Want to jump straight to the answer? You can buy XRP on eToro.
During the first major cryptocurrency bull market in 2017, Ripple (XRP) gained widespread attention and showed impressive returns. Trading at half a cent at the start of 2017, XRP had reached a peak above $3 by the end of the bull market. Soon thereafter, the cryptocurrency markets crashed and XRP plummeted alongside the rest of the market.
Ripple Labs SEC Lawsuit: A Win For Crypto?
Then in 2020, the SEC filed a lawsuit against Ripple, alleging the company had issued unregistered securities. The token was removed from most major exchanges, and its price fell below $0.18. Fast forward nearly 3 years, and a U.S judge ruled that Ripple did not violate federal securities law, asserting that XRP is not a security. Following the news, XRP skyrocketed nearly 75%. As of July 13th of 2023, XRP holds a price nearly 5x higher than its local low, trading at $0.81 per token.
What's more, the news pumped up the broader crypto markets. With the SEC alleging over a dozen cryptocurrencies were securities earlier this year, these projects now have ammunition to deny these claims.
What Is Ripple (XRP)?
Similar to Bitcoin, Ripple (XRP) is designed to enable fast, secure, and low-cost cross-border payments and currency exchanges. However, unlike Bitcoin, Ripple is a semi-decentralized payment protocol, that is designed to be used by major banking institutions. Namely, serving as an alternative to traditional payment networks, such as SWIFT, which can be slow and expensive.
Ripple operates XRP Ledger, a real-time gross settlement system that enables nearly instant monetary transfers. While Bitcoin and Ethereum can take several minutes to settle funds, XRP can do so in a matter of seconds. Ripple’s development team hopes that widespread adoption of the technology can empower financial institutions to pass on faster transfer speeds and more efficient pricing down to their clients.
If you’re interested in learning more about how you can add Ripple to your portfolio, use our guide to get started.
Where to Buy Ripple (XRP)
Not sure where to begin your search? Consider Benzinga's favorite cryptocurrency exchange below.
Best for Buying Cryptocurrency: eToro
- securely through eToro's websiteBest For:Demo Accounts
Don’t invest unless you’re prepare to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins and learn more. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
eToro is an established broker that has been providing online trading services since 2007. It is regulated by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC) in Europe. The platform allows users to trade a variety of assets including stocks, commodities, currencies, indices, ETFs, and cryptocurrency. The company offers a range of products and services including a popular social trading system, copy-trading tool, and access to over 2,400 markets.
In terms of crypto trading, eToro supports the buying and selling of several major digital currencies including Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Bitcoin Cash (BCH) and more. The platform also offers an integrated wallet for users to store their crypto assets.
When it comes to payment methods, eToro accepts deposits through debit cards, credit cards, PayPal, bank transfers (ACH/SEPA) and a variety of other payment options.
- Social trading
- Access to several asset types
- An array of information for new investors
- Fees can vary widely
Best Crypto Wallets
Crypto wallets are the safest way to store digital assets. Crypto exchanges hold custody over your funds, and as we've seen from FTX and many of its peers, exchanges don't always act honestly. Self custody is the best way to protect your investment from bad actors. While software wallets offer a free an accessible way to store your crypto, hardware wallets store access to your funds offline, making it inaccessible to hackers.
If you aren’t sure where to start shopping, consider a few of our favorite options from Amazon below.
Best Overall: Ledger Nano X
Among the most popular cold storage options on the market, the Ledger Nano X provides you with a high level of security and customization to store your coins. The Nano X supports a wide range of both coins and applications, and you can install up to 100 applications on a single device.
The Nano X also allows you to connect with your desktop or mobile phone using Bluetooth to access the cryptocurrency market directly. This can make it easier for regular investors to buy and sell their coins without forgetting to initiate a transfer to their wallets.
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Can be a bit pricey
Trade or Sell Your Cryptocurrency
Once your order closes, you’ll need to decide what you want to do with your new investment. Most cryptocurrency investors fall into 2 categories: long-term investors and short-term traders.
As the name suggests, long-term investors hold their investments for a longer period of time, selling only when they believe the price has risen to a threshold that justifies their initial investment. If you plan on holding your cryptocurrency for more than 1 week, we recommend moving your coins to an offline cold storage wallet. This will help you avoid hacking attempts if your exchange is targeted.
If you plan on becoming a short-term trader, you’ll capitalize on smaller price movements throughout the day or week. If you’re using Ripple as your base cryptocurrency, you’ll start by converting your Ripple into a stablecoin (like Tether or USD Coin) when you believe that the price of Ripple is peaking. When the price falls again, you’ll convert your stablecoin back into Ripple or another coin that you’re interested in. You can take your profits by cashing out any additional Ripple you accumulate during trading.
If you plan on investing frequently, having a fast, responsive trading platform is crucial. Coinbase is one of our favorite choices.
Current Ripple Price
Ripple's price nearly doubled following the favorable judgement made on July 13th. With such significant price action, it's likely that the volatility of XRP will continue until the news settles. Given the favorable judgement, more exchanges may begin to relist XRP, making the token more accessible to a wider range of investors. While this isn't a guarantee, it's something to keep an eye on moving forward.
Investing in Cryptocurrency Responsibly
The forefront of industries like decentralized finance and fund transfers, cryptocurrency represents a host of practical tech potential. It’s important to remember that, as a whole, the cryptocurrency market is still highly volatile and unregulated. This is due to the speculative nature of crypto and its uncertain regulatory outlook in the coming years.
If you do decide to invest in Ripple (or any type of cryptocurrency) be sure that these high-risk investments make up only a small percentage of your overall portfolio. Moreover, it is important to always do your own research, completing due diligence on a regular basis, while assessing your investment goals.
Frequently Asked Questions
What happed with the SEC lawsuit against XRP
On July 13th, 2023, a U.S judge ruled that Ripple Labs has not violated U.S securities law.
Are crypto assets safe?
All crypto assets carry some sort of risk, and you should be sure to research your investments and only invest money you can afford to lose.
What is the easiest way to buy Ripple?
The easiest way to buy Ripple is through a brokerage account with eToro.
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