With thousands of different cryptocurrencies, it can be quite hectic choosing the ideal cryptocurrency to invest in. Many would suggest buying crypto “blue chips” like Bitcoin and Ethereum. However, if you believe crypto’s greatest power is low-cost remittance payments, then perhaps Ripple (XRP) is a better fit. Once considered a blue-chip cryptocurrency itself, Ripple once traded as the second-largest crypto after Bitcoin.
What is Ripple?
Ripple is both a platform and a cryptocurrency. It is a platform created by Ripple Labs to provide seamless financial transactions. The cryptocurrency token is XRP.
As technology opens up the world, global trade and cross border transactions are becoming more common. However, international trade faces the challenge of money transfer. Most of the cross border money transfer options are expensive and take quite a bit of time to process. That is where Ripple comes in.
Ripple provides a blockchain platform for fast and secure money transfers. Unlike other cryptos that work separately from traditional institutions, Ripple integrates with them. Several banks and traditional financial institutions are already using the Ripple platform for money transfers.
After trading for around $0.3 for some time, it has been on a recent bull run that has seen it hit the current $1.11. As cryptocurrency with a clear use case, these values continue rising as its issues with the SEC become clearer.
Now that you understand what Ripple is and the prospects of growth, here is the step by step means to buy the token.
Choosing a crypto exchange
Finding the right crypto exchange is the first step to buying Ripple. Ripple has had some legal issues after being sued by the US Securities and Exchange Commission (SEC). The lawsuit had seen several exchanges stop offering XRP on their platform. However, after dropping the lawsuits, these exchanges are relisting it.
Some of the top crypto exchanges to buy Ripple include CoinSpot, BTC Markets and Independent Reserve.
Once you choose an exchange, create an account then verify your details.
Topping up the account
Once your account is verified, you can top it up using various payment methods supported on the platform. Most of the exchanges allow credit cards, bank transfers and other electronic money payment options. Confirm the transaction costs and the turnaround time before using any payment method.
Buy the crypto
Now that your account has enough funds, it is time to purchase the crypto. On the crypto exchange interface, choose the Buy icon, then select XRP. You then proceed to select the amount you wish to spend, then confirm. That’s all you need to buy Ripple.
Once you buy Ripple, the next concern is storage. If you are planning to hold them for a short while, then keep them in the exchange wallet. However, for long-term storage, you need dedicated wallets preferably a hardware wallet or cold storage option.