After Bitcoin and Ethereum, Ripple is the third-largest cryptocurrency and a digital payment protocol for financial transactions. Unlike the other two cryptocurrencies, Ripple operates on an open-source and peer-to-peer decentralized platform allowing a hassle-free money transfer in any form. The coin mined for Ripple is labeled as XRP, which enables faster, cheaper, and reliable cross-border payments.
How to Buy Ripple
Investing in Ripple is not as convenient as other cryptocurrencies. As compared to Bitcoin, Ripple is challenging to understand for beginners. Professional guidance is necessary to manage the holdings. Well, a certain exchange like Bitsmap allows the user to exchange USD for XRP but on rare occasions. You could buy XRP on some cryptocurrency exchange platforms such as Binance, Bitfinex, etc,.
- Ripple Wallets
A cryptocurrency wallet is a well-secured place where the user can digitally store, transfer or receive the currency. Nowadays, users can select the preferred wallet observing the features of their choice. Ripple wallets such as Ledger Nano S are considered one of the top-rated and affordable options, offering a user-friendly interface and optimal protection level. Designed explicitly for Ripple’s XRP, Toast Wallet is another excellent option that accommodates Android, Windows, Mac, iOS & Linux.
- Ripple Exchanges
Like any other currency exchange, many different exchanges use and recommend Ripple supporting its transaction protocols. These days, Binance and Bitsane are some of the highly recommended exchanges that provide an easy-to-use platform to the users for transfer and exchange of all kinds of cryptocurrencies. However, not all the exchanges are available to transfer USD to XRP, so you have to choose the best ones that provide a seamless transfer for the process. Under the Ripple website, the users are recommended to go for exchanges like Bitstamp and Kraken
Procedure
Significantly, there are two main methods of buying Ripple, either using a direct channel involving the banking process (through credit/debit card) or through an exchange. Buying Ripple with USD is the easiest way, but unfortunately, only a few exchanges provide the services to the users. Also, the fees generated by these exchanges are too high. One of the best and uncomplicated processes recommended by the experts is to buy another cryptocurrency like Ether or Bitcoin and then buy Ripple in an exchange.
A Brief about XRP
In a Ripple network, XRP is an open-source technology that anyone can build on. The main purpose of the XRP is to act as a mediator for both cryptocurrencies and fiat exchanges. Currently, financial institutions and banks have started incorporating digital assets in their business operations that give experts the confidence that XRP will succeed shortly