You’ve probably heard of the Ripple versus SEC controversy and wondering whether it’s legit to buy XRP. The good news is that XRP can be purchased on various exchanges such as Bitstamp, Kraken, and Huobi Global. The bad news is that several U.S. exchanges have delisted or temporarily halted XRP trading.
XRP Controversy
Ripple and XRP have sparked debate. Some detractors argue that XRP is not a cryptocurrency since Ripple’s consensus method is not truly decentralized. Legally, the SEC is investigating XRP for possibly being offered as unregistered securities.
In December 2020, the SEC filed a complaint against Ripple, alleging that the issuance of $1.3 billion in XRP to stakeholders breached securities regulations.
While the legal processes in the lawsuit are underway, several cryptocurrency exchanges have limited or removed support for XRP. The result of the Ripple case is being followed intently. The ultimate SEC verdict has historical implications for Ripple and cryptocurrencies in general.
Elon Musk has now joined Ripple and charged straight into the United States Securities and Exchange Commission (SEC). Elon Musk believes SEC is attempting to regulate cryptocurrencies and that it has crossed its jurisdiction and needs to be stopped.
What’s different about Ripple (XRP)?
XRP is a cryptocurrency that is built on blockchain technology. The fact that transactions are verified by consensus is the most significant aspect of Ripple. In contrast, Bitcoin needs miners to contribute their time and processing power to verify transactions and produce additional Bitcoin. As a result, Ripple will not participate in a mining operation that requires a significant amount of computational power.
Ripple creates coins by a novel technique, distinguishing it from other cryptocurrencies such as Bitcoin. The digital currency that powers the Ripple network has been entirely pre-mined. Every month, new coins are produced on the Ripple payment network, depending on the number of transactions.
Because of the unique nature of the technology, transactions with Ripple are incredibly rapid compared to other most generally used digital assets when using this unique blockchain system. For example, unlike a Bitcoin transaction, which may take a few seconds to complete, sending and receiving Ripple is instantaneous throughout the globe. As a result, Ripple can be helpful on the scale of fiat currency such as the U.S. dollar, making it considerably more appropriate for widespread usage.
However, there is a significant difference between the name ‘Ripple,’ which refers to both the cryptocurrency – formally known as XRP – and the firm Ripple Labs, which designed the blockchain technology for XRP. In addition to managing Ripple, Ripple Labs administers a network of over 200 financial institutions that are part of a worldwide initiative to promote cross-border payments via the use of Ripple.
On the other hand, the blockchain has no intentions to become public just yet. As a result, if you’re still asking how to purchase Ripple in the United States or where I can buy XRP today, keep in mind that the firm has only been focusing on the access indicated above so far.
XRP Price History
XRP struck an all-time intraday high on January 4, 2018, when the value of one XRP currency reached $3.84 during the 2017 crypto price surge. However, by September 2018, XRP lost over 93% of its value. On September 11, 2018, the price of XRP fell to a new low of $0.26. The price decline continued throughout 2018 and 2019, with XRP hitting an all-time daily low of $0.12 on March 13, 2020.
XRP witnessed a price increase in November 2020, with a daily high of $0.77 on November 24, 2020. The price of XRP has been steadily rising, hitting a new daily high of $1.96 on April 14, 2021. XRP has lately been going downward, and it is expected to trade at roughly $0.80 by early 2022.
Despite grappling with the US Securities and Exchange Commission lawsuit, Ripple continues to make great strides in ensuring the crypto coin remains relevant in this volatile market. Recently, Ripple announced their partnership with BankDhofar, the 2nd largest bank in Oman. Following these developments, the Ripple price movement recorded a rally that saw the crypto coin move past the $1 mark.
The live XRP price today (20 March 2022) is $0.802652 USD with a 24-hour trading volume of $1,614,414,032 USD. XRP is down 1.68% in the last 24 hours. The current CoinMarketCap ranking is #6, with a live market cap of $38,624,889,520 USD. It has a circulating supply of 48,121,609,012 XRP coins and a max. supply of 100,000,000,000 XRP coins.
The highest projected price for the year is $2, while it could also go as minimum price prediction is $0.561 if the SEC lawsuit is not settled in favor of Ripple.
How to buy XRP in eToro
eToro is a renowned online broker founded in 2007 and is currently used by over 20 million traders. It is approved and monitored by the SEC. In addition to FINRA membership, the platform is regulated by authorities in Cyprus, the United Kingdom, and Australia. The eToro website is very user-friendly, and you can start a cryptocurrency account in less than five minutes. You will be able to acquire XRP on a spread-only basis.
In layman’s words, this implies that the only charge you’ll have to pay is the difference between the buying and selling prices of XRP. Furthermore, as a U.S. customer depositing money in USD, you will not be charged transaction fees on eToro’s approved payment methods. Debit/credit cards, domestic bank wires, PayPal, and ACH, are all examples of payment methods. EToro requires just a $10 deposit to get started in terms of account minimums.
eToro evaluation
Immediately after the end of your XRP purchase, you may like to investigate buying XRP or several other potential cryptocurrencies. Bitcoin, Cardano, Binance Coin, EOS, AAVE, Decentraland, and The Graph are some of the supported tokens. Alternatively, EToro can invest in a diverse digital basket in an account of minimum assets. In a word, this is a pre-made portfolio maintained and recalibrated by the eToro team, allowing you to invest passively.
Furthermore, the copy trading function is a passive investing technique that enables you to invest funds with a successful eToro user. Anything that your selected trader later invests in will be reflected in your account. When it comes to storage, eToro provides one of the finest crypto wallets in the cryptocurrency market, which is available as a mobile app for iOS and Android devices. Finally, eToro covers stocks, F.X., ETFs, indexes, and other assets and cryptocurrency.
How to buy XRP on Kraken
Source: Crypto.com
The following steps will walk you through the process of buying XRP using the Kraken platform:
1 – Create an account
Fill out our registration form with your email address, choose a unique username, and choose a secure password.
2 – Confirm your account
You may buy XRP using other cryptocurrencies like bitcoin or ether by entering your name, date of birth, nationality, and phone number. If you want to spend currency, such as USD or EUR, you’ll need to provide extra documentation to prove your identification. See our documentation on verification levels for more details.
3 – Make a cash or cryptocurrency deposit
It’s as easy as mailing crypto to a buddy to deposit it on Kraken. Create a new deposit address in your Kraken account to receive money from your crypto wallet.
Cash may be added to your trading account in various methods, including SWIFT, SEPA, and domestic wire transfers. Your location and preferences will determine the choice you choose.
4 – Buy XRP
When your funds arrive in your account, you may begin buying XRP. Go to the New Purchase page, fill out the order form, and press the BUY button. You will also access our charting tools, 24-hour worldwide customer support, sophisticated order types, and leveraged trading with your Kraken account.
How to buy XRP using a debit card
Crypto.com provides an easy option to acquire XRP from the comfort of your own home. After creating an account and providing some identification, you may finish your transaction. While some customers choose to purchase and sell digital currencies via the Crypto.com website, the company also has a popular mobile app for iOS and Android. While buying XRP at Crypto.com, the quickest payment option is to use a debit card.
This will enable you to acquire your desired quantity of tokens instantaneously. However, the typical cost for debit card transactions at Crypto.com is 2.99 percent. The good news is that this cost is waived for the very first 30 days after you create your account. Crypto.com charges a standard rate of 0.4 percent for every slide in commissions. However, you may lower your charge by trading in more significant amounts or owning the platform’s native coin – CRO.
Source: Crypto
After you’ve invested in XRP, you may want to look at the other 250+ supported tokens on the Crypto.com platform. Furthermore, the site provides a variety of additional cryptocurrency-related services, such as the chance to earn interest in your investments. There are no lock-up periods to take advantage of an interest-earning account, and APY rates vary based on the coin. Finally, Crypto.com has a debit card that enables you to spend your cryptocurrency in real life.
How to buy XRP in Binance
Binance is perhaps the most popular cryptocurrency exchange, with daily volumes exceeding $10 billion. Furthermore, the exchange has over 100 million trading accounts. You may buy XRP at Binance using either dollars or cryptocurrency. On the other hand, the latter is the most cost-effective approach to get access to XRP, not least since you will only pay a 0.10 percent fee for every slide.
The cost for using a debit or credit card can vary depending on your region. For example, customers in the United States will pay 4.5 percent of the transaction value. Banking methods, including ACH and wire transfers, are fee-free, although the money may take several days to arrive in your Binance account.
The online wallet has many security features, including two-factor verification, device whitelisting, and cold storage. In addition, Binance offers a Safe Asset Fund for Users (SAFU), an insurance plan designed to pay traders in the case of a breach. Binance also provides a non-custodial storage option in the Trust Wallet, which could be downloaded for free on iOS and Android smartphones.
XRP purchase through bank transfer
Buy Binance-listed stablecoins by transferring funds from your account to the suppliers of these coins. Then, using these stablecoins, buy XRP on the Binance market.
XRP trading
Binance accepts deposits of over 300 cryptocurrencies, many of which may be exchanged for XRP at some of the best market prices.
Buy XRP using a credit card
On Binance, you may buy XRP using a credit card or a debit card. We provide the most convenient way to buy XRP using a Visa or MasterCard.
Why should you buy XRP as a digital asset?
Investors and traders from all around the world have been more interested in Ripple in recent years. Despite its low price, this can be shown by the fact that the cryptocurrency is now valued at more than $4,33 billion, indicating that it has achieved success.
It should be highlighted that Ripple looks to be a reasonable investment based just on its pricing, which is particularly true given that you can acquire a small piece of crypto, including Bitcoin if you have a lesser commitment to make.
However, if you are interested in trading and investing in cryptocurrencies, you should also consider Ripple since there are many reasons why it would be an excellent option.
Advantages of using Ripple (XRP)
To mention one significant aspect, Ripple’s payment mechanism stands out from the crowd. People make transactions considerably quicker using the Ripple payment platform than they can ever with Bitcoin or Ethereum.
Ripple handles around 1,500 transactions per second, while Bitcoin can handle seven, and Ethereum can handle 15. As a result, the XRP currency has a good chance of benefiting from XRP’s liquidity availability.
XRP potential to compete globally
There is no question that Ripple has already shown its potential to compete globally and locally. Ripple has already been implemented by over 200 financial institutions worldwide to enhance interbank operations and inter payments. Banks who utilize Ripple to enable payments that would otherwise take a long time to execute save over $500.000 since this technology makes transactions more effective.
Conclusion
It is safe and dependable to buy XRP (including other digital assets) on the Binance cryptocurrency exchange, with 0.41% volume and 822 XRP liquidity. Additionally, Binance’s cheap costs make it an excellent choice for cryptocurrency investors who wish to invest in XRP. Investing in Binance Coin (BNB), the platform’s native cryptocurrency may save Binance customers a lot of money on trading spot costs.
With increasing trade volume and Binance Coin ownership, you may move up the VIP ladder and get a reduction on all of your crypto trading costs, including those for XRP. Binance has ten distinct XRP currency pairings available right now. Binance is available in a wide range of countries, but the United States is not one of them. Compared to the worldwide Binance, Binance US is a good option for people in the U.S.
FAQs about Ripple (XRP)
What is the purpose of the Company?
Ripple is a technology business that offers the most efficient ways to transmit money throughout the world by using the power of blockchain technology. Our ambition is for the world to be able to transport value in the same way that information does today—the Internet of Value.
Ripple is currently the only corporate blockchain business with commercially available products. RippleNet, our global payments network, contains over 300 financial institutions from 40 countries and six continents. They collaborate with regulators, institutions, and central banks, rather than against them, to change the way money travels across the globe.
What exactly is RippleNet?
Customers may use RippleNet to enter new markets swiftly, extend their services, and provide the most satisfying user experience in cross-border payments today. Customers may use the greatest blockchain technology for cross-border payments, payout abilities in over 40 currencies, On-Demand Cash flow as an alternative to pre-funding, and operational uniformity via a standard rulebook with a single link.
Does the price volatility of XRP impact institutions that use On-Demand Liquidity (ODL)?
No. Ripple has a steady stream of financial institutions interested in testing On-Demand Liquidity (ODL). Financial institutions that employ ODL are not required to keep XRP for a long time. Furthermore, XRP settles in three to five seconds, exposing financial institutions to little volatility throughout the transaction.
Source: https://www.cryptopolitan.com/how-and-where-to-buy-xrp/