A Beginner’s Guide to Buying and Trading Ripple XRP Cryptocurrency in the USA
Based in the USA and looking to buy Ripple? If so, there are several regulated crypto exchange in the USA to choose from. most of which give you access to the top crypto assets including XRP. But how do you know whether Ripple is a good investment, and which Exchange is best for you?
Ripple is one of the trending cryptocurrencies nowadays, and most crypto experts predict a bright future for this project. It aims to bring several improvements into the traditional money transfer system by making transactions more secure and faster, and its cryptocurrency XRP is the six-largest digital asset in the world in terms of market capitalization.
One of the most well-known cryptocurrencies is Ripple (XRP), which started out as a service to provide secure payments and was founded by Chris Larsen and Jed McCaleb. It now serves as a digital payment network as well as a cryptocurrency, and it allows financial transactions to take place anywhere on the planet.
The price of XRP went down significantly when the Securities and Exchange Commission (SEC) sued Ripple for $1.3 billion, however, Ripple has held strong and its price is expected to return to previous highs.
Buying Ripple in the USA is quite an easy process. It can be done by anyone. Ripple is one of the top cryptocurrencies that you can directly buy through cryptocurrency exchanges, whether you are in the USA or any other part of the world.
Since its inception, Ripple has won the hearts of several investors and has become one of the hottest cryptocurrencies to invest in. So, if you want to buy XRP and don't know where to start, we have prepared a step-by-step guide for you that explains how to buy Ripple XRP in the US and whether it is the right time to buy XRP.
Where To Buy Ripple (XRP) In The USA
Are you searching for how to buy Ripple XRP in the USA? Well, there are hundreds of crypto exchanges and brokers in the USA. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy Ripple XRP in the USA:
Looking where to buy Ripple XRP in the USA right now? Below you will find 4 of the best brokers that allow you to buy XRP in the USA.
- eToro - Best broker to buy Ripple (XRP) in the USA
- Binance.US - Best exchange to buy Ripple XRP USA for asset diversity
- Coinbase - Best exchange to buy XRP Ripple for beginners
- OKEx - Best broker to buy Ripple (XRP) USA for low-cost
What Is Ripple (XRP)?
Ripple is a payment protocol and transfer system launched in 2012 by US-based technology company Ripple Labs Inc. The project aims to modernize the way people make payments and transfer money quickly and easily. Ripple uses its native token called XRP to exchange between two currencies and realize the instant transaction of any currency within the network.
The biggest aim of Ripple is to get incorporated with financial institutions and help them transfer funds into XRP and thus, make quick transactions within other institutions worldwide. In this way, they save not only time but also money. According to Ripple, when banks use the protocol they offer, they can save up to $3-4 per payment.
Ripple's protocol supports tokens based on various assets, including currencies, commodities, cryptocurrencies, and even mobile minutes or frequent flier miles. Ripple has already partnered with many financial institutions that agreed to use its services: Union Credit, Axis Bank, Santander, Yes Bank, etc.
Read More: A Beginners Guide To Ripple
How Ripple (XRP) Works And What Affects Its Price?
XRP runs on XRP Ledger, which Ripple Labs engineers designed to facilitate transactions within RippeNet. It's worth mentioning that XRP does not use a blockchain based on POW and other protocols like Bitcoin and other altcoins do. Instead, it uses a Ripple Protocol Consensus Algorithm, through which all the participants are connected to the network. Some of them act as senders or receivers for their users; others function as validators.
As mentioned previously, Ripple primarily aims to get incorporated with financial institutions and revolutionize the payment systems with innovative ideas. So, if Ripple can succeed in this process and more and more banks or other institutions rely on Ripple's services, the cryptocurrency project will become mainstream and well-established. Ultimately, it will affect XRP value positively and bring huge rewards for those who invested in it.
Is Ripple (XRP) A Buy Right Now?
One of the factors threatening people to invest in Ripple at the moment is the conflict with the US Securities and Exchange Commission. Last year, the latter accused Ripple Labs of selling XRP as an unregistered security. This lawsuit is still in the process, and it has negatively affected Ripple's price. At the end of 2020, many cryptocurrencies were experiencing growth, but Ripple did not follow, largely due to the SEC case.
XRP is now in the process of recovering its value loss, but the SEC lawsuit is still in the process. Having said that, we should mention that XRP is trading at low prices right now, and if it could win the SEC case, the price will rise and bring investors fertile returns. However, if the reverse happens, it will most likely threaten XRP value.
All in all, XRP is a good cryptocurrency to invest in, but consider how you think the SEC conflict will end up and don't put the money you cannot afford under the risk.
How To Buy Ripple (XRP) Online In The USA - A Step by Step Guide
In this part of our guide, we will introduce a complete guide explaining how to buy Ripple XRP in the US for those who want to invest but don't know where to start.
1. Find a USA Regulated Crypto Exchange that Supports XRP
The first thing you need to do is find a cryptocurrency exchange platform or a broker that supports Ripple and works in the US. You may find several brokerage platforms in this process, but there are certain factors to consider while selecting a broker.
Some of the crucial things to pay attention to are fees, payment methods, services they provide, how quickly the platform works, regulation and reputation, etc. Based on these factors, below, we introduced two of the best brokers to buy XRP in the US. A quick note - many of the most popular brokers froze XRP transactions for US residents because of the SEC case. However, this will change as soon as the lawsuit is closed.
eToro: eToro is a fully regulated brokerage platform that supports thousands of assets, including cryptocurrencies. It was founded in 2015 and already has 17 million registered users from more than a hundred countries.
eToro is best known for its social trading tools and easy-to-use interface. Plus, it's a zero-commission platform, which means that you need to pay only buy and sell spreads to buy XRP.
2. Register for an Online Account and Fund Your Account
As long as you have selected the brokerage platform that best suits you, you need to sign up for an online account and verify it. The registration process is speedy and simple. What you need to do is to fill in some personal information. To complete registration, you need to go through the KYC process, verify your account with a copy of your passport or driver's license, and verify your address with a bank document or utility bill.
Having your account verified, you can start buying XRP, but you first need to deposit some money on your account for this. There are some options to select for payment, including credit or debit cards, wire transfers, e-wallets, etc.
3. Buy Ripple (XRP)
If you succeed in transferring money into your brokerage account, you can finally buy XRP. For this purpose, you need to search and find it, then fill in the amount you want to get and buy. If your broker does not let you purchase with fiat currencies, you then need to buy another coin first like Bitcoin or Ether, then swap it with XRP.
4. Transfer Your XRP Tokens to a Hardware Wallet
If you plan to hold your XRP for the long term, there is one more step you need to take in this process. After completing the purchase, you need to transfer your coins to a personal digital wallet. In this way, you store them in a secure place and away from the third party.
A hardware wallet is the safest way to keep your coins. You can buy it and transfer all your cryptocurrencies into it. You need to have private keys to your personal wallet, which will give you access to your coins, and, you can also trade your send and receive coins from wallet-to-wallet.
How To Trade Ripple (XRP) In The USA - A Step by Step Guide
If you plan to make a short-term investment in Ripple and profit from its price fluctuations, below, we will provide you with a complete guide about trading XRP in the US.
1. Find an Online Trading Platform that Supports XRP
Selecting the right brokerage platform is one of the essential parts of the process. As long as you are going to speculate on small price fluctuations, you will need to open and close positions quickly. To manage it effectively, you need a brokerage platform that operates fast and charges lower transaction fees. To help you get started, you can find the best brokers to trade XRP in the US in our list of brokers.
2. Fund Your Account
Now, it’s time to open an online account on the brokerage platform you have chosen and verify it to be allowed to trade. When you have a verified account, you can transfer funds using one of the payment methods the broker accepts.
3. Develop a Trading Strategy
Another crucial step in trading is to decide how you are going to trade. So, before buying and selling XRP, generate a trading strategy that you think will best suit your plans and trading intentions. There are many active strategies for those who have spare time and can spend it on the research process.
Otherwise, you can also pick up something from passive strategies if you are not free enough to do market research or follow the news. Some trading strategies include scalping, day trading designed mainly for active traders, while swing trading, "buy and hold" strategy, and others are designed for passive traders.
4. Start Trading Ripple (XRP)
Finally, when you have a verified account, deposited money on it, and developed a trading strategy, you can start trading XRP. You can also explore the brokerage platform you have selected to discover what trading tools it offers and use research analyses and other data to help you generate better trades.
Ripple (XRP) Advantages And Disadvantages
As you may already know, cryptocurrency trading always involves high risks, so take your time to understand whether you want to buy XRP right now or not. With that in mind, here are some advantages and disadvantages of Ripple to help you in this process.
Advantages of Ripple:
- Ripple has some unique ideas to revolutionize the way people make transactions.
- It does not charge any fees for transactions but a small amount of XRP is burnt for each transaction.
- Ripple has already partnered with hundreds of banks.
- XRP is one of the largest cryptocurrencies in terms of market capitalization.
- XRP is not a pricey coin; so it can be a good investment for beginners.
Disadvantages of Ripple:
- The lawsuit with the SEC affected Ripple's value.
- Ripple has many competitors in the payment system industry.
- Unlike bitcoin and several other cryptocurrencies, Ripple is a centralized cryptocurrency.
What Is Ripple (XRP) Price Prediction?
During this review, we have analyzed different algorithms online that are designed to give cryptocurrency price predictions and forecast various movements for Ripple XRP price. Some of them are more optimistic, while others are rather pessimistic.
For example, Digital Coin Price algorithms provide perhaps the most optimistic predictions about Ripple XRP. According to this website, XRP price will hit $2 in 2027 and it can reach up to $3 in 2030.
According to CoinPriceForecast, Ripple will be traded at $1 in 2023, and it will hit $2 in 2030.
At last, Wallet Investor predicts XRP prices will be traded above $1.3 by the end of 2022 and could reach $2.7 by the end of 2025.
Don't Miss: XRP Price Predictions
How Do I Mine Ripple (XRP) In The USA?
While in the case of Bitcoin and several other cryptocurrencies, you can mine new blocks and be rewarded with new coins; Ripple does not work like that. No XRP can not be mined, and all of them are issued by the company.
What Is The Total Supply Of Ripple (XRP)?
Ripple Labs initially issued 100 billion XRP, which is the total supply of Ripple. It means that no more XRPs can be mined or created ever. Presently, more than 46 billion XRP are already in circulation.
Things To Consider Before You Invest in Ripple (XRP) In The US
To sum up, Ripple is a cryptocurrency project designed by Ripple Labs, and it has a native coin called XRP. Besides being crypto to buy and sell, Ripple aims to improve how we transfer money, making transactions quicker and more secure. Many crypto professionals believe that Ripple can become a well-established crypto in the future, but we should also not forget the SEC lawsuit with Ripple.
So, you need to be very careful and do good research before investing in XRP. After all, it's a digital asset, and much like other coins, it is fairly unpredictable and volatile; that's why you need to invest with money you can afford. Nonetheless, in our view, Ripple is certainly one of the best cryptos to invest in for the long term.
eToro – The Best Platform To Buy XRP In The USA
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Virtual currencies are highly volatile. Your capital is at risk.
Why Should You Invest in Ripple in the USA?
Investing in Ripple looks especially promising right now. This is because Ripple appears to be in for a promising future with the chance to double in value by the end of 2022, as per crypto experts.
According to numerous predictions Ripple’s price is expected to increase. XRP’s price is $0.7 at the time of writing and it is believed that Ripple might even surpass $1 in the coming year.
Therefore it might be a good idea to buy Ripple now since its price is low. However, we must mention that cryptocurrencies are highly speculative and volatile, meaning that their prices move up and down dramatically and very quickly.
Is Ripple a Good Investment in the USA?
With the SEC lawsuit ongoing it could be some time before we see Ripple reach its full potential. According to Faizan Farooque, writing for InvestorPlace, “even after the smoke clears on the SEC investigation, it will be a long time before Ripple becomes a viable digital asset again.”
The SEC claims that XRP is security but Ripple has been defined as a “virtual currency” by the Financial Crimes Enforcement Network (FinCEN) in a previous legal case. While this ruling may assist Ripple in their battle with the SEC, it is still very early on to tell.
Ripple has a strong financial backing in the form of numerous partners and investors, which will certainly help it reach new heights and make it investment-worthy.
There is a strong feeling in the crypto market right now that the future of cryptocurrency - and XRP in particular - are expected to increase in value and enter a new era of acceptance among institutions around the world.