How to Buy XRP – A Complete Beginner’s Guide
Among the crypto projects that focus on facilitating payments is XRP Ledger. Over the years, this project has been supporting micropayments in an effort to disrupt the traditional finance (TradFi) industry. But does this mean XRP Ledger’s native token, XRP, is worth buying? To answer this question, we will explore all aspects of XRP’s ecosystem. After that, we will guide you on how to buy its native token.
XRP Ledger Explained
XRP Ledger is a decentralized, permissionless blockchain created to facilitate cheap and fast transactions. It was launched in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto. Ripple Labs manages XRP Ledger.
How Does XRP Ledger Work?
Being a decentralized blockchain, XRP Ledger lets any developer build projects on it. Using the supported programming languages, developers can create decentralized applications (dApps) that offer solutions addressing issues associated with asset tokenization and remittances. XRP Ledger supports the development of DEXs (decentralized exchanges), along with cross-border payment platforms.
Comparison Between XRP and Other Cryptocurrencies
XRP vs. ETH
While ETH supports the creation of decentralized applications and smart contracts, XRP, on the other hand, facilitates payments. In terms of transaction speed, XRP Ledger beats the Ethereum network. The latter experiences network congestion regularly, which slows transaction speeds.
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XRP vs. BTC
Both XRP and Bitcoin facilitate payments. However, the big difference is that XRP is designed for settling payments between large financial institutions, while Bitcoin primarily supports peer-to-peer transactions.
The XRP Ecosystem
XRP Ledger powers the XRP ecosystem. However, there are other elements that keep the ecosystem running, including:
Ripple Labs – The company that oversees the ecosystem.
Validators – These are the parties that validate transactions.
Cryptocurrency Exchanges – The trading platforms that support the buying and selling of XRP tokens.
Developers – Comprises companies and individuals who drive traffic to XRP Ledger by creating problem-solving crypto projects.
On-ramps and off-ramps – These create a bridge between the XRP Ledger ecosystem and traditional finance.
Which Wallets Support XRP?
Before buying XRP, you need a crypto wallet to keep the token safe. But which wallets are compatible with XRP? Atomic Wallet, Toast, and Ledger Nano X are good options.
XRP’s Regulatory Issues
Ripple Labs, the firm that issues XRP, was charged by the United States Securities and Exchange Commission in 2020 on allegations that it offered unlicensed securities to the public in the form of XRP. However, Ripple Labs emerged as the winner in the legal battle following the Judge’s verdict in July that XRP doesn’t constitute a security. At the time, the token rose 70%.
How Do You Buy XRP?
Buying XRP through a centralized exchange is recommended for beginners. The token is listed on several reliable trading platforms like Binance. To buy XRP on Binance, follow these simple steps:
1. Download and install the Binance app, then register an account.
2. Complete the know-your-customer procedure to verify the account.
3. Deposit fiat into your account. It could be British Pounds or Euros.
4. Click the “Markets” button and then press “Spot.”
5. Search the XRP/GBP or XRP/EUR trading pair, depending on the deposited fiat.
6. Use your fiat deposit to purchase XRP by clicking “Buy.”
Binance will deposit XRP in your wallet within a few seconds if you pick “Market Price” as the order type. If you wish to sell your XRP tokens, simply return to the spot market and hit the “Sell” button.
Do you have funds in your non-custodial crypto wallet? If so, connect the wallet to any of these decentralized exchanges to buy XRP: Sologenic, Synthetic Perps, or Pancakeswap.
Conclusion
As you can see, XRP is a token that has utility. This means it has the potential to survive during market downturns. Moreover, most crypto analysts remain bullish on the future of the token, with some expecting XRP to hit $100 by 2026. However, the crypto asset must first break above the $3.8 all-time high.
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