You can fund your wallet by buying cryptocurrency on a CEX and transferring it over to your wallet of choice. One of the disadvantages of using a CEX is that they have control over your assets as the custodian. While the security on these platforms is solid, they are not completely resistant to hacks and can freeze your assets. Wallets can be software- or hardware-based, providing an extra layer of protection over your assets. If security and control over your assets are vital to you, using a wallet would be a great choice. XRP is an open-source cryptocurrency project created by the private firm Ripple.
Finder.com is an independent comparison platform and information service that aims to provide you with information to help you make better decisions. We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site. Once you’ve set up your account, you’ll need to deposit funds to buy Ripple with.
Step 3 – Plan your XRP investment strategy
It is worth differentiating between XRP and Ripple because the two entities are not the same, and often people wrongly use these terms interchangeably. Ripple is the fintech company that is developing a payment settlement system called RippleNet, while XRP is a cryptocurrency native to the XRP Ledger blockchain. Ripple does make use of XRP within the RippleNet, but the cryptocurrency is not essential to the functioning of the company. Bank transfers and SWIFT deposits are typically cheaper than most other options, but they are also the slowest, normally taking 3-5 business days to settle. Crypto deposits offer the right compromise between speed and cost and sometimes, depending on the asset being deposited, can be the cheapest and fastest route to funding your exchange account.
In the confirmation screen, Uphold will provide the purchase rate for each XRP, and the terms of the sale. Read through each statement, then click the [Confirm Deposit] button below. Whichever figure you provide, Uphold will automatically convert and fill in the appropriate amount in the corresponding form field.
Step 4 – Fund your online account
If we show a “Promoted Pick”, it’s been chosen from among our commercial partners based on factors that include special features or offers and the commission we should you invest in bitcoin receive. If you’re ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Ripple in the US. The last step will involve you checking the transaction details and confirming that they are correct.
Can You Legally Buy XRP in the US?
- Our information is based on independent research and may differ from what you see from a financial institution or service provider.
- Gianluca Miller’s crypto journey started in 2019 when he sought alternative assets to diversify his investment portfolio.
- XRP must be stored in a cryptocurrency wallet; either a software wallet, a hardware wallet, or on an exchange platform.
- Additionally, exchanges charge different fees depending on what you’re buying and how.
Gianluca Miller’s crypto journey started in 2019 when he sought alternative assets to diversify guides to open bitcoin wallet account 2020 his investment portfolio. With a keen interest in innovative technologies, he became increasingly involved in Web3 through trading crypto and participating in DeFi protocols. Over the last few years, he has become a blockchain evangelist, fascinated with the tech’s utility and impactability. Gianluca contributes to Benzinga, is working on a Defi research project through Blockchain UCSB, and continues to expand his Web3 acumen daily. He loves learning, analyzing new projects and market conditions, and building relationships with industry leaders.
The distributed ledger is managed by a group of independent pre-vetted transaction validators tasked with confirming debits and credits. Ripple calls this consensus mechanism the XRP Ledger Consensus Protocol. It shares a lot with the increasingly popular proof of staking crypto markets trade record volumes as bitcoin and ethereum surge 2020 (PoS) mechanisms and, in particular, the Delegated PoS (dPoS) consensus mechanism.
Perhaps you just get into cryptocurrency by purchasing coins on an exchange platform but didn’t even realize that they hold the private keys to your cryptocurrency. You can still buy XRP in the United States on certain centralized crypto exchanges like Kraken or with a credit or debit card or using the swap function via an app like Atomic Wallet. If you opted for the instant purchase using debit cards, you are probably ready for the next step.
How to Buy Ripple (XRP)
Even though XRP is undergoing a legal battle, it is still legal to purchase in the US and in several other jurisdictions across the world. Plus, there are still a number of credible crypto exchanges through which you can acquire some XRP. Here are four of the best crypto exchanges that currently support XRP trades. When the XRP tokens are sent from one wallet to another, they are transferred on the XRP ledger (XRPL), which is a blockchain network similar to Bitcoin in functionality. However, unlike Bitcoin, the XRPL does not use mining as a consensus mechanism. In 2013, Ripple finally launched the XRP Ledger (XRPL), borrowing the decentralized ledger concept from Bitcoin.
An interesting caveat is that dedicated XRP wallets require you to hold at least 10 XRP to activate your wallet on the XRP Ledger. XRP has comparatively low fees and settles transactions in a matter of just a few seconds, taking a lot of the hassle and waiting out of the process of sending money anywhere. Users can search for crypto ATMs that support XRP and other cryptocurrencies on websites that aggregate ATM locations worldwide, such as ATMlocator, Coin ATM Radar, CoinATMs, and CoinMap. Here are some crypto exchange and app options that allow you to purchase XRP. Recently purchased the Nano Ledger X, and the simple, easy-to-use interface helped me to easily transfer my Bitcoins from Coinbase.
Traditional institution transactions, especially international ones, are slow, costly and inefficient. Ripple seeks to become the trusted third party allowing entities, regardless of size and spatial location, to transact swiftly and securely. XRP has dropped over 20% in the last week, and some investors see this as an excellent opportunity to build their holdings of this token.
Many leading exchanges had delisted XRP in light of the SEC lawsuit, but some added it back after the most recent court decision. According to Ripple’s website, the XRP ledger routinely handles upwards of 1,500 transactions per second (tps). Comparatively, larger and more popular cryptocurrencies like Bitcoin (7 tps) or Ethereum (30 tps) are much slower. The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
XRP Ledger does not have a native wallet that allows you to buy XRP directly. However, several third-party wallets support XRP purchases directly within them, and some mobile wallets allow you to buy XRP and store the keys on your phone. Note that while mobile payments are convenient, the fees charged can be high.