XRP is a unique type of cryptocurrency because it was created by a company rather than having been mined like Bitcoin. This has led some people to wonder where to buy XRP and whether it is a safe investment.
The good news is that XRP is available on several exchanges. Here’s how you can buy it.
What Is XRP?
XRP is a cryptocurrency that was created with the goal of making international payments more accessible and efficient.
Unlike other cryptocurrencies, which are often used as an investment or for speculation, XRP is intended to be used by banks and financial institutions as a way to move money quickly and cheaply between different countries.
Now, before we tell you the best place to buy XRP, you should distinguish the difference between XRP and Ripple. Namely, Ripple is not a cryptocurrency. Rather, it’s a payment network that uses cryptocurrency (XRP) to facilitate global transactions.
Since Ripple, the company behind XRP, has gone through several name changes (from OpenCoin to Ripple Labs), the words Ripple and XRP are frequently used interchangeably.
Where to Buy XRP in 2022
Now that you know a little bit about Ripple and XRP let’s take a look at where you can buy it.
Cryptocurrency Exchanges
The most popular way to buy Ripple’s crypto is through cryptocurrency exchanges like eToro, Bitstamp, Binance, and Kraken.
Bitstamp
Bitstamp is one of the oldest and most well-established cryptocurrency exchanges. It allows you to trade XRP using fiat currency (like USD or EUR) and other cryptocurrencies (like BTC or ETH). So, how to buy Ripple on Bitstamp?
- Create an account and verify your identity.
- Open the Bitstamp mobile or web app, click the Get Started button, and fill in your data.
- After signing in to the app, tap the Deposit button and choose which payment method you prefer. You can deposit USD, EUR, BTC, or ETH into your account and use it to purchase XRP.
- Now, you need to search for XRP. Once you’ve found it in the app, tap the Buy button. Go to the order box (on the right side of the screen) and select the trade type. I.e., put the amount of money you wish to invest and tap the Buy icon to finalize the transaction.
Minimum deposit: $7.5
Trading fees: 0.50%
Binance
To use Binance for XRP trading, you’ll need to:
- Create an account and verify your identity using Binance’s website or mobile app.
- Tap on the Buy Crypto icon (on the top left side) and choose the payment option available in your country.
- You must confirm your order within one minute of placing it if you want to buy XRP at the original price. Otherwise, your order will be recalculated at the current market price. To check the new price, click Refresh.
You can buy XRP with a credit card, debit card, bank deposit, P2P trading, or third-party payment.
Minimum deposit: $10
Trading fees: 0.015%–0.10%
Kraken
Purchasing XRP on Kraken is as easy as it gets.
- First, you must create an account by visiting Kraken’s website or mobile app and clicking on the Create Account button.
- To make a crypto deposit, look for the crypto wallet you wish to send your coins to and snap the Deposit button.
- If you want to use USD, go to the Funding tab, tap Deposit, choose a currency, input the amount, and pick the payment option (Swift, international wire transfers, SEPA, credit card deposits).
Now, go to the New Order page and complete the order form. After that, tap the Buy icon.
Minimum deposit: $10
Trading fees: 0%–0.26% (on spot market)
eToro
To buy Ripple XRP on eToro, you need to create an account on eToro’s site or its mobile app.
To deposit fiat, snap the Deposit Funds button, put the amount of cash you want to deposit, select your currency, and choose the deposit method (PayPal, credit cards, Neteller, bank wire, Skrill).
To deposit crypto:
- Go to eToro’s website or mobile app and click on Markets.
- Select Crypto, Trade, and Buy (leave the leverage level at x1 for now).
- Enter the amount you want to purchase and the take profit parameter (if applicable).
- Click on Open Trade from the drop-down menu.
Also, bear in mind the following:
- Minimum deposit: $200, $50 (after the first deposit), and $10 in the US and the UK
Trading fees: 2.45 %
Should I Buy XRP and How Risky Is It?
If you’re thinking about investing in XRP, you should know that it’s a risky investment. Not only are cryptocurrencies pretty volatile, but the SEC also filed a lawsuit against Ripple in 2020.
Namely, the SEC accused Ripple of selling unregistered securities, in the form of digital assets called XRP, to investors both inside and outside the US. Moreover, Ripple has allegedly given billions of XRP in return for non-cash consideration.
So, before you make an investment, you might wait for the court session to end. The court session is expected to end by November 2022, while the negotiations should be completed by March 2023.
On the other hand, Ripple has a lot of potential to become the next big thing since it may render an antiquated system for money transfers. Moreover, if you want to buy XRP now, you should take advantage of its low price of $0.3257 (as of September 7, 2022).
That said, experts believe its value will go up over time, reaching $5 by 2027 (according to GOV Capital) and $30 by 2031 (according to Price Prediction). However, the lawsuit’s outcome will also greatly influence its price growth.
In addition, you can’t buy Ripple stock since Ripple isn’t a publicly-traded company. In other words, if you want to purchase shares in a company, you’ll need to go through private investors.
In other words, you’d need to qualify as a “sophisticated investor.” This means either having $1 million in liquid assets or earning more than $200,000 per year for the previous three years.
Although investing in XRP is not as safe as investing in other crypto stocks, such as Bitcoin, Ripple is a good start for those who want to get their feet wet in the cryptocurrency world.
Conclusion
When it comes to buying XRP, you can get them on popular cryptocurrency exchanges like Bitstamp, Kraken, Binance, and eToro. Since cryptocurrency investments are notoriously volatile, you may want to tread carefully before investing any money in XRP.
However, some investors believe XRP has potential and could be a good long-term investment. Ultimately, it’s up to you to decide whether or not you want to invest in it.
FAQs
Can I buy XRP on Robinhood?
Robinhood does not allow you to buy or sell XRP through its platform (at present). You can only acquire Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
Where to buy XRP crypto?
The most popular way to buy XRP is through a cryptocurrency exchange, such as:
- Bitstamp
- Binance
- eToro
- Kraken
- Huobi Global
- WazirX
- Bithumb
- Liquid
- Bitfinex
- Poloniex
- Gate.io
- FTX
- Phemex
After you’ve decided on a crypto exchange, you’ll need to choose a payment method (fiat, cryptocurrency, or credit card), find XRP currency, and input the amount you wish to invest.
Can you buy XRP with PayPal?
Yes and no. You may, for example, purchase XRP if you join a platform that accepts payments via PayPal, such as Binance, Coinbase, or eToro.
However, you won’t be able to purchase XRP using PayPal directly since PayPal only supports four cryptocurrencies at the moment (Bitcoin, Bitcoin Cash, Ethereum, and Litecoin).
So, if you want to know where to buy XRP with PayPal, you’ll have to go through a traditional exchange and then use PayPal to deposit fiat currency into your account.
