Chapter 2.8

Ripple is one of the world’s largest digital tokens by market cap. It’s also one of the most controversial. Unlike bitcoin, Ethereum, and similar projects, Ripple’s development isn’t led by an open source community. Instead, Ripple was created by the Ripple company, a privately-funded company based in San Francisco.

Ripple’s network relies on Ripple tokens called XRP. The goal of Ripple is to create an enterprise-grade digital settlement system. Today, Ripple is best-known for being the preferred blockchain-based settlement system for banks and other major financial institutions. The company continues to add new banks to its network regularly.

Ripple is built on a distributed, open source internet protocol and consensus ledger. The network can also operate without the Ripple company – so although the network is being developed by a private company, it’s not built to be totally closed and private.

Ripple has periodically reached the #3 market cap position in the cryptocurrency industry, falling just behind bitcoin (BTC) and Ethereum (ETH). It remains one of the best-known cryptocurrencies on the market. Today, we’re going to explain how to buy Ripple online as easily as buying bitcoin, ETH, or NEO.

How to Buy Ripple (XRP) from Any Cryptocurrency Exchange

All major cryptocurrency exchanges sell Ripple. It’s one of the largest cryptocurrencies by market cap. You should have no trouble finding an exchange that offers a trading pair like BTC/XRP, ETH/XRP, or even USD/XRP.

Here’s the basic process you’ll use to buy XRP from any cryptocurrency exchange:

  1. Sign up for a cryptocurrency exchange; most major (and many minor) cryptocurrency exchanges have at least one XRP pair – like XRP /BTC
  2. Verify your account
  3. Deposit funds into your account
  4. Buy XRP using a pair like XRP/BTC, XRP/ETH, or XRP/USD
  5. Keep your XRP in your exchange account; or, withdraw your XRP to your XRP wallet

How to Buy XRP Using Bittrex

The process of buying XRP on all major exchanges is virtually the same. However, we’ve broken the process down step-by-step for you below. For the purposes of this example, we’re buying XRP using Bittrex. Bittrex offers three XRP pairs, including XRP/BTC, XRP/USDT, and XRP/ETH.

  1. Go to Bittrex.com
  2. Click the “Get Started Now” button to visit the account registration page.
  3. Enter your email address and password to register your account, then confirm your registration by clicking the link sent to your email.
  4. Sign into your newly-verified account, then fill in personal details like your name, address, and phone number; Bittrex will verify your phone number. If this is your first time signing up for Bittrex, then you might also be required to provide government-issued photo ID and other verification data, depending on your country of residence.
  5. Once this process is complete, you’ll need to activate two factor authentication (2FA) to protect your account further; if you want to login to Bittrex in the future, then you’ll need to enter your Google Authentication code. This protects your account from being hacked. Go to your Bittrex Settings page, then click on Two Factor Authentication. Bittrex will generate a 6 digit code.
  6. Create an XRP wallet on Bittrex. This wallet will hold your XRP. Remember: you cannot deposit XRP into a bitcoin or Ethereum wallet. If you try to do so, then you’ll permanently lose access to your XRP. To create an XRP wallet on Bittrex, click the “Wallets” link in the upper right corner of the Bittrex homepage. On the next page, you should see a “plus” sign beside XRP. This will create a public XRP address complete with a QR code, making it easy to deposit XRP into that address.
  7. Now you need to actually purchase XRP. You can purchase XRP in several different ways. First, there’s the XRP/BTC pair that lets you buy XRP in exchange for selling BTC. There’s also an XRP/USDT pair that lets you sell your XRP for US Dollars (technically, you’re selling a digital token called the USD Tether in exchange for XRP). Finally, there’s an XRP/ETH pair that lets you sell your Ether for Ripple. In order to buy XRP through either of these pairs, you’ll need to deposit USD, ETH, or BTC into your account. You can deposit USD using bank transfers and other payment methods. Or, you can deposit BTC from any bitcoin wallet – say, if you bought bitcoin online through another service.
  8. Once your Bittrex account has been funded, you can easily purchase XRP using either of the pairs listed above. Click on either the BTC/XRP pair or the USDT/XRP pair. On this page, under the price graph, you’ll see two boxes. One says “Buy XRP” and the other says “Sell XRP”. In the Buy XRP box, you’ll have three options to buy XRP. You can buy XRP at the last sold price (“Last”). You can buy XRP at the best price currently being offered (“Bid”). Or, you can buy XRP at a specific price – like a price lower than the market rate, if you’re anticipating a drop. In that case, you’d hit the “Ask” button. Once you’ve chosen your order type, enter the number of XRP tokens you wish to purchase (under “Units”). Then, click the “Buy XRP” button once you’re ready. Your order will be processed as soon as a seller is found. Your USD or BTC will be deducted from your account. Then, you’ll receive your XRP.

Step 9) You can keep your XRP in your Bittrex XRP wallet. Or, you can withdraw to your XRP wallet if you want to maintain full control of your funds.

Conclusion

Ripple, or XRP, is one of the world’s largest and most popular digital currencies. You can use XRP for payments across the Ripple network. Ripple continues to be the preferred blockchain-based settlement system for major banks and financial institutions – and its influence continues to expand. To buy Ripple (XRP) from any major exchange, follow the steps listed above.

Written by Andrew T

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