How to Buy XRP
Converter XRP to US Dollar
XRP is a cryptocurrency that is still in the top after the peak of popularity in 2017. The coin was created by the fintech company Ripple, which was previously called OpenCoin. XRP operates on the XRP Ledger blockchain. The main goal of the creation is to connect payment services, banks and crypto-exchanges to provide fast transactions with minimal commissions.
The coin is actively discussed in the crypto community, and a lot of people are thinking about its purchasing. Today we will look at the main ways to buy, sell and storage Ripple cryptocurrency.
What is Ripple
The Ripple cryptocurrency operates on the XRP Ledger network.
The main difference of this network from others is a special consensus algorithm Ripple Protocol Consensus Algorithm. It lies in the fact that the network is checked by many validator nodes, anyone can create their own node and choose which of validators to trust. Ripple regularly publishes a list of validators it recommends. It’s called Unique Node List (UNL). For this reason, the network does not need miners.
Nodes from UNL exchange information about transactions until until everyone agrees on the authenticity of the data. Thus, selected nodes provide verification of transactions and confirm their validity.
Where is the best place to buy Ripple
You can buy XRP on different platforms: crypto exchanges, electronic payment systems and banks (such as Revolut). One of the most profitable acquisition methods is crypto exchanges.
Instructions on buying Ripple
In the step-by-step instructions for buying Ripple, we will look at the most profitable ways to buy Ripple.
Decide on the level of risk
One of the most important aspects when buying a cryptocurrency is weighing the risks. Due to the fact that the rate of coins is a subject to large fluctuations, and some cryptocurrencies are scam projects, it is important to find all the information and to decide on the purchase amount of coin. As a rule, cryptocurrency is purchased for a certain percentage of the deposit, since one of the most important investment rules is not to trade with all the money. You also need to invest as much as you can afford to lose. At a minimum, it helps to stay calm when applying trading strategies or during long-term holding.
Choose a crypto exchange
The next step is choosing a platform for buying cryptocurrency. Cryptocurrency exchanges are well suited for buying coins, because they have high liquidity and the best exchange rate. To find the right exchange, you need to familiarize yourself with its parameters and user reviews. We have compiled rating with the best exchanges for buying Ripple.
Register an account
We will consider buying crypto on Binance exchange, as example. This is a top platform, which ranks first in terms of trading volume. However, you can choose any other crypto exchange.
Before buying crypto on the exchange, you must register an account. To create the new account on Binance, you need to:
- Open Binance homepage;
- Press the Register button in the upper right corner;
- Fill up fields with an e-mail/phone number and create a strong password → Create Account;
- Follow further instructions.
Top up your account
Depending on the chosen exchange, you have an option on a more suitable way to buy cryptocurrency: replenish fiat from a card, use a trading terminal, buy it directly with an option Buy Crypto or replenish your account with another cryptocurrency buy XPR. To decide on the method, you habe to find out in which trading pairs the coin is traded and what options of buying cryptocurrency the exchange has.
We will look at how to top up an account using Binance as example. To purchase Ripple, you need to add another cryptocurrency (for example, BUSD) or fiat (USD, EUR, etc.) to your balance. To do this:
- Click on Wallet in the top right corner → select Fiat and Spot;
- Type BUSD in the search field → Deposit;
- Specify the network → copy the address and paste it in the cryptowallet you use or scan the qr-code → enter the amount of BUSD you are going to buy cryptocurrency by → transfer funds;
- Binance account has been funded.
Buy Ripple (XRP)
Buying crypto on Binance is a simple process, just follow these steps:
- Click on Trade → select Spot at the top menu;
- In the upper right corner, enter XRP → select the pair XRP/BUSD → specify the order type, for example, Market → specify the amount of coin you want to buy XRP → Buy XRP;
- Buying is completed.
How to sell Ripple
The process of selling is not much differs from buying one. For this:
- Go to the spot market (Trade → Spot);
- Select a pair XRP/BUSD → select an order, for example, Market → write down the amount of coin you want to sell → Sell XRP;
- Selling is completed.
Where to store XRP
Before buying a cryptocurrency, it is important to prepare a place to store it. At the moment, there are many types of wallets, and each one has its own advantages and disadvantages. There are two main types of wallets:
- A hot wallet is a crypto wallet that is permanently connected to the internet. These wallets function as mobile apps, desktop apps, browser extensions (wallets are also considered “hot” on exchanges). They are well suited for trading because they allow you to quickly manage crypto assets. The main disadvantage of such vaults is less protection than cold wallets have, so it is important to securely store wallet recovery passwords, enable two-factor authentication, etc.
- A cold wallet is a crypto wallet that does not have constant access to the Internet. Connection to the network occurs only for the purpose of making a transaction. A good storage tool if you do not need to use crypto assets often.
How to withdraw Ripple to my wallet?
Now we will look at the XPR withdraw using Binance as example:
- In the upper right corner, click on Wallet → Fiat and Spot;
- Click on Withdraw;
- Find XRP in the search field → insert your wallet address → enter the transfered amount → Withdraw;
- You have successfully withdrawn your cryptocurrency.