Buy Ripple (XRP)
Over the past few years, XRP has consistently ranked among the top 10 cryptocurrencies by capitalization, remaining one of the most popular digital assets on the market.
XRP is a cryptocurrency used as an intermediary token for certain transactions. The benefits of this integration are as follows:
- Low transaction costs. As of early September, their average value in the XRP network is about $0.0017. For comparison, in the Bitcoin network this indicator is 0.00006 BTC (about $3.01), in Ethereum - 0.012 ETH (about $44.75).
- No mining. The cryptocurrency uses the original consensus algorithm, which involves creating a pool of trusted nodes to validate transactions. In this case, each participant chooses which nodes they will trust to validate their transactions.
- High throughput. Theoretically, the network can handle up to 1,500 transactions per second. For comparison, the Ethereum network handles 20 such operations, while Bitcoin handles 7.
- High transaction speed. Project website says that transactions in XRP Ledger are confirmed in just 3-5 seconds, while in Etherium it may take up to 2 minutes, in Litecoin - up to 10 minutes, and in Bitcoin network - up to 1 hour.
How to buy XRP
There are three options to buy a token:
- Directly from the owner for the currency convenient for you and him. This option is the most dangerous, so it is better to refrain from it if you do not know the person well.
- Online-exchangers. Fast and easy way to buy XRP. You can even do without registration with personal data for such an operation. The main drawback of this solution is an extremely unprofitable rate. You can lose at least 7-10% of the market value of the coin on the exchange.
- Centralized cryptocurrency exchanges. You can make calculations in your convenient currency or buy a coin in pair with major cryptocurrencies. Loss on commissions and price difference is much lower here, than in exchangers, but you'll have to pass registration and verification.
XRP coins on the network are assigned to specific addresses based on the results of transaction processing. If it is a question of long-term storage of coins, it is better to use an online wallet that supports this digital currency to ensure the protection of the keys.
How to invest in Ripple (XRP)
Investing is one source of passive income. To put it simply, you can not work, but still get money. If your income now consists only of your salary, then it's time to master an additional way of earning income.
Investing in Ripple means investing in your future. Knowing the basic principles allows you to properly manage your finances, and at the same time to multiply your capital. Investing also provides an opportunity to save existing funds. Money hidden in a drawer is subject to inflation, i.e. it depreciates and loses its purchasing power.
To invest in XRP over the long term, all you have to do is buy it and wait for the price to rise to a certain amount that meets your needs. The downside is that it usually takes a couple of years, if not more, for it to pay off.
There is also the possibility of short-term investing. You don't have to buy cryptocurrency for this, the point is to make quick trades where you profit from the price difference (buying and selling). With this kind of investment, you will get your first profit in just a couple of hours.
This is possible thanks to online brokers, which provide the trader with a platform for trading.
XRP Trading Platform
A trading platform is a computer system that can be used to place orders (buy/sell) of financial products such as stocks, cryptocurrency, bonds, currencies, commodities and derivatives with a financial intermediary such as brokers, dealers, market makers or stock exchanges over a network. Such platforms enable electronic trading by users from any location using a computer or cell phone.
A trading platform is more convenient for short-term trades and quick, daily profits. For this purpose, it provides all the necessary tools and charts displaying the state of the market at the moment.
How to start investing in Ripple (XRP)
In order to invest in Ripple in Singapore, you need internet access, this is a basic and important criterion, as XRP is a digital currency and has no tangible body.
You can just buy XRP and keep them in your wallet, waiting for the price to go up or by using an online broker and its trading platform, trading on which will bring you income every day. More and more traders are using trading platforms now, it's safe and allows you to have quick access to the market. To start trading on an online brokerage platform, you need to know a few factors.
How to sign up
After you have chosen a trading platform which suits you in terms of functionality you have to register in order to start trading. This process is done in order to secure your personal data and funds that you will keep in your account.
How to open a demo account
Practice account is a full copy of the real account, the only difference is that you will not be able to withdraw obtained profit. An online broker gives you fictional funds, so you can try out his platform and work out your strategies.
How to open a real account
You can open it after the training on the demo account or immediately, if you have experience in trading, but to do that you need to deposit some funds.
How to deposit and the minimum amount
You can deposit by any convenient bank wire, credit card, online wallet or account transfer.
Every platform has different requirements for the minimum deposit and the amount can start from $10 and end up to $1000. But it's important to remember that you don't have to start with a lot of money, you can start small and gradually increase the funds in your account with trading.
How to withdraw money
You can withdraw your funds in the same way you deposited your account. You have to choose the specific point in the platform menu, choose how much profit you want to withdraw and fill in the details of bank or credit card, you can also specify the online wallet or account number. Check the fee charged and confirm the withdrawal from your account.
Security of investments in Ripple (XRP)
Any trading platform provides security protocols that protect your funds and personal information, as well as all transactions that occur in your account.
It is also important to understand that you cannot trade based on intuition alone, you must also take all measures to secure your trade.
- Do not start trading unprepared. Study articles and watch video lessons on trading. Practice and create new strategies on a demo account. Take advantage of all the resources the platform offers you.
- Use fundamental analysis of the market, study news related to your asset or the company that owns it. Positive news influences the price growth, and negative news influences the price fall. You can use the trading platform's news channels or third-party sources on the Internet.
- There is also technical analysis, which allows you to determine price movements using charts and indicators. Indicators are analysis tools provided by the trading platform. They are based on patterns of price movements and are displayed in the form of charts. It is important to remember that different types of indicators are suitable for different assets and a trader should pay attention to this and familiarize themselves with the function of the tool they choose.
Thus, it is worth remembering that investing in itself is safe, but you should also be careful and think about every step you take. Because the risk of losing money is often the fault of the unprepared trader.
FREQUENTLY ASKED QUESTIONS:
Can you buy XRP?
At this point in time, anyone can buy this digital currency. All you need is access to the internet, and an online wallet where you can store your purchased XRP coins. You will not be able to purchase XRP in a bank because these coins do not have a tangible body.
Is Ripple a good buy?
Since many investors are increasingly interested in this cryptocurrency, the demand for it is only growing, as well as the price, so you should hurry to choose while XRP is still available at a relatively low price.
Is Ripple a good long-term investment?
XRP is now considered a good long term investment if you have enough patience, as this kind of investment can take anywhere from a year, so many traders prefer short term trades and daily profits.
Where can I buy XRP?
XRP can be bought on an exchange, online exchanger or directly from the owner of this digital currency. The first two sources, are more secure.
How do I buy Ripple in Singapore?
You can only buy Ripple in Singapore by using the internet, just like in any other country.
Why does XRP go down and up?
The fall and rise in price depends on many factors. For starters, it is worth noting that the price does not move in a straight line up or down, there are constant jumps in the market, which benefits short-term traders. Also, the price can rise or fall due to some significant news or rumors that can scare the trader or give a signal that the coin should be bought urgently.