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How to Buy Ripple (XRP) Cryptocurrency

How to Buy Ripple (XRP) Cryptocurrency
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What is Ripple (XRP)?

Ripple, or XRP, is a cryptocurrency and platform. Technically, Ripple is the name of the company and network, and XRP is the cryptocurrency. The Ripple platform is an open source protocol designed to allow fast and cheap digital transactions.

The main takeaway:

  • Ripple, or XRP, is a cryptocurrency and platform.
  • The company’s platform and network are commonly referred to as Ripple, and XRP is the cryptocurrency.
  • The Ripple platform enables fast and cheap digital transactions.
  • XRP can be purchased on several exchanges such as Bitstamp, Kraken, and GateHub.
  • Several US exchanges have delisted or temporarily halted XRP trading after the Securities and Exchange Commission launched enforcement actions against Ripple.

Understanding Ripple (XRP)

Ripple has made a name for itself, and some financial institutions and analysts predict a strong future for this network. The network is expected to increase global financial liquidity by allowing worldwide transfers to be made at record speeds and at low fees.

Unlike Bitcoin and other decentralized cryptocurrencies, XRP relies on a consensus mechanism controlled by a limited set of bank-owned servers to confirm transactions. As of December 2021, XRP is the eighth largest cryptocurrency, with a market capitalization of around $40 billion.

XRP Price History

XRP reached an all-time daily high on January 4, 2018, when the value of XRP reached $3.84. However, a post-peak downtrend ensued, and by September 2018, XRP had lost more than 93% of its value from its January 2018 high, hitting a new low of $0.26 on September 11, 2018. Although there seem to be periods From optimism, the downward price trend continued throughout 2018 and 2019, and the continued poor performance led XRP to reach an all-time daily low of $0.12 on March 13, 2020.

In November 2020, XRP saw a price hike – reaching a daily peak of $0.77 on November 24, 2020. Since November 2020, the XRP price has trended unsteadily upwards, reaching a daily high of $1.96 on April 14, 2021. The notable price swings are reflected in the price fluctuations. and the widespread May 2021 in the cryptocurrency market which applies to the majority of digital assets currently traded in the exchange at XRP price. As of November 19, 2021, the adjusted close of XRP was $1.05.

June 2012

XRP was first launched in June 2012 by the future founders of Ripple Labs.

How to buy XRP cryptocurrency on the exchange

Like other cryptocurrencies, Ripple is available in many online marketplaces and can be purchased with fiat currency, bitcoin, or other cryptocurrencies. As of November 2021, the following exchanges offer XRP trading pairs:

  • Queen Piece
  • Binance
  • Hopi
  • Bithumb
  • Bitstamp
  • FTX
  • Bitfinex
  • Poloniex
  • Twins
  • eToro

In addition, the XRP Ledger also includes a built-in decentralized exchange, allowing users to trade XRP against other virtual assets.

You can now also buy XRP from the free brokerage app Robinhood.

Legal restrictions

While most people around the world can buy XRP with little trouble, this is not true in the US, where Ripple has been involved in a lawsuit with the Securities and Exchange Commission (SEC). The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020, alleging that its sale of XRP was unregistered securities worth more than $1.38 billion. As a result, XRP has been removed from many exchanges, particularly in the United States. Outside the US, many international exchanges have imposed trade restrictions on US traders or blocked US IP addresses entirely.

delisting the stock market

Instead of exposing themselves to potential violations of US securities laws, many exchanges have chosen to suspend the XRP markets until the legal action against Ripple is resolved. Here are examples of known exchanges that have delisted XRP after the lawsuit was announced:

  • Queen Piece
  • Crypto.com
  • Binance
  • Bitstamp
  • legendary sea monster
  • eToro
  • The lesson
  • B2C2
  • Cross Tower
  • Bittrex
  • ibut
  • pixie
  • OSL
  • Okcoin
  • stx
  • Ziglo
  • works
  • unimodal

Restrictions on US customers

In order to comply with US securities laws, many international exchanges have restricted trading to clients based in the US or even block US IP addresses. It is important to review stock exchange policies before depositing any assets.

Cryptocurrency exchange Phemex, which had previously removed XRP, has reconsidered its position and returned XRP to its trading platform for spot (XRP/USDT) and contracts (XRP/USD).

As of November 2021, it is not clear when the legal action against XRP can be resolved and what the ongoing court rulings and applications may include. Although you may not be able to invest in XRP at this time, the outcome of this case has historical potential to decide not only the future of Ripple Labs, Inc. and XRP, but also setting the tone for the regulatory future of cryptocurrency.

Investing in cryptocurrency and other initial coin offerings (ICOs) is fraught with risks and speculation, and this article is not a recommendation by Investopedia or the author for investing in other cryptocurrencies or ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author does not own Ripple.

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