Bitcoin may be the cryptocurrency everybody has heard about, but considering you’ll need over $13,000 just for one bitcoin, it’s not exactly an option for everyone. Ripple, on the other hand, is a cryptocurrency that is currently very affordable.
Just a couple months ago, Ripple was available for about 20 cents per coin. That price shot up since the start of 2018, climbing past $2, and then even cracking the $3.50 mark. It has since dipped back down, giving speculators the chance to buy on the dip and score a lower price.
Ripple is unique in that a private, for-profit company made it and has most of the coins. It’s also a bit tougher to get your hands on Ripple (figuratively speaking), as the most popular cryptocurrency apps don’t have it. Here’s the simplest way you can buy Ripple:
Register on a Ripple Exchange
You can find a full list of Ripple exchanges on the cryptocurrency’s website. It’s currently much easier to buy Ripple with another cryptocurrency than with the U.S. dollar or other fiat currencies, which means you don’t need to worry about finding a Ripple exchange that accepts dollars. Binance is one option, and if that doesn’t work for you, then you can try Bitsane.
All you need to do to register for a free Binace an account is provide some basic information about yourself and go through the account setup process.
Buy Another Cryptocurrency
You’re going to buy Ripple with another cryptocurrency. To get that other cryptocurrency, choose a service that allows you to buy cryptocurrencies. Coinbase is one popular option. Register for an account, and then upload your payment information. Credit cards will have a higher fee than bank account payments, but bank account payments take a few days to process.
Bitcoin is obviously the biggest cryptocurrency, but you don’t need to buy that. You could also go with Ethereum, Bitcoin Cash or Litecoin.
Transfer Your Cryptocurrency to Your Ripple Exchange Account
Now that you have your cryptocurrency, it’s time to move it over to the Ripple exchange. The exact procedure for how you do this will depend on the exchange, although it tends to be very similar for all of them.
First, you need to get an address for your wallet on the Ripple exchange to invest in Ripple coins. On Binance, you would go to Balances, find the cryptocurrency you wish to transfer over and click Deposit. The site will then provide an address that you can copy.
Next, you need to go to Coinbase or wherever your cryptocurrency is stored, access your wallet and choose the Send option. Choose the amount you want to send over, and then enter that address you copied earlier. Click Send and the transfer will process with a small fee.
Make sure you use the correct address and only send your cryptocurrency to an account for that cryptocurrency. If you tried to send Bitcoin to an Ethereum wallet, you’d lose whatever you sent over. You may want to send a very small amount over first as a test. Once it goes through, you’ll know that you have everything correct. This way, you’re not risking hundreds or thousands of dollars’ worth of cryptocurrencies without testing the procedure.
Buy the Ripple
Once the other cryptocurrency is in your account on the Ripple exchange, you can buy Ripple. Start by going to the exchange for Ripple and whatever cryptocurrency you have. If you wanted to buy Ripple using Ethereum, you’d go to the XRP/ETH exchange, as those are the symbols for those currencies.
Select the amount of Ripple you wish to purchase. On Binance, this will be available under Order Type, where you’ll select Market followed by how many Ripple coins you want. Confirm the order and you’ll have your Ripple.
Check Your Balance
The Ripple exchange will let you view the amount of Ripple you have and how much it’s worth at any time. This will be available on your balances or dashboard page, depending on the exchange you chose.
There’s not much you can do with Ripple right now, and you’re simply wagering that the value is going to increase. But the nice thing about it is the price. You can get in on Ripple and buy many coins with a far smaller investment than you’d need for Bitcoin or even many of the other major cryptocurrencies. There’s also excitement regarding the technology behind it. If it takes off, you could make a substantial amount.