What Is Ripple?

Ripple, or XRP, is both a cryptocurrency and a platform. Technically, Ripple is the name of the company and network, and XRP is the cryptocurrency. The Ripple platform is an open source protocol designed to allow fast and cheap digital transactions. Ripple has made a name for itself, and some financial institutions and analysts predict a strong future for this network. The network is expected to increase the global liquidity of money by allowing transfers around the world to take place at record speeds and for low fees.

Key Takeaways:

  • Ripple, or XRP, is both a cryptocurrency and a platform.
  • The company and network platform are typically referred to as Ripple, and XRP is considered the cryptocurrency.
  • The Ripple platform allows fast and cheap digital transactions.
  • XRP can be purchased on various exchanges such as Bitstamp, Kraken, and GateHub.

Understanding Ripple

XRP, and all major cryptocurrencies, peaked in early 2018. The value of one XRP reached $3.65. However, in 2020, after a good start, XRP lost more than 90% of its value from its 2018 high, and it was one of the worst performers among digital currencies of 2019. The price as of June 2020 was around 19 cents a token.

How does an investor buy Ripple? Like other cryptocurrencies, Ripple is available on several different exchanges. According to the Ripple website, here is how to purchase XRP, Ripple's cryptocurrency token, through various exchanges.

How to Buy XRP on Bitstamp

Bitstamp provides XRP/EUR, XRP/USD, and XRP/BTC trading pairs. To buy XRP on this exchange, you'll first need to create and verify an account with Bitstamp. Visit the Bitstamp website to open an account, and follow instructions to confirm your registered email address. Once the account is active, log in, and follow further instructions to secure and verify the account.

Next, you'll need to deposit funds within the main page of the account using the "Deposit" link. Once the funds have been credited to your Bitstamp account, you'll get a notification from the exchange. You can then purchase XRP on Bitstamp by selecting the correct market for your currency and completing an order in the main account.

How to Buy XRP on Kraken

Kraken is another cryptocurrency exchange that you can use to buy XRP. To do so, visit the Kraken page to sign up for an account. Follow verification instructions and log in. Next, deposit funds into your account.To buy XRP on Kraken, you have to first buy XBT. Place an order to buy XBT, and then place another order using the XRP/XBT currency pair. This will allow you to complete your transaction for XRP.

How to Buy XRP on GateHub

As with the other exchanges on this list, to buy XRP with GateHub, you'll first need to visit the GateHub website and sign up for an account. Store your recovery key and verify your account, confirming via email as instructed. Next, sign in, and be prepared to verify your identity before being able to conduct transactions. You'll then need to connect a gateway to deposit funds. Once you've deposited funds, you'll be able to 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.

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