The world of cryptocurrency can be confusing for even the most experienced investor. New digital tokens pop up almost daily and old ones suddenly surge in value and then collapse again. It’s a wild ride for sure, but there are some great opportunities for patient investors willing to do their research. Among the more intriguing new coins is Ripple, or XRP as it’s commonly referred. Read on to learn more about what exactly is Ripple Coin and how to buy ripple coins and trade XRP.
What is Ripple?
Ripple is a cryptocurrency known as XRP. It is a real-time gross settlement system (RTGS), currency exchange, and remittance network. Banks can use Ripple to send international payments across networks in a more cost-effective and efficient way. It also enables banks to access new markets and reduce the time and cost associated with setting up new payment corridors.
How to Buy Ripple
One of the most common questions new investors have is how they can buy and sell crypto in Australia. Unfortunately, there is no easy or obvious way to buy XRP directly. This is because there are only a handful of exchanges that support Ripple trading. The following options are your best bets for buying Ripple. Ripple Exchanges: You can buy XRP by trading other cryptocurrencies on exchanges that support Ripple. Some of the more popular exchanges that support Ripple include Binance, Bitstamp, Changelly and XRP II. If you’re only buying XRP, make sure the exchange you use also supports XRP. XRP Wallets: You can also buy Ripple coins on a Ripple wallet. The most popular Ripple wallets are GateHub and Toast Wallet, which you can download for free.
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Trading Ripple
Ripple is a great cryptocurrency to trade due to its high trading volume and volatility. Some popular exchanges that support trading Ripple include Poloniex and Binance. Before trading on an exchange, make sure to review the fees, liquidity, and account verification process.
The Pros and Cons of Ripple
Pros – Ripple’s cryptocurrency, XRP, is an emerging technology in the financial industry. It’s a decentralized network that allows banks, payment providers, and individuals to send money globally. Banks have used XRP to send cross-border payments between each other. XRP has a market cap of $9.9 billion, and it’s currently the 3rd most popular cryptocurrency.
Cons – Ripple is not easy to buy as it has fallen from its 2017 high of $3.84. Many in the crypto community criticize it for having no inherent value and the majority of its supply is held by its founders. The U.S. Securities and Exchange Commission is investigating Ripple.
Final words: Is Ripple Worth Investing In?
Ripple is a cryptocurrency that was created to help banks improve their cross-border payment process but has since shifted its focus to target payment providers and other financial institutions that send money on a daily basis. While risky, Ripple’s team and partnerships make it an appealing investment.
