{"id":15296,"date":"2022-04-29T18:43:51","date_gmt":"2022-04-29T18:43:51","guid":{"rendered":"http:\/\/egrowonline.com\/?p=15296"},"modified":"2022-04-29T18:43:51","modified_gmt":"2022-04-29T18:43:51","slug":"how-to-buy-ripple-xrp","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=15296","title":{"rendered":"How to Buy Ripple (XRP)"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<div class=\"disclosure   \">\n<div class=\"disclosure__container\">\n<div class=\"disclosure__content\"> <button class=\"disclosure__heading js-disclosure\">Editorial Independence<\/button><\/p>\n<div class=\"disclosure__wrapper js-expand\">\n<div class=\"disclosure__text\"><span style=\"font-weight: 400\">We want to help you make more informed decisions. Some links on this page \u2014 clearly marked \u2014 may take you to a partner website and may result in us earning a referral commission. For more information, see <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/about-us\/#makemoney\" rel=\"noopener\"><b> How We Make Money.<\/b><\/a><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>XRP is currently the <a target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/\" rel=\"noreferrer noopener\">sixth-largest cryptocurrency<\/a> by market cap, but you may have trouble buying this native token of the Ripple blockchain network.<\/p>\n<p>As of early 2021, <a target=\"_blank\" href=\"https:\/\/ripple.com\/xrp\/\" rel=\"noreferrer noopener\">XRP<\/a> is unavailable to buy on most centralized U.S. exchanges. Ripple Labs, a <a target=\"_blank\" href=\"https:\/\/xrpl.org\/history.html\" rel=\"noreferrer noopener\">company whose history<\/a> is intertwined with XRP, has been engaged in a lengthy <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/ripple-ceo-us-behind-crypto-regulation\/\" rel=\"noopener\">lawsuit<\/a> with the Securities and Exchange Commission (<a target=\"_blank\" href=\"https:\/\/www.sec.gov\/\" rel=\"noreferrer noopener\">SEC<\/a>) since December 2020, and until there is a legal verdict, XRP holders and anyone who wants to trade XRP must be patient. The lawsuit revolves around the SEC\u2019s view of XRP as a security, a view that\u2019s at odds with Ripple\u2019s claims that XRP is a currency, rather than a security.\u00a0<\/p>\n<p>In response to a request for a statement, the SEC said it \u201cdoes not comment beyond public filings.\u201d Ripple acknowledged in an emailed statement that the lawsuit has \u201cmade it substantially more difficult for U.S. persons to access or use XRP.\u201d<\/p>\n<p>Raj Varghese, a 29-year-old risk management consultant who bought XRP in 2017, has firsthand experience with the situation after buying the cryptocurrency. \u201cI thought it had more sticking power than Bitcoin,\u201d he says. Varghese purchased roughly 5,000 XRP tokens, which at the time were valued at less than $1. His plan was to buy and hold his crypto long term.<\/p>\n<p>But Varghese started receiving notices from the exchange on which he purchased and stored his XRP that it would be blocking U.S.-based investors from accessing their XRP while the company underwent the SEC trial. \u201cThey kept giving me this warning saying, \u2018At this date, you won\u2019t have access to this account anymore,\u2019\u201d says Varghese. \u201cEventually, one time I tried to log in and it was like, \u2018Yeah we can\u2019t, we can\u2019t service this account.\u2019\u201d<\/p>\n<p>Varghese eventually moved his XRP to another exchange. While he still can\u2019t buy more XRP, his account isn\u2019t blocked like it was on the previous exchange.<\/p>\n<p>With limitations on buying XRP at centralized exchanges, you may have to get creative. Experts recommend new investors be extra careful when buying <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/altcoins\/\" rel=\"noopener\">altcoins<\/a> like XRP as they are even more volatile than more established cryptos such as <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/price\/bitcoin-btc\/\" rel=\"noopener\">bitcoin<\/a> and <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/ethereum-hits-new-all-time-high-price\/\" rel=\"noopener\">ether<\/a>.\u00a0<\/p>\n<p>But if you do want to invest in smaller altcoins, there are things you can look at to evaluate them in terms of <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/how-to-evaluate-any-crypto-coins-potential\/\" rel=\"noopener\">long-term investment<\/a> potential. They include price, market cap, use cases, and even who created a particular currency.\u00a0<\/p>\n<p>If you\u2019re interested in XRP, here are your options for how to buy it.<\/p>\n<h2>What Is XRP?<\/h2>\n<p>XRP launched in 2012, and was created by three developers who aimed to improve on the sustainability and mining process of bitcoin. The network code was originally referred to as Ripple, with the cryptocurrency being called XRP Ledger. The creators would later help form a company called Ripple Labs, which was gifted 80 billion XRP.\u00a0<\/p>\n<p>Ripple was invented to be an open-source decentralized alternative for sending money via the traditional banking system, which frequently adds layers of processing fees to each transaction. According to Ripple\u2019s website, you can send XRP from one digital wallet to another in just 3 to 5 seconds while paying minuscule fees.<\/p>\n<div class=\"tip\">\n<div class=\"stripe-border stripe-border--right\">\n<div class=\"tip__container\">\n<div class=\"tip__content\">\n<h3 class=\"tip__heading\">Pro Tip<\/h3>\n<p><span style=\"font-weight: 400\">XRP isn\u2019t available to buy on most U.S. crypto exchanges, but you can hold it in a noncustodial wallet such as Exodus or MetaMask.\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2>Steps to Buy XRP<\/h2>\n<p>XRP isn\u2019t available on most U.S.-based crypto exchanges. That could possibly change if the outcome of the SEC lawsuit reveals that XRP is a currency, not a security. However, if the SEC wins, you may have to go out of the country to buy XRP.<\/p>\n<p>Here are some steps to get it now.<\/p>\n<h3>Find a Cryptocurrency Exchange<\/h3>\n<p>You won\u2019t be able to buy XRP without jumping through some technical hoops on popular mainstream exchanges like <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/coinbase-review\/\" rel=\"noopener\">Coinbase,<\/a> <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/gemini-review\/\" rel=\"noopener\">Gemini<\/a>, or <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/etoro-review\/\" rel=\"noopener\">eToro<\/a>. You can still find it on more obscure exchanges such as <a target=\"_blank\" href=\"https:\/\/uphold.com\/en\/assets\/crypto\/buy-xrp\" rel=\"noreferrer noopener\">Uphold<\/a>, or you can make your purchase outside the U.S., or take your chances on a decentralized exchange. Experts say it\u2019s typically best for investors to stick to more mainstream exchanges, so do your research and proceed with caution before buying through a lesser-known exchange.<\/p>\n<h3>Workarounds for Buying XRP With U.S. Dollars<\/h3>\n<p>While it\u2019s challenging to buy XRP in the U.S., you can still technically buy it with U.S. dollars (USD).<\/p>\n<p>CoinMarketCap lists which exchanges allow you to trade USD (as well as other fiat or cryptocurrencies) for XRP, but note that these won\u2019t all allow you to buy it in the U.S.<\/p>\n<p>Here\u2019s how to find the list:\u00a0<\/p>\n<ol>\n<li>Go to <a target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/\" rel=\"noreferrer noopener\">CoinMarketCap.com<\/a><\/li>\n<li>Search for XRP using the search bar in the upper right hand corner (on desktop view).<\/li>\n<li>Click on the \u201cMarket\u201d button at the top of the price chart.\u00a0<\/li>\n<li>See the complete list of exchanges and website where you can purchase XRP.<\/li>\n<li>Notice under the column labeled \u201cPairs\u201d the ticker symbol for XRP, plus a second type of currency. These pairings are all the ways you can buy XRP. To purchase XRP with the U.S. dollar, look for XRP\/USD. To purchase XRP with Tether, look for XRP\/USDT.<\/li>\n<\/ol>\n<p>Keep in mind that you still may have to make the transaction outside the U.S. to buy XRP, even when using USD. For instance, Bitstamp is on CoinMarketCap\u2019s list of places to buy XRP. However, when you visit the <a target=\"_blank\" href=\"https:\/\/www.bitstamp.net\/\" rel=\"noopener\">Bitstamp website<\/a>, it says: <em>\u201cNot available in US.\u201d<\/em><\/p>\n<p>You may be able to trade certain cryptocurrencies for XRP using a decentralized exchange (DEX) like <a target=\"_blank\" href=\"https:\/\/pancakeswap.finance\/\" rel=\"noopener\">Pancake Swap<\/a>, which is unregulated. A note of caution, however: DEXes and decentralized finance (DeFi) in general have no safety guards and involve advanced knowledge of trading concepts like lending, staking, and pooling.\u00a0<\/p>\n<p>For most new crypto investors, it is probably best to wait until this whole lawsuit shakes out. You might have an easier time after things have settled, when XRP could be easier to buy and a safer investment overall.<\/p>\n<h3>Storing Your XRP<\/h3>\n<p>You can store your XRP in some centralized exchanges like Coinbase, though you will not be able to transact with it while inside the U.S. If you do manage to buy XRP, or already have it, consider <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/best-bitcoin-cryptocurrency-wallet\/\" rel=\"noopener\">putting it in a hot or cold crypto wallet<\/a> where it will be less susceptible to hacks.\u00a0<\/p>\n<h2>What Can You Do With XRP?<\/h2>\n<p>XRP was built as a <a target=\"_blank\" href=\"https:\/\/ripple.com\/ripplenet\/on-demand-liquidity\" rel=\"noopener\">bridge currency<\/a> to connect financial institutions such as banks, payment providers, and digital asset exchanges to help settle transactions in real time while cutting down on costs.<\/p>\n<p>\u201cThe underlying value proposition [of XRP] is essentially that you can have many, many, many transactions at a very, very small cost,\u201d says Jonathan Angle, an instructor for the online DeFi school <a target=\"_blank\" href=\"https:\/\/yieldfarming.com\/\" rel=\"noreferrer noopener\">YieldFarming.com.<\/a><\/p>\n<p>However, XRP\u2019s speed and efficiency is most significant to companies and platforms within the financial services industry. Everyday investors may want to buy XRP because they believe it will become more widely adopted, and therefore valuable, in the future. Unlike <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/what-is-ethereum\/\" rel=\"noopener\">Ethereum<\/a> and other smart contract blockchains, XRP isn\u2019t used for nonfungible tokens (<a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/are-nfts-good-investment\/\" rel=\"noopener\">NFTs<\/a>), gaming, metaverse purchases, and other fun applications. Owning XRP doesn\u2019t have the same applications as owning <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/ethereum-hits-new-all-time-high-price\/\" rel=\"noopener\">ETH<\/a>.<\/p>\n<h2>Best Wallets for Holding XRP<\/h2>\n<p>Most experts recommend using a self-custody wallet to store large amounts of crypto long term. Self-custody wallets are more secure than keeping crypto stored on a public exchange. If you\u2019re planning to hold your XRP for a while, you might want to consider moving it into a wallet that you personally control.\u00a0<\/p>\n<p>Self-custody wallets use private keys that allow you to securely access your digital assets. Every private key is linked to a public key that\u2019s used like a digital address from which crypto can be sent or received. You\u2019ll also have a unique seed phrase that\u2019s used to unlock or sync your wallet to new devices, or restore your password when needed.<\/p>\n<p>Examples of self-custody wallets include Exodus and MetaMask, says Angle. \u201cThey allow you to create a blockchain address using their software. You write down your seed phrase, you make sure to keep that secure and secret,\u201d he says.\u00a0<\/p>\n<h2>Is XRP Worth It?<\/h2>\n<p>While XRP is promising for the financial services industry, individuals don\u2019t stand to benefit a whole lot from owning it.<\/p>\n<p>For starters, Ripple\u2019s speed may arguably come at the price of security. \u201cThere\u2019s essentially a trade-off,\u201d says Angle. \u201cIt has many less validators on the network.\u201d<\/p>\n<p>Fewer validators means fewer computers checking and processing the accuracy of transactions. And if just half of the validators were to get hacked, your crypto could easily get stolen. More validators on a network means a higher layer of security, because hackers would have to break into more computers.<\/p>\n<p>But is XRP worth it? \u201cI do find a lot of new entrants into the crypto space are very interested in Ripple,\u201d Angle says. \u201cThey\u2019ve really got a good marketing appeal \u2026 But unfortunately, since [it] doesn\u2019t have functional smart contracts [like <a target=\"_blank\" href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/price\/ethereum-eth\/ency\/latest-crypto-news\/\" rel=\"noopener\">Ethereum<\/a>] \u2026 there\u2019s not really the same sort of applications or opportunities. Most of my colleagues and clients aren\u2019t tremendously interested in [XRP].\u201d<\/p>\n<p>Experts recommend you don\u2019t invest any more than 5% of your portfolio in cryptocurrency, and don\u2019t invest any money you can\u2019t afford to lose. This is especially true of altcoins. If you\u2019re going to start this crypto journey, make sure you\u2019ve got a solid emergency fund, have paid off any high-interest debt, and have a secure retirement fund.\u00a0<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/time.com\/nextadvisor\/investing\/cryptocurrency\/how-to-buy-ripple-xrp\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Editorial Independence We want to help you make more informed decisions. Some links on this page \u2014 clearly marked \u2014 may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. XRP is currently the sixth-largest cryptocurrency by market cap, but you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[45],"tags":[453,265,58],"class_list":["post-15296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-buy","tag-ripple","tag-xrp"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/04\/How-To-Buy-ripple-xrp-1000x630.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/15296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15296"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/15296\/revisions"}],"predecessor-version":[{"id":15298,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/15296\/revisions\/15298"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/15297"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15296"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}