Want to jump straight to how to buy Ripple? You can buy XRP on most exchanges including Coinbase, Kraken and eToro.
xrp
XRP$2.24*
*prices delayed up to 10 minutes-3.00%
24HDisclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Ripple (XRP) is the 7th-largest cryptocurrency by market capitalization, trading at $0.5559 per token on Aug. 30, 2024. Ripple is a semi-decentralized protocol designed for institutions, offering low transaction fees and fast, secure transactions using its token, XRP. In 2023, Ripple faced a lawsuit from the U.S. Securities and Exchange Commission (SEC) over XRP being an unregistered security, but the charges were dropped, resulting in a significant price increase for XRP (over 50%).
The crypto market has been experiencing a slight downtrend due to geopolitical risks, with BTC and ETH dropping around 5% and 8% respectively over the past week. This decline has led to increased volatility among altcoins like XRP and LINK, which fell 7% and 8%. However, red market conditions can offer good opportunities for investors with strong fundamentals to buy or increase positions, particularly in XRP for those with high conviction. Discover the essential steps to buy Ripple easily and securely with our beginner-friendly guide. Start your crypto journey today!
How to Buy XRP (Ripple)
Whether you're a novice or a seasoned trader, understanding how to buy XRP effectively is crucial for maximizing your investment potential. Follow these steps to buy XRP successfully.
1. Choose a Platform
XRP’s large market capitalization makes it widely accessible across many crypto exchanges. Investors can use a decentralized exchange (DEX) or a centralized exchange (CEX) to make purchases. The main difference between the two is that CEXs have a single entity that acts as custodian, facilitating transactions, security, and support. DEXs use smart contracts and operate on a peer-to-peer basis to fulfill the same functions as CEXs.
Both types of exchanges provide unique advantages and disadvantages; however, beginners are recommended to start on CEXs because of their simplicity and usability. Some of the top CEXs include Coinbase, Robinhood, eToro and Kraken. Some of the most popular DEXs are OKX and Uniswap. Coinbase is considered the best choice for U.S. investors, given its excellent track record and seamless user experience.
2. Create an Account
To sign up, you must provide Know Your Consumer (KYC) information. This includes your date of birth, a photo of your driver’s license, and your home address. The verification process usually takes a few days. After your account is verified, it is essential to store your login information securely.
3. Set Up a Wallet (Optional)
You will need a wallet if you use a DEX to trade XRP. To purchase XRP on a DEX, you connect your cryptocurrency wallet to the platform to swap your assets. You can fund your wallet by buying cryptocurrency on a CEX and transferring it over to your wallet of choice. One of the disadvantages of using a CEX is that they have control over your assets as the custodian. While the security on these platforms is solid, they are not completely resistant to hacks and can freeze your assets. Crypto wallets can be software- or hardware-based, providing an extra layer of protection over your assets. If security and control over your assets are vital to you, using a wallet would be a great choice.
4. Purchase XRP
After deciding what platform you want to trade on and if you wish to use a cryptocurrency wallet, you are ready to purchase XRP. If using a CEX like Coinbase or Robinhood, type in the ticker XRP or Ripple in the trade or search menu and select it. After confirming the amount of XRP you would like to purchase, you can transfer funds in a few ways. Popular payment methods that CEXs support include debit card or credit card, wire transfers, ACH deposits, Apple Pay and more. Use whichever method is most convenient for you and purchase XRP.
Keeping your tokens on the exchange is a good idea if you want to trade XRP over the short term. However, if you had a long-term outlook, migrating your assets to a software or hardware wallet would be ideal to provide increased security and control over your tokens.
If using a DEX, connect your wallet to your preferred exchange and navigate to a pool with the asset you want to swap into XRP. 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. The newly swapped XRP will automatically be in your wallet.
How to Buy XRP on Coinbase
Coinbase is the most popular exchange in the U.S. and for a good reason. It is easy to purchase a variety of cryptocurrencies, making it a top choice among all investors. Here’s how to buy XRP on Coinbase.
1. Create an Account
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. After providing the necessary documents and information, Coinbase can take up to 48 hours to complete the verification process. Once you are verified, you can begin trading.
2. Buy XRP
After you have created your account, navigate to the trade section. In the search bar, type XRP or Ripple and select the token. 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 Google Pay, allowing you to buy cryptocurrency easily. After purchasing, you will see your tokens in the assets section of the application. It’s that easy.
Where to Buy Ripple (XRP)
XRP is one of the largest cryptocurrencies and can be purchased on various exchanges. Here are some of the best options: Coinbase, Robinhood, eToro, Kraken, Uniswap, OKX and Matcha.
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How to Store XRP Safely
While popular among investors, CEXs are still susceptible to hacks and do not give you complete control over your assets. To maximize control and security, it is recommended that you store your cryptocurrency in a wallet. There are two types of wallets: hardware and software.
- Best hardware wallet: Ledger offers excellent hardware wallets that keep your crypto safe and secure offline. These wallets provide a simple and smooth user experience for all levels of investors. Hardware wallets keep your crypto offline and are resistant to cyber attacks, making them the safest way to store cryptocurrency. Since your tokens are offline, long-term positions are commonly stored in hardware wallets.
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- Best software wallet: ZenGo allows you to bulletproof the security of your crypto without needing to take it offline. With an unparalleled user experience and secure recovery features, ZenGo is one of the best mobile wallets in the market right now. Software wallets are necessary for purchasing crypto on DEXs. Having a software wallet gives you total control over your assets and offers you the flexibility to trade them freely.
Should You Buy XRP?
Ripple (XRP) is one of the leading cryptocurrencies with a strong value proposition and market capitalization. Aiming to facilitate the institutional adoption of cryptocurrency, Ripple is tackling a critical problem head-on. Traditional institution transactions, especially international ones, are slow, costly and inefficient. Ripple seeks to become the trusted third party allowing entities, regardless of size and spatial location, to transact swiftly and securely. XRP has dropped over 7% in the last week, and some investors see this as an excellent opportunity to build their holdings of this token. Before investing, investors should do their research and only invest in what they can afford to lose.
Frequently Asked Questions
Where do I purchase XRP?
XRP can be purchased on Coinbase, Robinhood, eToro, Kraken and other exchanges.
How much does it cost to buy one XRP?
On Aug. 30, 2024, the price of one XRP token is $0.5559.
How to buy Ripple for beginners?
Create an account on an exchange like Coinbase or Robinhood. Then, navigate to the trade or search section and type in XRP or Ripple. After selecting the token, confirm the amount you want to purchase and pay using your preferred payment method.
About Gianluca Miller
Gianluca Miller’s crypto journey started in 2019 when he sought alternative assets to diversify his investment portfolio. With a keen interest in innovative technologies, he became increasingly involved in Web3 through trading crypto and participating in DeFi protocols. Over the last few years, he has become a blockchain evangelist, fascinated with the tech’s utility and impactability. Gianluca contributes to Benzinga, is working on a Defi research project through Blockchain UCSB, and continues to expand his Web3 acumen daily. He loves learning, analyzing new projects and market conditions, and building relationships with industry leaders.