Ripple XRP is a cryptocurrency intended to be used on the Ripple network to move money easily between retailers and consumers using various currencies.
The American technology company Ripple Labs developed Ripple Net as a portal used by banks and financial institutions to easily and globally move XRP at a cheaper price. Let’s take a look at what Ripple is, how to invest your AUD in XRP, and what the benefits are of doing so.
Ripple In Australia
XRP is a token that enables value transfer through the Ripple Network. XRP is ranked fourth in CoinMarketCap’s list.
While customers can purchase XRP to enable quick and frictionless cross-border transactions, Ripple Labs has focused more on financial institutions, such as banks, credit card providers. Using the Ripple Network provides them with reduced fees and currency conversion costs.
What Are The Steps To Buy Ripple In Australia?
If you’re new to blockchain and looking to invest in XRP, you’ll most likely be drawn to purchasing your coins with fiat currency.
This is often seen as the simplest and most convenient way to invest in your first cryptocurrency. Or you can buy Ripple with another cryptocurrency such as Bitcoin for example.
Wondering where to buy Ripple in Australia? eToro is a trading and investing brokerage site for a large range of cryptocurrencies, commodities, indices and beyond. Below we will show you a step-by-step guide as to how to buy Ripple in Australia with eToro.
1. Sign up with a licensed Ripple exchange
The very first thing you’ll have to do before buying Ripple is open a live account with a broker like eToro. This process typically involves verifying your identity, but it’s a fairly quick process that you can complete with a few documents in a limited period of time.
2. Make a deposit into your account
Once you have been successfully registered, the next thing you’ll need to do is deposit some funds into your account so that you can purchase your Ripple with eToro.
One of the biggest benefits of eToro’s platform is that they offer a large number of payment methods. eToro allows payments to be processed via bank transfers, credit cards like Visa and Mastercard, as well as electronic wallets, such as PayPal.
Each method allows you to deposit your funds easily and safely, and ensure the utmost security of your money.
3. Buy Ripple
After you have made your deposit, the last step is to buy your Ripple. To do this, simply go to your eToro account, and beneath the “Markets” section you’ll find “Crypto”.
In the crypto menu, select “Ripple” from the list of options in the dropdown menu, and then click “Buy”. Then enter the amount of XRP you want to buy. Now you’ve begun your Ripple journey with eToro.
One of the most well-known wallets is eToro’s digital wallet. It couldn’t be simpler to open a Ripple wallet, particularly on eToro. All you need to do is initiate an XRP switch into your eToro wallet and the wallet will open automatically.
Why Should You Buy Ripple In Australia?
There are a multitude of reasons why you would want to buy Ripple in Australia. One of the biggest being that there already is widespread adoption of Ripple throughout Australia today.
There are many Australian corporations that have adopted Ripple into their business operations. For example, Novatti Group, an Australian virtual banking and online payment business formed a partnership with Ripple to expand further into Southeast Asia in late 2020. The partnership improved the efficiency of real-time cash transactions between Southeast Asia and Australia, making them cheaper and faster than ever before.
And interestingly, the Commonwealth Bank of Australia was one of the first financial institutions in the world to use the Ripple Network. The CIO of the Commonwealth Bank revealed this information at an event organized by the Australian Information Industry Association.
Moreover, FlashFX, a money transfer site, announced the introduction of a new cross-border payment solution using XRP, aimed at enhancing foreign exchange in Australia, in a development that provided a major boost to the cryptocurrency market.
The service will allow for more unique alternatives for Australians who want to enhance their transfers in a cheaper and more efficient method than banks today can provide, had said CEO of FlashFX, Nicolas Steiger.
The Ripple affiliate is the first-ever virtual currency in Australia to receive the Australian Financial Services License (ASFL) granted by the Australian Securities and Investments Commission.
On top of increased adoption, conducting transfers with Ripple is just much faster. The average Ripple transaction will take you approximately four seconds. Whereas attempting to make a transfer with Bitcoin can be up to 10 or 20 minutes. And then there are banks which can take hours or even days.
Overall, Ripple in Australia is trusted by many financial institutions and banks. There’s also close to no inflation with Ripple as well as because the majority of tokens are pre-mined, which means that they already exist.
Lastly, if adoption continues to grow among Australian companies and financial institutions, the value of XRP might continue to rise over time, making room for more innovation and improvement in the digital transaction sector.
We recommend buying XRP through eToro, which is one of the most efficient and well-regulated brokers in the world. With eToro, the minimum deposit is also extremely small, which boosts accessibility to many users, and it also features one of the easiest signing up processes of any broker.
Conclusion: Is Ripple a Good Buy In Australia?
At the moment Ripple’s price is low because of the issues they are having with the US Securities and Exchange Commission. They are suing Ripple for selling unregistered tokens, however, Ripple denies the accusation by saying that they are not a security.
After the news broke, Ripple’s price dropped significantly as many exchanges started delisting XRP from their platforms. However, many of them have recently started to re-list XRP and it looks like everything is slowly getting back to normal.
Moreover, Ripple’s price is expected to increase in the future according to analysts. And considering all the collaborations Ripple has with financial institutions in Australia, Ripple definitely looks like it is a good buy in Australia.
eToro – The Best Platform To Buy Ripple
eToro have proven themselves trustworthy within the industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
- XRP is a token that enables value transfer through the Ripple Network.
- Ripple is ranked as the fourth-largest cryptocurrency by market cap on CoinMarketCap’s list.
- Ripple current day range in AUD is $1.308-$1.382.
- Three key steps to invest in XRP through eToro: 1) get an eToro account, 2) choose a deposit method, 3) buy Ripple.
- There are many Australian companies that have adopted Ripple into their business operations.
- The average Ripple transaction takes approximately four seconds.
- In Australia, Ripple is recognized as an official organization and is trusted by many financial institutions and banks.
- Despite accusations from the SEC, Ripple’s price is expected to increase in the future, according to analysts. On top of that, considering all the collaborations Ripple has with financial institutions in Australia, Ripple is likely a good buy in Australia.