Digital currencies are booming right now. Thanks to its incredible growth over the past few years, everyone has heard of Bitcoin, which has become a symbol of the cryptocurrency phenomenon. But there are other cryptos as well.
Ripple is a decentralized payment platform focusing on carrying out exchange operations but without the possibility of making chargebacks. The company of the same name is engaged in its development. One of the main features of the system is the consensus ledger. Today, we will answer basic questions about Ripple. So, how to buy Ripple cryptocurrency? What are its main features? Let’s try to find out!
How to Buy Ripple Cryptocurrency: What Is Ripple?
The platform has support for native tokens, including stablecoins and forks. XRP is based on an open, decentralized database, which operates on a mutually agreed basis and conducts all operations in a distributed manner. The main cryptocurrency on the Ripple network is called XRP. How to buy XRP crypto?
The founders of the project were Jed McCaleb and Ryan Fugger. However, the team disbanded. McCaleb, also known as the creator of the Mt. Gox, left Ripple in 2013 and started developing its fork called Stellar.
In 2014, McCaleb claimed he’d soon sell his entire XRP stake, equal to 12% of the token’s supply and worth just $45 million at the time.
I plan to start selling all of my remaining XRP beginning in two weeks. Because I have immense respect for the community members and want to be transparent, I’m publicly announcing this before I start.
Why Does Ripple Cooperate with Banks?
Many people today are wondering how to buy Ripple crypto and why banks use it. According to the company, using this platform can help save more than three dollars, on average, on each transfer of funds. And given that the number of transactions of some banks reaches the millions in a year, it will be possible to save a lot.
Such an opportunity attracts banks because it will significantly increase their profits. The technology provides banks with all the tools for a modern approach to financial transactions.
Below is a list of banks that use the Ripple network and cooperate with the company:
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- Santander
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- Yes bank
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- Westpac
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- Axis Bank
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- Union Credit
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- UBS
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- NBAD
Key Features of Ripple Cryptocurrency
The main distinguishing feature of Ripple is its concept itself. No one before or after Ripple tried to make, in fact, a complete replacement for the global banking system. However, Ripple has other features that make it strikingly different from other cryptocurrencies.
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- No mining. Ripple is designed so that it does not need token miners — the transaction’s confirmation is carried out thanks to the consensus of all participants. Ripple does not consume a lot of electricity (like, for example, Bitcoin), which gives it an advantage in the long term.
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- Token functions. The role of the XRP token is different compared to other cryptos — they play the role of fuel for transactions within the system. We can say that XRP tokens are a kind of ‘postage stamps.’ They confirm sending an asset via the network but do not in themselves play a significant role.
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- No commissions. Users do not pay money for transfers via Ripple. The exception is a fee of 0.00001 XRP, which protects the system from hacker attacks.
What Is XRP’s Current Price?
Before learning how to buy Ripple cryptocurrency, it is necessary to assess its price development. A trader under the pseudonym Credible claims that Ripple is almost ready to demonstrate growth in the near future.
At the end of September, the XRP token tested a strong support level around $0.90, the trader claims. The analyst is sure that XRP has pushed away from this level and is ready to reach $1.35 — up 24% from the current level. According to him, the altcoin will be able to continue moving and reach $1.7 — an increase of 56% from the current level.
On October 23, the XRP token is trading at $1.09. Over the week, the altcoin’s price fell 4%, and its capitalization fell to $51 billion, according to CoinMarketCap.
Ripple is currently being litigated in the US. In late 2020, the Securities and Exchange Commission (SEC) accused the company of selling $1.3 billion in unregistered securities under the guise of XRP tokens.
How to Buy XRP Crypto at Switchere?
If you’re wondering how to buy XRP crypto, you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy XRP in the fastest and most convenient way. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
Here is an easy step-by-step guide on buying XRP at Switchere!
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- Visit our website and log in to your account.
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- Choose the currency pair for exchange as well as a payment method and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details.’ Once you’ve done, click the ‘Buy’ button.
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- Specify your XRP wallet address and destination tag and click on the ‘Buy’ button.
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- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Elsewise, the transaction will be canceled automatically.
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- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased XRP will be sent to your provided wallet address accordingly.
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- Congratulations! The transaction is completed, and now you can check your XRP wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any troubles with the exchange process, let us know at [email protected].
We hope that you have found useful our detailed step-by-step guide on how to buy Ripple crypto. Feel free to share your thoughts in the comments below. Have a great weekend!
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