Ripple is currently the 6th most popular cryptocurrency by market cap. But beyond finance, the Ripple and XRP story is a soap opera for both investors and tech enthusiasts.
It’s important to note that Ripple is a company and XRP is a coin, but most people just call it Ripple.
Ripple (XRP) is different from many other popular cryptocurrencies because it was created by a private, commercial company. The company wants to have a frictionless way to send money around the world, and Coin Ripple is the way to do it. The company is also currently the largest holder of Ripple.
The problem is that Ripple is not the easiest cryptocurrency to buy, and in 2020 the SEC sued Ripple and its two founders over XRP. As a result of this action, most centralized exchanges (such as Coinbase) have stopped trading XRP. Please refer to. Click here for SEC action. However, on July 13th, XRP won the lawsuit and the court declared XRP not a security. That has led to a big rally, but we are still waiting for exchanges to resume XRP trading.
But despite these headwinds, XRP is still very popular. Investing is not that easy, but there are still platforms that can do it (I’ll list them below).
Here’s how to invest in XRP and what you need to know.
What is Ripple?
Ripple was originally (and still is) a payment processing platform that enabled global transactions using its coin, XRP. Ripple’s global payment network was launched in 2012 and has continued to grow as businesses have adopted it and currency speculators have turned to Ripple.
Ripple uses a blockchain ledger similar to Bitcoin and other cryptocurrencies, but the technology it claims makes it easier to process transactions while remaining secure and, more importantly, faster. There are also differences.
how is ripple different
Ripple differs from its main competitors Bitcoin and Litecoin in that it was created by a private, commercial company. When created, 100 billion XRP was released into the market, with 20 billion held by the creators and the rest given to Ripple Labs. Since then, Ripple Labs has deposited 55 billion XRP into escrow accounts to ensure user stability in the market.
It’s important to note that Ripple has been called the “Bitcoin Killer” since at least 2014, but it’s only in the last few years that it’s gained real traction and momentum among crypto enthusiasts. is.
Ripple, like other currencies, has experienced explosive price increases, but is still very “cheap” (around $0.30) in terms of price.
At the moment, the biggest driver of XRP price seems to be the SEC trial update.
How to invest in Ripple
First, please be aware that Ripple is subject to SEC investigation and many exchanges have delisted their tokens. These instructions are outdated.
Where to invest in XRP in 2022: Many exchanges have delisted XRP following an SEC investigation. You can hold XRP on places like Coinbase, but you can’t trade it. Rumor has it that Coinbase will soon resume trading XRP, but until then, Uphold, Kraken and Coinmama are among the options.
You can also store XRP in hardware wallets such as: ledger.
If all this sounds alien, check out this guide on how to invest in cryptocurrencies.
With that said, here are the steps you need to take to invest in XRP.
1. Create a hold account
The first thing you need to do is set up your Uphold account.
Uphold is a very popular choice as it allows you to easily purchase the most popular currencies through their app and website.
Read the full Uphold review here.
One of them is XRP (Ripple), which can be easily purchased in the app just like Bitcoin. In addition, you can easily transfer US dollars.
2. Buy Ripple
Once you have an Uphold account and have USD or other cryptocurrency in your Uphold account, you can buy XRP.
In your Uphold account, simply click on Ripple (XRP) and trade.
Once you make a trade, it will appear in your Uphold account.
Keeping everything in your Uphold account makes tracking and following up on your cryptocurrencies easier.
Main Ripple Project
Despite being embroiled in trouble with the SEC, Ripple has not stopped growing and developing its network.
For example, Ripple future verse, FLUF World, Root Network, etc. They have announced a major partnership with FIFA, which has been a major driver of growth in the NFT sector.
final thoughts
Like any other currency, there is a high degree of risk involved if you are considering investing in Ripple. However, due to the low price, there are low barriers to entry and potentially high returns.
If you don’t like the idea of a digital wallet and all these steps, there is no ETF tracking Ripple yet.
Ripple could skyrocket as much as Bitcoin does today, and you may be thanking yourself in a few years.
