Where & How to Buy Ripple (XRP) in 2023
Ripple, denoted by XRP, is a pre-mined cryptocurrency that has been created to support the existing banking infrastructure so domestic, international, and cross border payments can be quicker and more affordable for everyday consumers. If you are looking to buy Ripple, you will need to learn about the token, its price movements and future performance projections to ensure that you are putting your money on a safe bet.
Moreover, you will also need to have a dedicated crypto wallet, either a software or hardware one, if you want to store your XRP tokens safely and securely.
3 Things to Consider Before Buying Ripple
Collaboration with Existing Financial System
One of the major reasons why the Ripple network has acquired so much success in a short amount of time is because instead of going and rebelling against the existing banks and financial institutions, it has developed a way to combine the best of both worlds. The community behind Ripple or XRP believes that the existing system can rely on the power of blockchain to make their money transfers safer, quicker and more economical.
Big Players on Board
Since Ripple is attempting to work with the prevalent infrastructure, it has been able to convince numerous financial institutions and giant tech firms to provide strategic and financial support to the cause. It makes Ripple one of the most lucrative and future-proof investment crypto tokens that you can find on the market.
Although crypto markets are notorious for being highly volatile, Ripple's price has remained stable during the last twelve months making it one of few exceptions in the cryptocurrency market. This doesn't mean that there isn't any volatility to play with for short-term investors, it means that the price volatility just doesn't match the huge swings that other tokens usually witness.
Where to Buy Ripple in 2023?
Before you invest in Ripple or any other cryptocurrency for that matter, you need to develop a thorough understanding of how XRP investment works. There are basically two ways to invest. One for those who believe in the token and want to hold on to it for a long period of time so they can gain high rewards and the second one is about capitalising on the price volatility of Ripple to make daily profit.
If you are an investor who belongs in the first camp, you need to go to a cryptocurrency exchange because they directly sell you XRP tokens which you can own, hold or sell any time you want. On the other hand, if you are in the latter camp, you need to find a crypto broker that instead of selling you the tokens, lets you invest in financial instruments of XRP such as Futures, Options and Contracts for Difference (CFDs). They can be sold and purchased quickly.
Whatever investment method you choose, ensure that you are minimising your risk by investing an amount that you can afford to lose. Learn about the coin, do your homework and hold yourself back from making emotional investments.
Our Tutorial to Buy Ripple in 5 Steps
Now that you know the basics of investing in XRP, here is a five-step guide that will lead you through the entire process to prepare you for what's to come.
Step 1: Find an Appropriate Platform to Purchase Ripple
The first thing to do is to find a cryptocurrency exchange if you are a long-term investor or a broker if you are looking to invest in the short term. There are multiple factors that you should take into consideration including service quality, ease of use of the platform, charges and fees, and customer service. Make sure that the exchange or broker you are choosing suits your requirements in the best way possible when it comes to convenience, affordability and reliability.
One thing that can help you is checking online reviews to help find the best place to buy/trade Ripple coins for you. Some of the top brokers include eToro, Pepperstone and Plus500 while leading exchanges are Binance, Kraken and Coinbase. They can help you get your hands on XRP or its financial instruments.
Step 2: Registration/Create a New Account
After you have selected your platform, you will need to register there and make an account. You'll probably need to provide your name, password, email and other basic particulars before you can start investing. If the platform is regulated, it will ask you to prove your identity by submitting some type of documentation such as an ID Card or driver's license.
You can find unregulated brokers and exchanges online but we highly recommend not to rely on them. Regulatory compliance does add a bit of inconvenience but it also ensures the safety of your personal information as well as your funds.
Step 3: Deposit Funds
The last thing you need to do before you can start investing in XRP is deposit money into your account. You can choose different payment network methods to do so including wire transfer, bank cards and online payment processors. Make sure that the one you are choosing bears minimal transactional cost but if you prefer convenience over cost, you can go with the expensive one as well. Remember that to maximise your profits, you will need to keep all of your costs in check.
Step 4: Start Trading or Buying Ripple
Once you have taken all the above measures, you are now in a position to start investing. If you are a long-term investor, you will be on a crypto exchange where you can buy and sell XRP coins directly. On the other hand, if you are a short-term trader, you will find yourself on a brokerage website where you will be buying and selling off financial instruments of XRP such as CFDs since they are easier to buy and sell as compared to the tokens.
It is interesting to keep in mind that there are a few platforms such as eToro that act as both an exchange and a brokerage service. It means you can buy XRP tokens or trade Ripple on eToro without having to jump from one platform to another.
Step 5: Optional Steps
Now that you have invested in Ripple, you must be wondering what else you can do with it. Here are a few options:
- Move assets to a wallet:
If you are simply a day trader, you don't need to worry about it but long-haul traders should store their coins in a dedicated wallet for secure storage of their XRP tokens.
- Participate in Ripple Community Support:
You cannot mine XRP, however, there are wallets where you can store your tokens to provide financial support to the foundation and Ripple community.
- Sell high, rebuy low:
If you want to earn consistent profits through XRP investment, try to buy the coins as low as possible. Never invest when the coin is going through hype or a price surge. Wait for the price to fall and when you believe it's at the lowest, purchase XRP tokens. Ensure that you are minimising your risk by investing in different promising cryptocurrencies.
Available Payment Methods for Buying Ripple
There are a variety of payment methods available to both short and long-term investors presented by a variety of crypto platforms. Some of the most renowned and used payment modes include the following:
- Buy Ripple with Cash
If you desire to buy Ripple with cash, you will need to find the nearest Ripple or XRP teller or ATM. You can rely on CoinATMRadar.com to locate the closest ATM for buying XRP coins.
- Buy Ripple with Credit/Debit Card
- Buy Ripple with Bank Transfer
For buying Ripple with a bank transfer, you first need to find out whether your preferred exchange or broker supports the payment mode. That being stated, Coinmama has the widest availability globally and supports almost all countries.
- Buy Ripple with Cryptocurrency
- Buy Ripple with PayPal
Although millions of investors would love to pay with PayPal for buying XRP, currently, it isn't an option in many countries except the US because of regulatory issues. Crypto platforms along with blockchain networks are working hard to bring PayPal on board.
What Are the Fees for Buying Ripple?
The associated fees for buying Ripple depend on numerous factors including your country of residence, your crypto platform, payment mode and the amount you are going to buy. Generally, a bank account transfer is the cheapest way to buy Ripple (XRP) but it can also be quite slow. You can expect to incur deposit charges anywhere between 0.5% and 2%. On the other hand, if you prefer quick transactions, bank cards can be used but they can cost you up to 7% of the total amount. Ensure that you are aware of all of your costs so you are in a position to maximise your profit.
Expert Tip to Buy and Sell Ripple“ The best tip any crypto expert will give you is that don't rely on your emotions and keep learning. If you have missed an opportunity to invest, get over it. There will be another one in a few days. Don't make irrational calls based on emotion and don't ever get caught up in FOMO or fear of missing out. Crypto investing is all about being rational, keeping an eye on the numbers and reading the news and opinions that matter. ”- Shameel Kazi
How to Find the Best Time to Buy Ripple
There is no single best time to invest in Ripple (XRP) or any other digital asset. You need to find the best moment by developing an understanding of the price floor and ceiling. Don't buy during the surge and keep waiting until you believe that the price won't move any lower. Then you can invest in the token. Try to buy as low as possible as that will position you to make a big profit.
What Drives the Coin's Cost?
Since there are no central authorities to control the price of Ripple through monetary regulations, the only factors that contribute towards price movement are supply and demand dynamics. They are affected by market sentiment, rumours, political developments, new regulations and innovation.
How to Sell Ripple
If you believe that the time has come to sell Ripple (XRP) to make your profits, you have multiple choices to sell your XRP tokens:
Cryptocurrency Exchange – If you are a long-term investor who is holding onto XRP coins, you will need to go back to an exchange to sell your tokens.
Trading/Broker Websites – On the other hand, if you are a short-term trader who owns a financial instrument such as XRP CFD, you can sell it off on the broker website.
Peer-to-Peer (P2P) Network – If you own tokens, you can also sell them on P2P networks which are marketplaces that connect cryptocurrency sellers and buyers. They allow you to set your preferences.
Frequently Asked Questions
Ripple is a decentralised network. No central authority can control the price.
Ripple is more of a facilitating network for financial institutions than a currency but it can be used as currency on some sites.
If you have a dedicated Ripple wallet and take all the security measures, your XRP tokens will remain safe and secure.
Ripple isn’t only one of the most promising tokens but it’s also in its early development and growth phase.
That totally depends on the investor, their strategy, capital invested and risk mitigation planning.
You will need to check your country’s tax laws. Many countries currently don’t have legislation related to cryptocurrencies or their trading.
Since it's a decentralised network and coin, supply and demand dynamics are affected by political, social, technical and legal factors.
When it comes to cryptocurrencies, there are no guarantees. However, Ripple is one of the most promising cryptocurrencies out there with a huge promise, big financial institutions as well as tech companies as its backers, and a viable future plan.