Wondering how to buy XRP and why? Ripple (XRP) has risen in popularity placing it in the top 3 according to CoinMarketCap.com. Firm believers of its decentralized transaction network are betting big on its adoption.
What started as 1/1000th of a penny is now trading near a dollar. This has many investors excited. And, has XRP die-hards expecting its survival in a market with thousands of alt-coins.
Want in on the action? Read on to learn how to build a small holding of Ripple.
How to Buy XRP: The Easiest Way
The easiest way to buy XRP is by exchanging BTC/ETH/LTC to a popular crypto exchange like Binance. There are 70+ exchanges Ripple is found on. But, let’s focus on Binance since it’s one of the more popular and easier ones.
Step 1: Sign Up for Coinbase
Coinbase (and their GDAX exchange) are the leaders in crypto for everyday consumers. You won’t find XRP on Coinbase or GDAX.
What you’ll do is buy a popular crypto coin (like LTC). Then, use their exchange to send funds to Binance ultimately converting to XRP.
So, to begin, simply sign up for an account at Coinbase if you haven’t already.
Step 2: Buy LTC on Coinbase
Litecoin (LTC) is the better option with this conversion – for two reasons:
- Faster transfer
- Lower fees
Using BTC will eat up a significant chunk of the exchange when factoring Coinbase’s cut. Stick to LTC for this exercise.
Step 3: Transfer LTC to GDAX
You could buy LTC through GDAX since it links your Coinbase account. However, let’s keep this user-friendly since you may want to use the Coinbase app to buy and track investments.
- Open the Coinbase app
- Buy LTC
- Visit GDAX and log in with your Coinbase account
- Go to Accounts > LTC Account
- Click the small down arrow in the LTC Account area
- Deposit LTC funds from your Coinbase account
You now have LTC in your GDAX account.
Step 4: Sign Up for Binance
Binance is one of the largest crypto exchanges featuring hundreds of alt-coins.
Account setup is easy though sometimes blocked depending on popularity. Keep trying until you’ve created an account.
You’ll need to upload basic profile information during this process. It’s recommended you set up 2FA (2-Factor Authentication) to protect your account during this time as well.
Step 5: Transfer LTC to Binance
It’s recommended you send a small amount to test the transfer. Why? So you don’t inadvertently mess up the transfer and lose everything.
Here’s what you do:
- Go to your LTC Account on GDAX
- Click the UP arrow to bring up the withdrawal options
- Go to Binance
- Visit the Funds > Deposits page and select LTC from the drop down
- Copy Binance’s LTC address into the LTC address on GDAX
- Set a small LTC deposit and click ‘Deposit Funds’
Go back to Binance and wait until your LTC transfer processes (about 10-30 mins). Once verified, repeat this process to send the remaining LTC.
Step 6: Buy XRP
With your LTC on Binance:
- Exchange LTC for BTC
- Click on the XRP/BTC listing
- Buy your XRP with BTC
What to Do With Your XRP
Congratulations! You now know how to buy XRP!
The general idea is holding to earn money as XRP price increases. Though, there are lots of ways to add it to your everyday routine:
- Accept XRP payments with your web development services
- Browse P2P crypto marketplaces and buy items with the currency
- Try day trading crypto or use it as a market learning tool
A lot of people have an irrational fear of cryptocurrencies and blockchain. This is the same fear people had with the early Web. There’s a chance this is just a bubble ready to burst, but crypto could cause a massive impact as we saw with the advent of the internet!
Ready to explore crypto? Use this guide, buy XRP, and join the hype!