How to Buy Ripple (XRP)

Buy XRP through Binance

• Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Buy XRP through Okex

• OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.

Buy XRP through Kucoin

• Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.

Buy XRP through Bitfinex

• Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships. Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.

Buy XRP through Crypto.com

• Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos. The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.

Step 3 – Withdraw Your XRP

To withdraw your XRP (Ripple) from an exchange, you’ll typically need to follow these steps:

1. Log in to your account on the exchange where your XRP is held.
2. Navigate to the “Withdraw” or “Send” section of the exchange.
3. Select XRP as the cryptocurrency you want to withdraw.
4. Enter the wallet address where you want to send your XRP. Make sure to double-check the address to ensure that it is correct, as sending XRP to the wrong address can result in a loss of funds.
5. Enter the amount of XRP you want to withdraw. Be sure to check the withdrawal fee, as this will be subtracted from your total withdrawal amount.
6. Review and confirm the transaction details, including the withdrawal address and the amount of XRP being withdrawn.
7. Complete any two-factor authentication or other security steps required by the exchange.
8. Submit the withdrawal request.

The time it takes for your XRP to arrive in your wallet can vary depending on network congestion and other factors. Once your XRP has been sent to your wallet, you should see the transaction appear in your wallet’s transaction history.

OVERVIEW

Who Are the Founders of the XRP Ledger?

The XRP Ledger was created by a company called Ripple, which was founded in 2012 by Chris Larsen and Jed McCaleb. Chris Larsen had previously co-founded several successful startups, including E-Loan, and was a former executive at financial services company Prosper Marketplace. Jed McCaleb was a co-founder of the cryptocurrency exchange Mt. Gox, and later went on to co-found the Stellar Development Foundation.

While Chris Larsen has since stepped down from his role as executive chairman of Ripple, Jed McCaleb left Ripple in 2013 to start his own cryptocurrency project, which eventually became the Stellar Lumens (XLM) cryptocurrency.

Today, Ripple is led by CEO Brad Garlinghouse, who joined the company in 2015 and has since helped to expand its suite of blockchain-based financial solutions, including the XRP digital currency and the RippleNet payment network.

What Makes XRP Unique?

There are several unique features of the XRP Ledger (XRPL) that distinguish it from other blockchain-based systems:

1. Speed and scalability: The XRP Ledger can handle up to 1,500 transactions per second, making it one of the fastest blockchain-based systems in the world. This high throughput makes it ideal for use in high-volume payment systems.

2. Consensus mechanism: The XRPL uses a unique consensus mechanism called the Ripple Protocol Consensus Algorithm (RPCA), which allows for fast and secure transaction validation without the need for energy-intensive mining.

3. Decentralization: While Ripple operates the XRPL, it is designed to be decentralized, with no single point of control. This ensures that no one party can manipulate the system for their own gain.

4. Interoperability: The XRP digital currency can be used to bridge different currencies and payment systems, making it a valuable tool for cross-border payments and remittances.

5. Security: The XRPL uses advanced cryptographic techniques to ensure the security of transactions and the integrity of the ledger.

6. Low transaction fees: The XRP Ledger has very low transaction fees, making it an attractive option for small and large transactions alike.

These features have made the XRP Ledger a popular choice for financial institutions and payment providers around the world, and have helped to establish XRP as one of the most widely-used cryptocurrencies in the market.

How Many XRP Coins Are There in Circulation?

The XRP Ledger architects gifted 80 billion XRP to Ripple so that the company could build use cases — including its global payments network, RippleNet — around the digital asset.

How Is the XRP Ledger Network Secured?

The XRP Ledger (XRPL) network is secured using a variety of cryptographic techniques and consensus mechanisms that help to ensure the integrity and security of the ledger. Here are some of the key security features of the XRPL:

1. Ripple Protocol Consensus Algorithm (RPCA): The XRPL uses a unique consensus mechanism called RPCA to validate transactions and ensure the integrity of the ledger. Unlike traditional proof-of-work (PoW) or proof-of-stake (PoS) systems, RPCA is designed to be fast, energy-efficient, and resistant to attacks.

2. Gateways: Gateways are trusted third-party entities that issue and redeem assets on the XRPL. These gateways are required to follow strict security protocols and hold reserves to back the assets they issue.

3. Multi-signature: The XRPL supports multi-signature transactions, which require multiple parties to sign off on a transaction before it can be executed. This provides an additional layer of security and helps to prevent fraud or unauthorized transactions.

4. Cryptography: The XRPL uses advanced cryptographic techniques to secure the network and protect against attacks. This includes the use of hash functions, digital signatures, and public-key cryptography.

5. Decentralization: While Ripple operates the XRPL, it is designed to be decentralized, with no single point of control. This ensures that no one party can manipulate the system for their own gain.

6. Community oversight: The XRPL is overseen by a community of developers, validators, and other stakeholders who work together to maintain the integrity and security of the network.

Overall, these features help to ensure that the XRPL is a secure and reliable payment network that can be trusted for a wide range of financial transactions.

Where Can You Buy XRP?

XRP can be purchased from a variety of cryptocurrency exchanges and trading platforms. Here are some of the most popular options:

1. Binance: Binance is one of the world’s largest cryptocurrency exchanges and offers a wide range of trading pairs, including XRP.

2. Coinbase: Coinbase is a popular cryptocurrency exchange that offers a simple and user-friendly interface for buying and selling XRP.

3. Kraken: Kraken is another popular exchange that offers XRP trading, as well as advanced features for more experienced traders.

4. Bitstamp: Bitstamp is a European-based exchange that has been in operation since 2011 and offers XRP trading.

5. Huobi: Huobi is a global cryptocurrency exchange that offers XRP trading as well as a range of other digital assets.

6. Uphold: Uphold is a cryptocurrency wallet and exchange that offers easy XRP purchases and a variety of other digital assets.

These are just a few of the many options for purchasing XRP. It’s important to do your research and choose a reputable exchange or platform that meets your needs and offers the features you’re looking for. Additionally, it’s always a good idea to store your XRP in a secure wallet to ensure the safety of your funds.

Ripple and the SEC

Since late 2020, Ripple Labs, the creators of the XRP token, has been locked in a legal battle with the United States Securities and Exchange Commission. The big question is whether or not XRP is a security.

On Dec. 22, 2020, the SEC filed a lawsuit against Ripple Labs and two of its executives on the grounds that they traded $1.3 billion in their XRP token as security without registering it with the commission. There have been arguments for and against the lawsuit. However, Ripple has strongly countered the claims, arguing that the SEC has been biased in its assessment.

The SEC uses the “Howey test,” based on the Supreme Court ruling on SEC v. W.J. Howey Co in 1946, to determine whether a cryptocurrency is a security. An asset is considered a security if it is sold with the expectation of getting profits from the efforts of other parties. Based on the commission’s definition of XRP in its lawsuit, the cryptocurrency would pass the Howey test, and according to SEC regulations, all securities must be registered.

While most companies targeted by the SEC in a similar matter chose to settle, Ripple decided to fight. The outcome of the lawsuit will undoubtedly have far-reaching implications in the crypto space. If Ripple prevails, the SEC could lose some of its credibility, giving other crypto-based companies the confidence to revolt. On the flip side, if the SEC wins the case, it could upend the way crypto firms operate and usher in a new wave of registration rules that apply to securities.