Everyone interested in the cryptocurrency market sooner or later encounters Ripple (XRP). You may even be ready to invest in XRP by now. Before making a decision, it is worth getting to know the asset that interests you better.
Are Ripple and XRP the Same Thing?
Ripple is the company that created RippleNet and developed an open-source payment protocol. Ripple now functions both as a platform and as a cryptocurrency. The main advantage of the Ripple ecosystem is fast, secure, low-cost transactions, including international ones. Bitcoin was initially positioned as an alternative to fiat currency. Ripple was created as a link between the current banking system and the crypto world to simplify and improve the work of the banking sector.
Cryptocurrency Ripple (XRP) differs from its closest competitors in that it is created by a centralized private company. On the one hand, the over-centralization of XRP goes against the main idea of the cryptocurrency world. On the other hand, it gives a clear answer to the question: “Is Ripple a good investment?” The creator company is interested in developing its business and promoting its products, including the XRP altcoin.
Significantly, the Ripple blockchain system is used by:
- Bank of America
- SBI Holdings
- Standard Chartered Bank (SCB)
- American Express
- Royal Bank of Canada
- Institutional Bank Westpac
- Bank of Australia
The interest of large financial institutions in the Ripple network can be explained very simply: a transaction for any amount and anywhere in the world using the network is performed in a matter of seconds, without additional reliability and security checks. Due to the high speed of transfer of funds, losses on the difference in exchange rates are completely eliminated.
How to Invest in Ripple?
First of all, choose a reliable platform where you can buy XRP. It can be either a custodian exchange of cryptocurrencies or a non-custodian service. Among the classic custodian exchanges, noteworthy are:
- Kraken is one of the oldest crypto platforms
- Coinmama is an intuitive platform
- eToro is an exchange that provides the ability to trade fiat and digital currencies.
To access the functionality of custodian services, registration and identity verification is required. This will take some time. You can buy XRP on the LetsExchange non-custodial platform without registration, in just a few clicks. In the exchange widget on the homepage, do the following:
- Select the coin you want to exchange and specify the exchange amount.
- Select the cryptocurrency to buy. Our search engine will instantly offer you the best BTC to XRP exchange rate available on major exchange platforms.
- Enter your wallet address to receive the exchanged cryptocurrency.
- The next step is to submit the coins required for your trade.
- When the deposit is made, your BTC to XRP exchange will be performed automatically.
Please note that exchanging fiat currencies for XRP is not available on all platforms. Before investing in Ripple, you need to buy Bitcoin or Ethereum and then exchange your cryptocurrency for XRP.
Where to Store Ripple (XRP)
If you are considering XRP as a long-term investment tool or are planning to invest large sums, the best solution for storing your coins is a hardware wallet. Hardware crypto wallets are referred to as “cold storage”, inaccessible to cybercriminals.