Ripple (XRP), a cryptocurrency designed for institutional use, has surged in popularity due to its efficient global payment system. With a valuation surpassing $100 billion, it briefly overtook Ethereum as the second-largest cryptocurrency. Its blockchain-based platform enables seamless money transfers for banks and major corporations, attracting high-profile clients like American Express and Santander.
Recent partnerships, including three Japanese credit card companies adopting Ripple, fueled a price surge from $0.26 in December 2017 to $2.47 in January 2018—a tenfold increase. Despite its growth, Ripple’s market cap remains dwarfed by Bitcoin’s $231 billion.
"Ripple has done a good job convincing big institutions to use their currency," notes Eddy Travia of Coinsilium.
Why Coinbase Doesn’t Support Ripple (Yet)
Coinbase, a leading crypto wallet, currently excludes Ripple, offering only Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. To buy XRP, you’ll need an advanced exchange.
Step-by-Step Guide to Buying Ripple
1. Choose a Supported Exchange
Select a reputable platform like:
Prioritize exchanges with strong security (e.g., two-factor authentication) and positive reviews.
👉 Compare top crypto exchanges for Ripple trading
2. Deposit Funds
Transfer USD or other fiat/crypto into your exchange account to enable XRP purchases.
3. Execute Your Buy Order
Some platforms (like Kraken) require buying Bitcoin (XBT) first, then swapping for XRP. Others allow direct USD-to-XRP transactions.
4. Secure Your XRP Tokens
Once the order clears, your XRP will appear in your exchange wallet. For long-term holdings, transfer tokens to a secure hardware wallet.
To sell later, reverse the process: exchange XRP for USD or another cryptocurrency.
FAQs About Buying Ripple
Q: Is Ripple a good investment?
A: Ripple’s institutional focus offers stability, but its centralized model differs from decentralized peers like Bitcoin. Research market trends before investing.
Q: Can I store XRP on Ledger or Trezor?
A: Yes! Both hardware wallets support XRP for enhanced security.
Q: Why does Ripple’s price fluctuate so much?
A: Like all cryptocurrencies, XRP reacts to news, adoption rates, and broader market sentiment.
Q: Are there fees for buying Ripple?
A: Exchanges charge trading fees (typically 0.1%–0.25%) and withdrawal fees. Compare platforms to minimize costs.
Key Takeaways
- Ripple’s blockchain payment solutions appeal to financial institutions.
- Use secure exchanges like Bitstamp or Kraken, avoiding unregulated platforms.
- Always store XRP safely—consider cold wallets for large holdings.
For deeper insights, explore our guide to 👉 maximizing crypto investments.
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