XRP
XRP
1.02 $
0.00001713 BTC
Marketcap
47,569,767,115 $
Volume (24h)
6,439,653,707 $
Circulating Supply
47,015,237,181 XRP
Total Supply
100,000,000,000 XRP

Global XRP Information

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Table of Contents

Investing in XRP 

Almost every cryptocurrency enthusiast out there has had the idea of investing in a cryptocurrency asset with the main goal of seeing it rise in value exponentially in just a couple of months, making them enough money in the process to have an early retirement. This is probably a dream you have shared as well.

You might have heard that XRP has grown in value, which has given you an incentive to actually start investing in the token; however, when it boils down to it, investing in cryptocurrencies is a bit more complex than just buying Bitcoin and letting it sit there for months. However, you have to start somewhere, and today, you can easily buy a plethora of different cryptocurrency tokens with ease, such as XRP, Bitcoin and Ethereum, at any time simply through the usage of a desktop computer or a smartphone.

This article is intended to give you an in-depth look as to exactly how you can start buying cryptocurrencies in general. Whether your first cryptocurrency token will be Bitcoin or not, it’s up to you to decide, and you should do your due diligence before making an investment. This article is not meant to be investment advice, just an introduction to the world of cryptocurrency investing. So let’s dive in.

What is XRP coin

XRP is a cryptocurrency with a price of 1.02 $ and marketcap of 47,569,767,115 $. XRP’s market price has decreased -8.74% in the last 24 hours. It ranks 7 amongst all cryptocurrencies with daily volume of 6,439,653,707 $.

Find the best Brokers or Exchanges for XRP. XRP is a cryptocurrency with a price of 1.02 $ and marketcap of 47,569,767,115 $. XRP’s market price has decreased -8.74% in the last 24h.

Overview of How Buying XRP Works

Buying cryptocurrencies involves a few steps that play an essential role throughout the full process. For one, you need to create a cryptocurrency wallet, which will serve as your address through which you can receive and store cryptocurrencies. Additionally, you will need to sign up for a cryptocurrency exchange and go through a know-your-customer (KYC) procedure in most cases if you want to use FIAT currencies, credit cards, or debit cards in order to make deposits or withdrawals at an exchange. You will also need to have a varied portfolio if you want to make the most out of your investment and not put all of your apples in a single basket. 

Let’s see all of the steps now!

How Buying Cryptocurrencies Works

You might have come to a point in time where you have decided that you want to buy specific cryptocurrencies. As an example, we will be using Bitcoin. This is an amazing start, so let’s see what awaits you on this road ahead before you can officially state that you are a cryptocurrency investor. This process is actually quite simple, and it might just blow away your expectations as to how simple it actually is.

Step 1: Picking the Right Cryptocurrency Exchange or Brokerage

There is a multitude of cryptocurrency exchanges out there. Some are regulated and licensed, while others are not. Suppose you want to have the ability to make a deposit through the usage of a credit card, debit card, or even through PayPal. Ideally, you want to sign up for a regulated exchange. Keep in mind that these will typically require you to pass know-your-customer (KYC) verifications as well as anti-money-laundering (AML) procedures. There are centralized and decentralized exchanges, and both options have their own set of advantages and disadvantages. The simplest cryptocurrency exchange you can sign up for is a centralized exchange which will give you access to specific useful tools that you will not find elsewhere.

Step 2: Opening a Cryptocurrency Exchange Account

Once you have selected the cryptocurrency exchange through which you would like to enter the world of cryptocurrencies. The next thing you need to do is to create an account within the exchange. To do this, try to find a “Sign up” or “Create Account” option somewhere along with the page. Most of the time, this is an option showcased on the top right corner of the screen. You will initially need to enter some basic information, such as your email address and password, but over time, especially if you want to withdraw large amounts of money. You might need to upload your national ID, passport, or other forms of documentation.

Step 3: Signing Up to or Buying a Cryptocurrency Wallet

To be able to purchase cryptocurrency, this cryptocurrency will need to have some location or place to go to. When you create a cryptocurrency wallet, the cryptocurrency isn’t transferred from the blockchain to the wallet but simply to an address on the blockchain to which only you have access. This is your cryptocurrency wallet, which typically comes with its own password and passphrase. Many cryptocurrency exchanges will have their own built-in cryptocurrency wallet on the exchange itself that supports all of the cryptocurrencies they have on offer.

However, you can also create a wallet that is not directly connected to the exchange and through which you can only send cryptocurrency once you sign it. Please note that the cryptocurrency wallet you end up choosing needs to support the type of cryptocurrency tokens you are buying. For example, if you buy Ethereum or Ethereum-based altcoins, you will need a wallet that supports the ERC-20 token standards, native to the Ethereum blockchain.

Step 4: Research About Which Cryptocurrency Tokens You Want to Buy

The last thing you want to do is buy a cryptocurrency token that you do not know the backstory of. Always ensure that you do a lot of research before diving too deep into cryptocurrency investments, as the project you are investing in needs to return you value in the future in order for it to be a solid investment opportunity. By researching what cryptocurrency asset is connected to what kind of technology, what solution it provides to the world, and who the team behind the project is, you can make an educated investment decision. Its historical data and growth patterns might also prove handy, so do not skip this part.

Step 5: Buy the Cryptocurrencies You have Decided to Purchase

Typically, you will need to make a deposit on the exchange first, either through using a credit card to deposit FIAT currencies such as USD, EUR, and AUD, or other cryptocurrency assets which you already own. After that is completed, simply find the location on the exchange where you can purchase cryptocurrencies, select the cryptocurrency you want to purchase, let’s say BTC or ETH, and enter the amount you would like to buy in the cryptocurrency you have selected. You should then see the assets within your cryptocurrency wallet, after which you can store them, send them to another external wallet, or sell them at some point in the future.

Buying XRP Through a Credit Card

Depending on the exchange that you have decided to use, you will or will not have the ability to buy cryptocurrencies through a credit card. You need to keep in mind that most regulated cryptocurrency exchanges do indeed provide credit card cryptocurrency deposit options, where typically, you will load your account with a currency before you can exchange it for a cryptocurrency. This being the case, when you do find a cryptocurrency exchange that provides you with this option, make sure to select the credit card option and fill in all of the required information. Note that cryptocurrency exchanges will have a hefty fee when it comes to credit card transfers. And this will typically be the highest fee you will pay for transfers. 

Buying XRP Through PayPal

There are two ways through which you can purchase cryptocurrencies using PayPal. First, you have the native PayPal application, which allows you to buy cryptocurrency directly on it. All you have to do is go to the Payments screen in the app and select the Buy Bitcoin and more banner displayed at the top of the page. You then need to select the cryptocurrency that you would like to buy. Currently, your options are limited to a few currencies. However, you can still get Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Select an amount and click on Buy. That’s it. Now, while this is convenient, it is restrictive. As such, you can always just use PayPal to fund your account within a cryptocurrency exchange. Once you fund your cryptocurrency exchange account, you can use them to purchase a lot more cryptocurrency from the exchange you have selected.

How to Trade on XRP

When it comes to trading in the cryptocurrency market, there are a lot of trading indicators that you can choose from. The most experienced traders out there will typically consider multiple factors when they end up making a purchasing decision or when they want to off-load cryptocurrency. 

Ideally, you want to purchase a cryptocurrency token while its price is low and one that you expect will rise in value sometime in the future. There are traders that buy cryptocurrencies and sell them within the same day at a profit or a loss. And then there are cryptocurrency investors that will hold onto a specific cryptocurrency asset for potentially years until it increases its value.

The best thing you can do is vary your cryptocurrency portfolio, as that way, you aren’t really betting everything on just a single cryptocurrency asset. So do your research. Pick some cryptocurrencies that you have a genuine belief in that they will grow, one based on analytical data, and purchase them.

Choosing a Broker or an Exchange to Invest in XRP

You need to do some research and see if the cryptocurrency broker or exchange in question is a legitimate as well as a secure platform with no history of compromised security. Its authenticity and security will help you determine if your funds would be safe on that specific exchange. Additionally, it also needs to allow you to make deposits through the usage of credit cards or debit cards, so you have the most varied ways through which you can make a deposit.

Some of the best and most well-established cryptocurrency brokerages and exchanges that you can choose from include:

Get:
Social
Trading Platform
Follow and Copy the Best Trader on the Largest Social Trading Platform.
4.3 rating
4.3
‏Disclaimer
New customers only

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider.

Get up to:
1:100
Leverage
Tight spreads & reliable order execution..
3.3 rating
3.3
‏Disclaimer
New customers only

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider.

Get :
263
cryptocurrencies available to customers
Compatible with multiple devices, start trading with safety and convenience..
2.8 rating
2.8
Disclaimer
New customers only YOU SHALL ASSUME ALL RISKS RELATED TO THE USE OF BINANCE SERVICES AND TRANSACTIONS OF DIGITAL CURRENCIES AND THEIR DERIVATIVES; AND BINANCE SHALL NOT BE LIABLE FOR ANY SUCH RISKS OR ADVERSE OUTCOMES.

How to Store Your XRP Tokens

There are two main ways through which you can store your cryptocurrency. The first is on a hot wallet, while the second is on a cold wallet. A hot wallet is any wallet that is connected to the internet in some way. This includes cryptocurrency wallets that are available on the exchange or brokerage itself, which is always online.

The second is one that you can download and install as an application on either your phone or your computer. Then you have what is known as a cold wallet, and this is a wallet that has no internet connection. It can be in the form of a physical storage device, which you can transfer your cryptocurrency to, and disconnect from the internet, or a paper wallet where you literally print out two QR codes onto, one to read the status of the wallet and the other to transfer the funds to a hot wallet once you decide to do so. The cold wallet is the most secure option and is recommended. However, hot wallets allow you a higher level of flexibility if you move around or trade a lot of cryptocurrency tokens.

Managing Your Cryptocurrency Portfolio

You need to have a balanced cryptocurrency portfolio, and this requires some level of management. One of the main benefits of a balanced cryptocurrency portfolio is the diversity associated with it. If you only invest in Bitcoin, you are fully prone to its extreme price volatility. You need a varied portfolio with altcoins, so you have a higher opportunity to get a return on some of your investments. Make sure that you also consistently rebalance your cryptocurrency portfolio and sell a portion of the cryptocurrency asset which is on a decline if you feel the need to do so. You can also use different management tactics, such as dollar-cost averaging (DCA) or utilizing a crypto portfolio tracker. Make sure to always make decisions based on analytical data and facts, and always keep your emotions in check, and always have an exit plan.

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Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance