Ripple Cryptocurrency has become a popular topic for people investing in Cryptocurrency. It was trading around $0.20 just last year. But now it’s worth more than $0.71 per coin. Also, it is continuing to rise. You have to note that Ripple is the company and XRP is the coin. But many people call it Ripple. It is different than many other cryptocurrencies as it is a private, For-Profit Company. Its mission is to offer a frictionless way to send money all over the world.
The coin Ripple is the way the company uses to accomplish the mission. The company is also the largest holder of Ripple. You can find all the details on how to invest in Ripple.
What is Ripple?
Originally, Ripple was a payment processing platform that permits global transactions by using the coin XRP. Its global payment networth began in 2012. Also, it is continuing to grow as many companies are using it. The currency speculators have taken an interest in Ripple.
Ripple makes use of the Blockchain ledger that is similar to Bitcoin and other types of cryptocurrencies. Some technical differences make it easier to process the transactions. At the same time, it is fast and secure.
How is Ripple different?
Ripple is created by a private, for-profit company. It is the major difference between Ripple and its competitors like Bitcoin and Litecoin. During its creation, 100 billion XRP were released in the market. But 20 billion was held by the creators and the rest was given to the Ripple labs. This lab has since placed 55 billion XRP in the escrow account to make sure the marketplace is stable.
Many people call Ripple the “Bitcoin-killer” from 2014. But only many years later it gained popularity and momentum. It has seen explosive price increases same as the other currencies. Yet it is considered cheap in terms of price.
What are Ripple exchanges?
Cryptocurrency exchanges are a place where people transfer and exchange different types of currency. It is done by transferring currencies like USD and euros into cryptocurrencies like Bitcoin or Ripple. Similarly, Ripple uses many exchanges like this. Some of the recommended ones are Binance and Bitsane. The Ripple site also has the exchanges like Bitstamp, Kraken, and others.
Many of the exchanges are not able to transfer USD into XRP. But some of the exchanges will be able to do it. Before choosing what to use you have to ensure what option is the best. Then check whether you can transfer it directly from USD. You can use other methods like transferring from another Cryptocurrency such as Bitcoin and Ethereum into XRP.
Also read: Risk of Bitcoins – Get To Know About The Dark Side of Investing in Bitcoins!
How to invest in Ripple?
You have to know that Ripple is subject to SEC investigation so many exchanges have delisted the token. So the directions are outdated. You will be able to still hold XRP at places like Coinbase. But there is no way to transact it. There are rumors that XRP trading will start again shortly. You can use Uphold, Kraken, and Coinmama as the options.
But Ripple is not an easy Cryptocurrency to invest in. It requires many steps from investing in a basecoin, transferring to the account, and investing in Ripple. Here are the steps you have to know to invest in XRP.
Create an account in Coinbase
The first thing you have to do is to set up an account in coinbase to invest in Ripple. You can get a bonus of $5 if you deposit $100. It is a very popular choice as they have some well-known currencies easily available. One of the cryptos available is Ripple. So you can buy Ripple here. Also, transfer US dollars with ease.
Buy Ripple
If you have Bitcoin in your Coinbase account then it is easy to buy XRP. In the Coinbase account click Ripple. Then place a trade. After placing the trade you will find it in the Coinbase account. Therefore everything will be easy in Coinbase.
How to buy Ripple with Binance?
There are many ways in which you can buy Ripple. First, have a look at how you can do with Binance. You cannot buy Ripple directly from Binance. You have to buy the other cryptos like Bitcoin or Ethereum first. Then you have to transfer those to the Binance.
- First of all, you have to create an account in Binance. You have to create a password and input your email.
- Then you have to transfer the Bitcoin or the types of cryptos like Ethereum or Bitcoin into the Binance account. Do it by scrolling to the funds and clicking deposit withdrawals.
- Press the coin you are exchanging from such as Bitcoin and select the “deposit” button.
- Copy the provided BTC address.
- Log into the exchange you used to purchase Bitcoin like Coinbase. Then go to the accounts. You will be able to buy Bitcoin on Coinbase by using the bank account or debit card linked with it.
- Go to the BTC wallet and click Send BTC. A small fee will be required.
- Now paste the Bitcoin address you used on Binance into the “recipient” box. Then put in the amount you want to transfer.
- Log back into Binance. Under the “funds” section find “deposit withdrawals”. Check the “total balance”. You can see the Bitcoin you transferred.
- If you want to exchange the Bitcoin into Ripple press the “exchange” button and click Basic.
- Then search for “XRP” in the search box and select from BTC.
- Press the amount of Bitcoin you want to transfer to Ripple. Some of the options that include are 25%, 50%, 75%, or 100% of your BTC. Select the amount you want to click and then buy XRP.
- The transfer will happen quickly. After purchasing the Ripple you can check the funds tab again. You will find XRP in the total balance.
- There is also another way to buy Ripple. You can try the Bitstamp. Use it to directly transfer USD to XRP. Some of the other different exchanges are also available.
Conclusion
You can invest in Ripple by following the points above. Then it will be easy to buy and invest in the popular Cryptocurrency Ripple.
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