Once you’ve confirmed they’re compatible, you have a choice of two kinds of wallets. If your crypto investments lose value and you can’t pay back your principal, you could be saddled with expensive interest payments. Decentralized exchanges, including peer-to-peer transactions, can be cheaper but more difficult to navigate for new buyers since they require more technical experience. Decentralized exchanges such as Uniswap and PancakeSwap can be used to trade for XRP. XRP aims to provide a platform for cross-border payments that is faster and more cost efficient.
Once you are done with the account setup stage, you are now ready to fund your account, but before doing that, you might want to first review your XRP investment strategy. XRP can be purchased on Coinbase, Robinhood, eToro, Kraken and other exchanges. Our team is diligently working to keep up with trends in the crypto markets. If you’re buying XRP, consider how you think an adverse legal decision might affect its value — and whether that’s a risk you’re willing to take. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.
This can be a much faster and cheaper approach versus paying the high fees banks and money remittance organizations may charge. Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions. We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site. Finder monitors and updates our site to ensure that what we’re sharing is clear, honest and current. Our information is based on independent research and may differ from what you see from a financial institution or service provider.
For example, if you wanted to swap $100 USDC for XRP, you would search for the XRP/USDC pool on Uniswap. After locating the pool, confirm the amount you would like to swap and execute the trade. Both types of exchanges provide unique advantages and disadvantages; however, beginners are recommended to start on CEXs because of their simplicity and usability.
What You Can Purchase With XRP
Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount. On your device of choice, go to the signup page and fill out the questionnaire. You have to provide personal information to verify your identity and connect a payment method.
How to Buy XRP on Coinbase
If security and control over your assets are vital to you, using a wallet would be a great choice. The box highlighted below the credit card box shows the available crypto networks from which you can transfer digital assets to Uphold. In our case, we have already added a bank account, so we will select that, which will close the dialogue box.
- Most US-based crypto exchanges do not currently support XRP right now due to a lack of legal clarity regarding whether the asset should be classified as a security or not.
- Ripple seeks to become the trusted third party allowing entities, regardless of size and spatial location, to transact swiftly and securely.
- XRP is the native token for Ripple, a payments network that is designed to serve the financial services industry.
Step 1 – Where to Buy XRP Crypto exchanges that sell XRP
Ripple (XRP) is the 7th-largest cryptocurrency by market cap, trading at $0.49 per token on April 16, 2024. Ripple is a semi-decentralized protocol geared towards institutions boasting low transaction fees, fast settlement and high scalability without being energy intensive. Ripple aims to fill a gap in the market using its native token, XRP, to make transactions speedy, secure and cheap.
When the XRP tokens are sent from one wallet to another, they are transferred on the XRP ledger (XRPL), which is a blockchain network similar to Bitcoin in functionality. However, unlike Bitcoin, the XRPL does not use mining as a consensus mechanism. This guide will explain why most crypto investors choose to buy XRP, how you can join the fray, and which platforms support buying, selling, as well as trading the asset.
Decentralized Finance (DeFi) Platforms
XRP has a loyal following which helped it reach an all-time-high price of $3.40 in January 2018. Click on the [+] icon next to either bank or Credit Card to connect a bank account or credit/debit card, respectively. This section assumes that you are using Uphold and that you have created an account, verified your identity, and funded it. Otherwise, you could opt to use the instant purchase feature of buying using a debit card.
Decide whether to invest in XRP
Enter and confirm the amount of XRP, you would like to purchase and pay using your preferred method. Coinbase accepts debit cards, ACH deposits, wire transfers, Apple Pay and why administration accounting is important for any business Google Pay, allowing you to buy cryptocurrency easily. After purchasing, you will see your tokens in the assets section of the application.
Michael holds a master’s degree in philosophy from The New School for Social Research and an additional master’s degree in Asian classics from St. John’s College. If you hold Ripple as an investment, you’ll be taxed on any capital gains you make when you sell it — which includes spending it on goods and/or services. In the US, tax obligations also apply to mining, professional Ripple trading and in a range of other scenarios, so make sure you’re fully aware of what you need to report to the IRS. FinCEN-registered exchanges contribute to a more secure financial system in the US and provide you with better consumer protections compared to exchanges based in other countries.
In return for providing liquidity, you earn rewards in the form of interest payments and trading fees. However, liquidity pool rewards can be volatile, and you may earn more or less depending on the market conditions. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site.
Securities and Exchange Commission (SEC) lawsuit claiming XRP was an unregistered security that raised $1.3 billion through an XRP token sale. The charges were dropped – a massive win for the crypto community, causing XRP to jump over 50% shortly after. Ripple is a crypto payments company whose founders created XRP, its native token. XRP and the blockchain it runs on, the XRP Ledger, are billed as a better way to send money across borders. While the traditional process can take days to complete, XRP international transactions can be settled in seconds — and usually for a fraction of the cost.
As we have discussed in this guide, Ripple’s XRP ledger and the XRP cryptocurrency offer several benefits to their users, such as fast confirmation times, cheap costs, and eco-friendliness. Uphold is a New York-based multi-asset company with cryptocurrency as one of its supported products. There are more than seventy cryptocurrencies available for purchase on its platform, and XRP is one of them. Below, we highlight a step-by-step guide on how you can use Uphold to purchase your first XRP coins.