XRP, the cryptocurrency used by the Ripple payment network, is growing in popularity.
The world’s third-largest cryptocurrency by market cap is now used by a number of major banks as part of their payment settlement infrastructure.
The altcoin has become a major cryptocurrency, so it’s no surprise that many retail investors want to get their hands on it.
Thankfully, it is much easier to buy XRP today than it was a few years ago. There are now several exchanges which allow you to buy XRP with USD, as well as with other fiat currencies.
What is XRP?
XRP is the cryptocurrency used by the Ripple payment network, which was created to speed up the transfer of money between institutions.
Ripple has been increasingly adopted by banks and payment networks as a settlement infrastructure technology, therefore boosting the usage of XRP. It has already been acknowledged by huge companies such as UniCredit, UBS, and Santander.
Unlike Bitcoin, XRP can’t be mined. Every coin has already been calculated, although presently only about 40% of XRP tokens are in circulation.
Ripple’s network can handle significantly higher transaction volumes than other leading cryptocurrencies. According to Coinmama, Ethereum can handle about 15 transactions per second, whereas Ripple’s network consistently handles about 1,500 transactions per second.
XRP can be sent to anyone in the world virtually instantly for a low fee. You can also hold on to it as an investment, sell it, or convert it into Bitcoin.
Before you buy XRP, you need to have a wallet to store it in. Your main decision will be choosing between a software wallet and a hardware wallet.
Hardware wallets are physical devices that enable you to store your crypto offline. They’re considered the most secure way to store your cryptocurrency, but they can be expensive. Examples of hardware wallets that support XRP include Ledger and Trezor.
Software wallets let you store your coins on your computer. They’re usually free,…