Ripple is currently the sixth most popular cryptocurrency by market-cap. But beyond the financials, the story of Ripple and XRP is a soap opera for both investors and tech connoisseurs.
It's important to note that Ripple is the company, and XRP is the coin, but most people simply call it Ripple.
Ripple (XRP) is a different than many other popular cryptocurrencies because it was created by a private, for-profit company. This company wanted to enable a frictionless way to send money globally, and its coin Ripple is the way it does it. This company is also the largest holder of Ripple today.
The problem is, Ripple isn't the easiest crypto currency to buy, and in 2020, the SEC filed charges against Ripple and two founders in regards to XRP. As a result of the this action, most centralized exchanges (like Coinbase) have suspended trading on XRP. See the SEC action here.
However, even with these headwinds, XRP is still extremely popular. And while it's not as simple to invest in, there are still platforms where you can do it (and we list them below).
Here's how to invest in XRP and what you need to know.
Ripple was originally (and still is) a payment processing platform that allows global transactions using it's coin, XRP. It's global payment network was started in 2012, and has continued to grow as companies have adopted it, and currency speculators have taken interest in Ripple.
Ripple uses a blockchain ledger similar to Bitcoin and other crypto-currenies, but it also has come technical differences that claim to make it easier to process transactions, and more importantly, faster while remaining secure.
Ripple is different than it's major competitors Bitcoin and Litecoin in that it was created by a private, for-profit company. When it was created, 100 billion XRP were released into the market, with 20 billion being held by the creators and the rest being given to Ripple Labs. Ripple Labs has since placed 55 billion XRP in an escrow account to ensure users stability in the marketplace.
It's important to note that Ripple has been called a "Bitcoin-killer" since at least 2014, but it's only in the last several years has gained real traction and momentum among crypto-currency enthusiasts.
Ripple has had explosive price increases similar to other currencies, but it's still very "cheap" in terms of price - roughly $0.30.
Right now, the biggest driver of XRP prices seem to be updates in the SEC trial.
First, realize that Ripple is subject to an SEC investigation and many exchanges have de-listed the token. These directions are outdated.
Where To Invest in XRP In 2022: With the SEC investigation, many exchanges have de-listed XRP. You can still hold your XRP at places like Coinbase, but you can't transact with it. Rumors are that Coinbase will allow XRP trading again shortly, but until then, Uphold, Kraken and Coinmama are a couple of your options.
You can also still store your XRP on a hardware wallet like Ledger.
If all that sounds foreign, check out this guide on How To Invest In Cryptocurrency.
With that said, here's the steps you need to invest in XRP:
The first thing you need to do is setup a Uphold account.
Uphold is a very popular choice because they have some of the most popular currencies easily available for purchase on their app or website.
Read our full Uphold review here.
One of these is XRP (Ripple) - which you can easily buy on the app, along with Bitcoin and others. Plus, you can easily transfer US dollars in and out as well.
Once you have your Uphold account opened, and some USD or other crypto in your account at Uphold, you can buy XRP.
In your Uphold account, simply click on Ripple (XRP) and place a trade.
Once you place your trade, it will show up in your Uphold account.
Having everything in your Uphold account makes tracking and following up on your cryptocurrency easy.
Like any currency, there is a high degree of risk involved if you're considering investing in Ripple. However, given the low price point, it does have the possibility for a high return with low barrier to entry.
If you don't like the idea of a digital wallet and/or all of these steps, there are no ETFs that track Ripple yet.
You never know, Ripple could skyrocket as high as Bitcoin is today, and you might be thanking yourself in several years.
The post How To Invest In Ripple (XRP) Step-By-Step appeared first on The College Investor.
By: Robert FarringtonTitle: How To Invest In Ripple (XRP) Step-By-StepSourced From: thecollegeinvestor.com/21079/invest-ripple/Published Date: Tue, 30 Aug 2022 07:15:00 +0000