How to buy Ripple (XRP) Guide

What Is Ripple (XRP)?

Ripple is a real-time gross payment (RTGS) system designed to enable instant global currency transactions. While XRP is the native platform token of the Ripple Ledger, users can still trade in any currency on the platform.

Ripple can be both considered as a cryptocurrency and a digital payment transaction network. It was launched in 2012 and was co-founded by Chris Larsen and Jed McCaleb. For both banks and financial institutions, Ripple is a transaction system for international money and security transfers.

Ripple is the name of the company and the financial network, and XRP is the platform token. XRP is the exchange mechanism between two currencies or networks. It plays the role of a temporary settlement between two currencies.

Ripple’s Founders

Chris Larsen is a serial entrepreneur and angel investor. He is also the co-founder of several tech start-ups in Silicon Valley. The most famous company founded by Chris is E-Loan in 1996, he was the one who raised the idea of peer-to-peer money lending at the beginning of Web 1. In 2012, he founded Ripple with Jed McCaleb.

On January 4, 2018, Forbes estimated Larsen's worth at USD 59 billion, just behind the founder of Meta. In 2020, he ranked No. 319 in the Forbes 400 list of the richest people in America.

Jed McCaleb has contributed to the early stage of the Bitcoin network. He back then built a peer-to-peer Bitcoin transactions network. In 2012, he founded Ripple with Chris Larsen, aiming to simplify complicated international financial transactions.

How does Ripple (XRP) work?

Ripple is a distributed decentralized financial technology platform. It aims to increase the speed of international transactions so that a frictionless experience to send money globally is provided, including real-time messaging, clearing, and settlement of financial transactions. Through blockchain technology and modern APIs, Ripple enables financial institutions using the Ripple Network to send money globally and instantly.

Products supported by the Ripple Network

xCurrent: xCurrent helps banks to process real-time payments globally so that banks can offer new cross-border payment services to their customers. xCurrent is designed to meet the compliance, risk, and security to fit the demand of banks.

xRapid: xRapid is designed to minimize the liquidity costs like payment services providers and banks. It is very costly to enter emerging markets as a pre-funded local currency account is required. The XRP is created to provide liquidity for businesses. So that banks and payment providers enjoy a more efficient and reliable liquidity option to service cross-border payments.

xVia: xVia enables users to send payments globally with transparency including rich information like the invoices attached. On the other hand, it does not require the users to download any software.

With Ripple Network, customers can quickly access new emerging markets, to expand their businesses to different regions. Also, a huge administration and time cost can be saved through the Ripple Network.

With a single connection, customers can access the best blockchain technology for global payments, payout capabilities in over 40 currencies, and on-demand liquidity as an alternative to pre-funding and operational consistency through a common rulebook.

Ripple’s Use Cases

Financial institutions like banks, payment providers, exchanges, and corporations can address many commercial use cases on the Ripple Network, including:

● Issuing online invoice

● Settle the international supply chain payments

● Access to the global currency account

● Real-time cash pooling to provide liquidity

● Settle the international transaction bill

● Settle international P2P payments

Ripple also collaborates with different famous companies like AWS, according to the introduction of AWS, Ripple collaborates with financial institutions worldwide; more than 100 financial institutions have joined RippleNet, including:

● Santander (USA)

● MoneyMatch (Malaysia)

● Cross ENF (Korea)

● Mercury FX (UK)

● SBI Remit (Japan)

● XendPay (UK)

● Transfer Go (UK)

How Many XRP Are There In Circulation?

The total supply of XRP is 100 billion. The current circulating supply is 99,990,375,595.

XRP is the cryptocurrency mainly used in the Ripple payment network. It is mainly built for business usage. It aims to create a speedy user experience for cross-border payments.

Here’s the allocation of XRP:

● 20% was retained by the founders of XRP. Chris Larsen and Jed McCaleb each received 9.5 billion XRP. Arthur Britto received 1 billion XRP.

● 77.8% was allocated to Ripple

● 0.2% was airdropped as an experiment to try and expand usage as part of the launch

XRP gets its value from various factors, but mostly from Ripple’s ability to work with institutions and from its ability to quickly and cost-effectively be exchanged for any currency or asset.

How to Buy Ripple (XRP)

If you're interested in becoming a part of the Ripple ecosystem, one of the first steps you can take is to purchase crypto. There are various ways to do so, such as instantly buying crypto with credit/debit cards , via bank transfer, via peer-to-peer transactions, or even in-person purchases. Alternatively, you can deposit funds into your Bitget account and use them to purchase cryptocurrencies, including Ripple.

Once you have Ripple, you can use it for a variety of purposes, including crypto purchases, investment, or even as a means of transferring value across borders without the need for traditional financial institutions.

Consider investing in Ripple (XRP)? It only takes 2 minutes to create an account on Bitget and start trading XRP.

Check out the available XRP trading pairs on Bitget!

Futures market

XRPUSDT

Spot market

XRP/USDT

XRP/USDC

Related Ripple (XRP) Pages

Whitepaper

Official Website