You’ve probably heard the terms ‘Ripple’ and ‘XRP’ thrown around a lot in recent weeks. There’s a lot on the line between SEC v. Ripple. The results of the case could set a precedent across the US—possibly the world—in how we interpret cryptocurrency investments.
Given the ongoing court proceedings, XRP has become increasingly difficult to secure. Centralised exchanges have taken sides in the debate. Some continue to support the coin. Others have limited the way traders can interact with XRP. Even more have removed XRP from their exchanges entirely.
Whatever the outcome of SEC v. Ripple, there is some possibility that the coin’s value will fluctuate as a result of the decision. If you're interested in investing in the token, keep reading to learn how you can buy XRP in the USA.
Colloquially, XRP is often used interchangeably with Ripple. The two are actually quite different. XRP is a token. Ripple is the network on which that token lives. Ripple was founded in 2012 as a network to facilitate cross-border banking transactions with high liquidity. Rather than doing a currency conversion before conducting business with a bank in another country, two banks do all transactions in XRP. This saves time and simplifies the process of international transactions.
Over the years, banks in various countries adopted XRP for routine hawala transfers.
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At the time of this publication, XRP is within the top 10 largest cryptocurrencies with a market cap of over $35 billion.
Although it’s challenging, it’s not impossible to get your hands on some XRP in the USA. We’ll go through some common methods, along with one little-known alternative to buying from an exchange.
If you prefer to trade XRP through a centralised exchange, we recommend using Binance or Kraken for US residents. Binance allows for slightly more XRP pairs; 9 to Kraken’s 10. Fees are low at around .25 XRP per withdrawal.
Kraken has a slightly more competitive fee structure, with service fees as low as $0 on some transactions.
There are no minimum deposits or using either exchange.
First, you’ll have to determine if you buy with crypto or USD. If using USD there will often be additional KYC steps and fees to have your USD converted to crypto. Check with the exchange you are using before proceeding.
When that’s all done then congrats, you got your token! But was it worth all the transaction fees to get it?
Another way to buy XRP is via decentralised exchanges. Although less secure than a centralised exchange or brokerage, decentralised exchanges make up for it with simplified interfaces for trading and no obligation to sign up.
As with a centralised exchange, you’ll need to take a few steps along the way to get to XRP. Although XRP tokens are readily available on these exchanges, you often need a pair to trade into XRP with.
*When using the above exchanges, keep in mind that they come with their own set of risks. DEXs offer no custodial services, are prone to hacking, and are generally less secure than centralised exchanges.
Outside of basic fees like slippage, these “free to use” services often charge hefty transaction fees. Both centralised and decentralised exchanges also limit the number of pairs you can trade with at a given time.
If you decide you no longer want to hold on to your XRP, you’ll cop another dose of fees just to get rid of it:
If you prefer to reinvest, swap your XRP over to Bitcoin to regain access to the wider market.
Doesn’t that all sound a bit complex? Is it even worth it just to get your hands on this token? Well, there is an easier way that doesn’t compromise on security: using a cryptocurrency brokerage.
With a brokerage, like Caleb & Brown, you can buy XRP with fiat currency or trade with your current assets with no pair limits. Since brokerages do not need to deal with network latency issues like exchanges, you’ll have access to a pool of interchangeable assets. This not only makes XRP acquisition easier, but it also makes other, difficult to access tokens easier to acquire in the US.
The multi-step, expensive process is narrowed down to one action: emailing your broker. Caleb & Brown offers a personalised 24/7 brokerage service, so you can purchase XRP at a moment's notice. They’ll also make the trade the most optimal time, avoiding slippage and reducing your fuel costs where possible.
Working with a crypto broker is one of the easiest and secure ways to get your hands on XRP. The team at Caleb & Brown specialise in delivering a personalised experience for each and every investor, ensuring you can make an informed decision on every trade. And with direct access to the market, you’ll never have to worry about having the right pairs in your wallet.
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Disclaimer: This assessment does not consider your personal circumstances, and should not be construed as financial, legal or investment advice. These thoughts are ours only and should only be taken as educational by the reader. Under no circumstances do we make recommendation or assurance towards the views expressed in the blog-post. The Company disclaims all duties and liabilities, including liability for negligence, for any loss or damage which is suffered or incurred by any person acting on any information provided.