Technological advancement has brought about better ways of improving the standard of living. Similarly, digitalization has helped bridge the gap between humans and potential resources in different parts of the globe. Hence, the terminology XRP is commonly used precisely in the digital system—the cryptocurrency world. Ripple is the name of the company and network, and XRP is the cryptocurrency.
Released in 2012, Ripple is built upon a distributed open-source protocol and supports tokens representing fiat currency, cryptocurrency, commodities, or other value units, such as frequent flier miles or mobile minutes.
In 2020, trade-in XRP was halted by major digital platforms after SEC filed a suit against Ripple Lab. Clients residing in the U.S. can still deposit, hold, and withdraw XRP. But this has since been rectified.
XRP hit its all-time daily high on January 4, 2018, when the value of one XRP reached $3.84. However, a downward trend ensued after the peak, and by Sept. 2018, XRP lost more than 93% of its value from its January 2018 high, hitting a new low of $0.26 on September 11, 2018.
Although there appeared to be periods of optimism, the downward price trend persisted through 2018 and 2019, and the continued poor performance resulted in XRP reaching its all-time daily low of $0.12 on March 13, 2020.
In Nov. 2020, XRP experienced an upswing in price — its daily high peaking at $0.77 on November 24, 2020. Since Nov. 2020, the cost of XRP has shakily trended upward, reaching a daily high of $1.96 on April 14, 2022. The notable and widespread May 2022 price fluctuations in the crypto market that apply to the majority of exchange-traded digital assets are currently reflected in XRP’s price
As of March 2023, the XRP price is $0.377988, with a 24-hour trading volume of $1,486,434,424 USD.
However, due to the positive wave arising from the crypto world, many people are interested in how to buy XRP stock without having the basic knowledge of what it is all about. Therefore, you must have fundamental knowledge before learning to buy XRP stock.
What is XRP?
You are most likely familiar with the name Ripple. Therefore, XRP emanated from Ripple. In other words, Ripple is the company behind the production of XRP — a currency for transactions designed and runs on the ledger blockchain. XRP was made from a tech lab called Ripplelabs, meant to serve the need of the financial services industry.
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Furthermore, XRP was launched in 2012 and engineered by Jed McCaleb, Arthur Britton, and David Schwartz.
Why Do You Need to Buy XRP stock?
XRP is known for its digital payment networking protocol. It was created to replace SWIFT —a service for International money and security transfer formally used by many banks and financial intermediaries; its process is somewhat inflexible. In contrast, XRP has a less complicated method to aid the financial sector.
Ripple XRP is among the top 10 biggest cryptocurrencies, which are faster and more efficient when transferring money across the border. It also has a cheap transfer rate and has partnerships with over 300 financial companies.
Moreover, Xrp can be bought as an investment, similarly, as well as be exchanged for other cryptocurrencies.
However, XRP is making the process worth it. Also, as a digital marketing firm, Ripple has won a lawsuit against it by the Securities and Exchange Commission (SEC), which stated that Ripple company was selling unregistered tokens to their investor.
In addition, the surge of the Covid-19 pandemic ravaged the worth of so many cryptocurrencies. But through it all, RippleXRP is still matching its potential of $12 per token this year.
How to Buy XRP Stock in 2023
The steps to acquiring Xrp stock may appear complex, especially for beginners. This is simply because geographical location and government policy influence the various exchanges platform available globally.
However, this post simplifies the five most effective exchanges to aid a quick understanding of how to buy XRP stock.
- How to Buy XRP Coin Directly on Ripple
Before you can make use of this method you have to research exchanges that have an XRP USD pair. The most reliable sources include Coinbase and Kraken.
Step 1: You need to create an account with an exchange that has an XRP USD
Step 2: After registration, fill in your preferred payment method—debit card or bank transfer.
Step 3: Select the amount you want to purchase and click buy
Step 4: Once your payment is confirmed, you can withdraw your xrp coin to your desired external wallet.
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Advantage: The ripple platform offers a flexible interface. It is also highly secured
Disadvantage: High exchange rate using a debit card or bank transfer.
It’s limited to countries that use USD currency
- How to buy XRP stock on Coinmama
Step 1: You need to create a Coinmama account using a valid email address.
Step 2: Verify your identity by supplying relevant credentials and confirming your email address
Step 3: Start your purchase process by selecting the recipient address you want Coinmama to send your XRP coin to.
Step 4: Select the amount of XRP coin you want to purchase
Step 5: Click buy and Coinmama automatically sends your XRP coin to your selected address.
Advantage: Your XRP stock can be bought using any currency because it has USA EUR options.
Disadvantage: Purchasing an XRP coin with identity confirmation is possible.
- How to Buy XRP stock using Bitcoin
Before buying your Xrp stock you must realize that purchasing Xrp on Bitcoin is a two-way procedure. In other words, you must create two accounts that will be connected.
Step 1: Create an account on an exchange with an XRP BTC pairing. This exchange includes Bybit, HitBTC, CoinTiger, Bingbon, and Bitwell.
Step 2: You will have to create another account with Bitcoin cryptocurrency. Specifically for the purchase of Bitcoin needed for exchange
Step 3: In your Bitcoin account purchase your desired amount of Bitcoin
Step 4: Exchange your Bitcoin for XRP coin by sending it to the exchanges with XRPBTC paring in return for XRP coin/token.
Step 5: Once confirmation is made your XRP is transferred back to you.
Step 6: Next you can withdraw your XRP coin to your desired wallet.
Advantages: On confirmation, your XRP stock is transferred immediately without delay.
Disadvantage: High trading fees for BTC to XRP exchange and Its procedures can a bit complex.
- How to Buy XRP on Kraken
Kraken is one of the best platforms to buy XRP.
Step 1: Sign up for an account on Kraken
Step 2: Verify your account. You can buy XRP with other cryptocurrencies like bitcoin or ether, simply by providing your name, date of birth, country and phone number. You’ll need additional support documents verifying your identity if you’d like to use cash, like USD or EUR.
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Step 3: Deposit cash or cryptocurrency. This can be done by generating a new deposit address in your Kraken account to receive funds from your crypto wallet.
Step 4: Buy XRP. Once your cash hits your account, you’re ready to start buying XRP. Simply open the New Order page, fill out the order form and click BUY.
Advantages: With Kraken, you’ll have access to charting tools, 24-hour global client support, advanced order types and leveraged trading.
Disadvantages
Kraken is an exchange service and not a wallet service. You may want to consider separating your holdings into multiple wallets.
- How to buy XRP Stock on Binance
Step 1: You will have to create an account with Binance
Step 2: Locate the “Fiat” option on the navigating button
Step 3: Select buy crypto when it displays its list
Step 4: Chose XRP coin from the option
Step 5: Select the amount you want to purchase
Step 6: You will be required to complete the KYC verification before your purchase can be processed
Step 7: Upon verification, you will be asked to purchase the Ripple using your credit card by filling in the necessary data
Step 8: Once this is done your account will be credited with your purchased XRP coin.
Advantages: Binance is the world’s largest Cryptocurrency Exchange that allows trading and buying using credit cards. Also, the Binance subsidiary fee applies to the exchange based in the USA.
Disadvantages: There are limits to how much XRP coin you can purchase at a time.
Also, Binance fees apply to other countries excluding the USA.
Conclusion
Now, the best time to leverage Ripple XRP and learn how to buy XRP stock. All that’s required is to locate the accessible exchange system open to your location and follow the required procedures. Mind you, XRP coin is also an investment. In other words, it tends to yield great returns in the nearest future.
Are you convinced by this article on how to buy XRP stock? If so, tell me you are buying soon. Don’t be left behind.
References
- investopedia.com/tech/ripple-xrp-cryptocurrency-how-to-buy/
- forgeglobal.com/ripple_stock/
- help.coinbase.com/en/coinbase/getting-started/crypto-education/xrp-xrp-faq
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