What is worth knowing about the Ripple cryptocurrency (XRP)?
If you are considering buying Ripple (XRP), it is worth reading a little about this cryptocurrency first. Ripple is one of the top cryptocurrencies, which is distinguished by several characteristic features.
Ripple cryptocurrency, also known as XRP, is one of the most popular and fastest growing cryptocurrencies in the world. It is a digital token that was developed by a company called Ripple Labs.
Ripple has created a global digital payment platform called RippleNet. One of the main advantages of the platform is the speed of transactions. Thanks to the use of blockchain technology, Ripple can conduct transactions in seconds, in comparison, transactions on Etherum are posted in about 2 minutes. The network also stands out for its exceptional scalability, as it supports about 1,500 transactions per second, which means that the throughput is close to what Visa offers. Moreover, the system supports tokens representing fiat currencies, and as a result can be used for money transfers. The network’s goal is to provide secure, instant and low-cost transactions.
The Ripple protocol is a way to bypass the fees and waiting times for processing cross-border transactions that are known in the traditional banking system. This is why payment and banking institutions such as American Express or Santander are interested in the Ripple solution.
The creators of the Ripple project keep pointing out that it is still under development and has not yet been fully completed.
The native token of Ripple is XRP. This cryptocurrency appeared on the market in 2012 with a value of $0.01. However, the ATH of $3.40 was reached on January 7, 2018.
Ripple is available on many global exchanges, including Binance, Huobi, Bithub, OKX, ByBit and many others. It is also available from CFD brokers (as a futures contract). Here’s a look at what it’s like to buy XRP on OKX and ByBit.
Where to buy Ripple in a safe way?
To safely buy Ripple, you can choose a platform that acts as a cryptocurrency exchange. Before buying, it’s a good idea to study the rules and regulations and reviews of other users, and check whether the exchange has the appropriate licenses. Examples of centralized exchanges (CEX) include ByBit and OKX.
How to buy Ripple (XRP) on the ByBit exchange?
ByBit exchange is one of the fastest growing crypto-platforms, which provides a high level of security. Account registration is simplified, with no need to go through the KYC procedure. Buying cryptocurrencies is intuitive and easy for inexperienced users.
To use ByBit’s services, you need to register. This can be done by going to the exchange’s website and clicking the yellow “Sign Up” button in the upper right corner. Registering on ByBit requires an email address and password, and confirming your account with a code sent in an email or SMS.Interestingly, ByBit does not require verification through the KYC procedure, provided that withdrawals are less than the value of 2 BTC.
Deposit funds to the exchange to buy Ripple (XRP)
On the ByBit platform, you can make a deposit using a credit card. Alternatively, you can deposit funds using fiat currencies. Deposited fiat currencies (e.g. EUR), then can be exchanged for RIpple on the spot market.
Purchase Ripple (XRP) on ByBit using a credit/debit card
To buy Ripple on ByBit, go to the homepage and select “One-Click Buy” in the menu. Then select the currency, payment method and enter your information. After selecting the amount of XRP to buy, enter the required card details and confirm your transaction. Then you can check the status of your purchase by clicking “View asset.” For more details on the process of buying Ripple and other cryptocurrencies with a credit card, visit https://www.bybit.com/en-US/help-center/bybitHC_Article?id=000001570&language=en_US.
Buying Ripple (XRP) using P2P Trading
On ByBit, BTC, ETH, USDT and USDC can be purchased via P2P Trading. Unfortunately, Ripple (XRP) is not available for sale through this option.
Purchase Ripple (XRP) using fiat currencies and a simple bank transfer (SEPA)
To deposit in fiat currencies, go to bybit.com/fiat/trade/deposit/home and enter the appropriate amount in one of the six available currencies: RUB, TRY, BRL, ARS, EUR or GBP. It is not possible to deposit PLN. When you choose SEPA Transfer as your payment method, the transfer time will be 1-3 business days. The next step is to exchange the purchased currency into crypto. For example, you can exchange EUR for USDT, and then USDT for XRP
Trading Ripple (XRP) on ByBit
After logging in and making a deposit, you need to select “Trade” from the menu, then “Spot Trading” and choose the appropriate currency pair, e.g. XRP/USDT or other. Then on the right side you need to specify the amount of Ripple you want to buy. At the end, a summary of the order will be displayed. If everything agrees then just confirm the order processing.
How to buy Ripple (XRP) on the OKX exchange?
OKX is one of the leading cryptocurrency trading platforms, which serves thousands of users and processes millions of dollars every day. Using the platform is intuitive and should not be problematic for novice users.
Registering an account on the OKX exchange
To register on the OKX exchange, select the “Register here” button at the top right corner of the website. Then fill out the form by entering your information, including your phone number and email address. It’s a good idea to make sure your data is correct, as you will receive a verification code sent via SMS or email. Once you have successfully registered, you will need to present a valid ID document to pass the KYC verification process.
Purchase Ripple (XRP) on OKX using a credit/debit card
To purchase XRP on OKX, select the “Buy cryptocurrency” section in the menu and click “Buy with card.” Then you need to select the appropriate type of card (e.g. MasterCard or Visa). In the next step, you need to specify how much XRP you intend to buy. Interestingly, the purchase can be made in zlotys (PLN). To finalize the transaction, just follow the on-screen instructions. For more information on buying cryptocurrencies with a credit card on OKX, visit: h ttps:// www.okx.com/learn/how-to-buy-crypto-with-a-credit-card-on-okX
Buying Ripple (XRP) on OKX using P2P trading
It is not possible to buy XRP on OKX via peer-to-peer trading. However, many other cryptocurrencies can be purchased this way, including USDC, BTC, ETH, TUSD and DAI.
Purchase Ripple (XRP) on OKX using a third-party operator (such as Simplex or Banax)
To buy Ripple using a third-party payment provider, you need to select “Buy cryptocurrency” → “Third-party payment” on the main OKX website in the menu. For more information on buying XRP and other cryptocurrencies on OKX via third-party payment providers, see: h ttps:// okx.ada.support/api/articles/633665c2084d3fcdaf447411/?chatter_token=7ad95483-c046-403f-a4ed-7ccb37eabefa
Trading Ripple (XRP) on OKX
Once you have accessed your account and deposited funds, you will be able to start trading. To do so, go to the “Trade” section in the top menu and select “Spot.” When the trading platform opens, select the appropriate currency pair (e.g. XRP/USDT or XRP/BTC). Then enter the appropriate amount in the exchange box and follow the on-screen instructions to complete the transaction.
What are the other ways to buy Ripple (XRP)?
Ripple can be purchased not only on centralized exchanges. Alternatives include decentralized exchanges (DEX), cryptocurrency exchanges, bitmarkets and peer-to-peer platforms.
- Decentralized exchanges (DEX) – platforms of this type provide direct exchange of cryptocurrencies without an intermediary. This means that users send cryptocurrencies to each other directly through cryptocurrency wallets. Examples include Uniswap and PancakeSwap, among others.
- Cryptocurrency exchanges – the ability to buy or sell XRP is also offered by so-called cryptocurrency exchanges. Some of these platforms allow transactions to be completed through a dedicated website. In addition, there are exchange offices in the form of physical premises in many cities in Poland.
- P2P platforms – platforms of this type act as an intermediary between buyer and seller. An example is Paxful.
How to buy Ripple (XRP) without going through KYC verification?
On some exchanges you can buy cryptocurrencies without going through the KYC procedure. However, more and more exchanges are introducing a requirement for KYC verification, so be sure to check the current rules on the website before opening an account.
An alternative way to buy XRP without KYC verification is to use exchange offices or bitomats, as some of them allow transactions up to a certain amount without KYC (recognizing such transactions as so-called bargain transactions).