Cryptocurrency projects like Bitcoin and Litecoin were originally created to offer consumers a faster way to transfer money without paying the fees associated with using big bank transfer systems. Not every cryptocurrency developer wants to steer away from traditional banks, however.
Ripple (XRP) is a semi-decentralized payment protocol created to be used by major banking institutions. Ripple operates RippleNet, a real-time gross settlement system that enables instant monetary transfers. As a comparison, transfers using Bitcoin take about 10 minutes to close. 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 a few of our favorite crypto brokers below.
- Best ForA Fast Trading Experience
- Best ForCopy Trading
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) and USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections and not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Best Crypto Wallets
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.
Best for Travel: SecuX W20
If you’re searching for a convenient way to manage your cryptocurrency holdings on-the-go, be sure to consider investing in the SecuX W20. The SecuX W20 wallet supports a wide range of cryptocurrencies, including Ripple, Bitcoin, Ethereum and any ERC-20 token. This wallet also includes a bright touch screen that you can use to view and track your crypto holdings without connecting to a laptop or mobile device.
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
Tracking how the price of Ripple is changing can help you make the most of your investment by buying in at the most advantageous time. Browse the cryptocurrency market at a glance below to get started.
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. 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.
Frequently Asked Questions
Questions & Answers
Ripple (XRP) is getting investigated by the SEC because the SEC claims that it was sold as an unregistered security.
- Exclusive Crypto Airdrops
- Altcoin of the Week
- Insider Interviews
- News & Show Highlights
- Completely FREE