are denominated in XRP.
  4. The XRPL is designed to facilitate payments but smart contracts are currently in development on the XRPL. These are self-executing bits of computer code which, once live, will make the XRPL programmable and capable of hosting applications.
  5. The community is also working on bringing sidechains and non-fungible tokens (NFTs) to the XRPL.
  6. You can find out more about buying different cryptos here or check out our full list of buy guides for different coins here.

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