What Is Ripple and How is it designed to Work?
Ripple (XRP) is a cryptocurrency as well as a network. Ripple refers to both the business and the network, whereas XRP refers to the cryptocurrency. Ripple is an open-source protocol that allows for fast and low-cost digital transactions. Ripple has made a claim for itself, and some financial firms and investors say the network has a promising future ahead of it. The network is expected to improve global money liquidity by allowing for high-speed, low-fee transactions around the world.
What are the most important takeaways?
• Ripple (XRP) is a cryptocurrency as well as a network.
• Ripple is the corporate name for the company and its network platform, and XRP is a cryptocurrency.
• The Ripple network allows for fast and low-cost digital transactions.
• XRP can be bought on Bitstamp, Kraken, and GateHub, among other exchanges.
Ripple: An Introduction
Early in 2018, XRP and all major cryptocurrencies reached their all-time highs. One XRP was worth $3.65 at the time of publication. XRP, on the other side, lost more than 90% of its value in 2020 after a quick launch, and was one of the worst performers for digital currencies in 2019. As of June 2020, the price per token was about 19 cents.
How does an investor buy Ripple? Like other cryptocurrencies, Ripple is available on various exchanges. According to the Ripple website, here’s how to buy XRP, Ripple’s cryptocurrency token, through various exchanges.
How to buy XRP on Bitstamp.
Bitstamp sells trading pairs for XRP/EUR, XRP/USD, and XRP/BTC. To buy XRP on this exchange, you must first build and validate a Bitstamp account. Create an account on the Bitstamp website and validate your registered email address by following the instructions. Log in after the account has been enabled and follow the on-screen directions to protect and validate the account.
Next, you need to deposit money on the main account page via the “Deposit” link. Once the funds are credited to your Bitstamp account, you will receive a notification from the exchange. You can then buy XRP on Bitstamp by selecting the right market for your currency and completing an order in the main account.
How to buy XRP on Kraken
Another cryptocurrency exchange where you can purchase XRP is Kraken. To do so, go to the Kraken website and build an account. Sign up by following the directions. After that, make a deposit into your account. To purchase XRP on Kraken, you must first purchase XBT. Place a buy order for XBT, then a sell order for the XRP/XBT currency pair. This will encourage you to complete your XRP transaction.
How to buy XRP on GateHub
As with the other exchanges on this list, to buy XRP with GateHub you first need to visit the GateHub website and sign up for an account. Save your recovery key and verify your account, confirmation via email as instructed. Next, log in and verify your identity before you can make transactions. You will then need to connect a gateway to deposit money.
Once you deposit money, you can buy XRP on the “Exchange” page.
There are many other exchanges that also provide access to XRP: CoinOne, Bitso, Coincheck, Korbit, Bitbank, Qryptos, BTCXIndia, or Bitsane.