RIPPLE is the exciting new cryptocurrency that has sparked interest from crypto investors. But how do you buy XRP tokens?
Ripple prices have soared over the past year from around $0.006 per token. It was $3.35 ($2.47) at 3.20pm on Sunday January 7.
Since December 2017 alone, ripple’s price tag has risen by 1,000 percent and analysts see the potential for more growth in the near future.
Trevor Koverko, CEO of blockchain platform Polymath, thinks the growth can be attributed to investors trusting the ripple brand.
He said: “People feel comfortable with its name and the technology behind Ripple.
“A lot of people are beginning to realise how big of an opportunity there is between business and the blockchain… and that’s making Ripple the early winner here.”
There are currently over 40 billion out of 100 billion XRP tokens held by customers worldwide. Here is how you can become one of them.
How to buy ripple:
Buying ripple is a relatively simple process of setting up a crypto wallet, a crypto exchange account and then trading away for your desired crypto currency.
1. Get and XRP wallet for your tokens.
Having a secure crypto wallet is essential to keeping full control over your tokens as well as keeping them safe from thieves and hackers.
You can set up an online wallet with services such as CoinPayments, or buy a physical hardware wallet.
Hardware wallets are sometimes the safer option but if you loose one then your tokens are more than likely lost forever. Online wallets on the other hand tend to charge fees for various transactions but are always accessible online.
Wallets work very much like bank accounts and guarantee that you will keep your tokens secure if an exchange goes bust or falls victim of cyber theft.
Other wise your are purchasing tokens from an exchange on the principle that the exchange owes you the bough tokens, rather then debiting you with them.
2. Create an account with a ripple crypto exchange
Ripple.com lists several crypto exchanges that handle the XRP token. These include the popular Bitstamp, Kraken, Gatehub and Coincheck.
Some of the individual steps will vary, but creating an account on any of these services will require a valid email address, phone number and your full name.
If you choose Kraken’s services, you will need to go through a two-step verification process. Meanwhile Gatehub will ask you for a PIN code received by SMS.
Once you set up your account and verify all the required information, you will be ready to deposit some funds into your account.
3. Deposit funds into you account
In order to buy XRP, you will need to first buy bitcoin or deposit a certain amount of money into your new account.
Most exchanges accept US Dollars as the go-to fiat currency, but some have more options available such as the Euro, Canadian Dollars or the Japanese Yen. Of course, you can also trade cryptos for other digital currencies.
As soon as your exchange wallet has been topped up, you are free to start trading in crypto currencies.
4. Buy XRP or any other digital currency
The process might somewhat vary between exchanges but the main principle is that you trade your currency of choice for another one.
If you have deposited $100 into your exchange account then you will need to select the correct market to trade. In this case this would be XRP/USD.
Other available options could include trading bitcoin for ripple (XRP/BTC), trading Euro for ripple (XRP/EUR) or depending on your exchange, whatever other fiat and digital currencies it accepts.
Once you select the right market, you will then have to place an order for the amount of XRP you wish to buy.
Depending on the digital asset that you are buying, the amount of time it will take to clear your order contract will vary. XRP transactions are usually immediate.
Here are the approximated deposit times listed by Kraken:
- Bitcoin: ~60 minutes (6 confirmations required)
- Bitcoin Cash (BCH) : ~60 minutes (6 confirmations required)
- Litecoin: ~30 minutes (12 confirmations required)
- Dogecoin: ~20 minutes (20 confirmations required)
- Namecoin: ~60 minutes (6 confirmations required)
- Ripple (XRP): Transactions are immediate
- Lumen (XLM) : Transactions are immediate
- Ether (ETH) : ~6 minutes (30 confirmations required)
- Ether Classic (ETC) : ~24 minutes (120 confirmations required)
- Augur (REP) : ~6 minutes (30 confirmations required)
- Iconomi (ICN) : ~6 minutes (30 confirmations required)
- Zcash (ZEC) : ~60 minutes (24 confirmations required)
- Tether (USDT) : ~60 minutes (6 confirmations required)
- Dash (DASH) : ~15 minutes (6 confirmations required)
- Gnosis (GNO) : ~6 minutes (30 confirmations required)
- Monero (XMR) : ~30 minutes (15 confirmations required)
- Melon (MLN) : ~6 minutes (30 confirmations required)
- EOS (EOS) : ~6 minutes (30 confirmations required)