How to Buy Ripple XRP | Step-by-Step Guide

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How to Buy Ripple XRP

One of the most talked-about cryptocurrencies today is Ripple (XRP), which has held the number 3 spot in overall cryptocurrency market caps for the last two months. Ripple is the only currency indigenous the the Ripple Transaction Protocol. This protocol focuses on providing instant, low-fee, international currency exchange, and remittance. The Ripple Transaction Protocol uses an open-ledger system as a database to monitor payments and exchanges.

“Ripples”, which is the pluralized moniker for XRP coins, have been pre-mined and their maximum supply is set at 100 billion. They are intended to be a rare asset with an ever-decreasing supply. The coins themselves can be used to facilitate currency swaps over the Ripple Transaction Protocol network between any and all currency pairs (including infrequently traded currencies).

There are over 100 trading pairs across numerous exchanges through which you can acquire XRP. The following guide will cover trading options on Binance and Kraken exchanges, giving step-by-step instructions on the whole process.

The Exchanges We’ll Be Using

ExchangeReviewAccepts U.S. ResidentsDeposit / Buy MethodsTrading FeesWithdrawal Limits
Binance logo

Visit Binance

ReviewYesCryptocurrency0.1%2 BTC / 24 hours for unverified accounts

100 BTC / 24 hours verified accounts

Kraken Logo for Table

Visit Kraken

ReviewYesCryptocurrency /

Bank Wire

0.26% or lessVerification required for all accounts.

See our Kraken Review for more details.

If you’re already invested in other cryptocurrencies, like Bitcoin and Ethereum, our preference is to use them to buy XRP on Binance.

If you’d prefer to use fiat currency (USD or EUR) to buy XRP, you can use Kraken.

How to Buy Ripple (XRP) on Binance

Binance accounts for approximately 5% of the daily trading volume for Ripple. Considering the popularity of XRP and the sheer number of exchanges and trading pairs through which you can get XRP, this means Binance is an incredibly popular option. Binance offers trading pairs for Ripple (XRP) with both Bitcoin (BTC) and Ethereum (ETH). This exchange offers a variety of tokens, a high degree of account security, and some of the lowest transactions fees (0.1%) in all of cryptocurrency.

Here’s a guide to using Binance to acquire Ripple (XRP) coins. You can learn more about this exchange in our Binance Review.

1) Create Your Binance Account

The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.

Binance Sign up Register

Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.

Binance Email Sent Sign Up Confirmation

2) Secure Your Binance Account

Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.

Binance 2FA Prompt

2FA helps to secure your account by requiring an additional passcode when login attempts are made. Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.

Once you select Google Authenticator, Binance will show you step-by-step how to set it up.

Binance Google Authenticator Set Up

You can also set up 2FA at any time from your "Account" page.

Binance Account Page

From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.

3) Deposit Bitcoin or Ethereum to Binance

Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).

In this example, we'll be depositing 1 ETH.

Binance Deposit Ethereum Step 1

Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.

Binance Deposit Ethereum Step 2

After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.

Binance Pending ETH Deposit New

4) Buy Ripple XRP With Bitcoin or Ethereum on Binance

Now that you have deposited your Bitcoin or Ethereum into the Binance exchange wallet, you are ready to trade for Ripple (XRP) coins. On the top-left of the Binance webpage is an ‘Exchange’ button. Move your cursor over it and a drop-down menu appears with ‘Basic’ and ‘Advanced’ options. To continue with this guide, select ‘Basic’.

On the upper-right side of the Basic Exchange are Binance’s four trade-pairing options: BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), and USDT (U.S. Dollar Tether). XRP is available against both Bitcoin and Ethereum, so left-click on whichever corresponds with your deposited digital assets. Type XRP into the search bar, then click the trading pair that is revealed (XRP/BTC or XRP/ETH).

This new screen shows the Basic Exchange for the trading pair you just chose. There is a large price-action market chart with the current valuation on the right side and two order forms underneath the chart, labeled “Buy XRP” and “Sell XRP”. We’re going to focus on the “Buy XRP” form. There are three tabs atop the form and only two of them concern us in this guide: “Market” and “Limit”.

Binance Buy Ripple XRP

Market orders are generally the simpler and faster option. Binance automatically inputs the current price information for you and your order is instantly filled. Simply enter the number of XRP coins you want to purchase on the ‘Amount’ line, then press ‘Buy XRP’ to complete the transaction.

With Limit orders you can enter your own value on the “Price” line and your desired number of tokens on the “Amount” line. Once you press “Buy XRP” on a limit order, however, there is usually a time delay before your order is filled. This is because your chosen price is most likely different from the precise market valuation, so the exchange can only fill your order as XRP coins become available at your price. Limit orders are only completely filled if there are sellers willing to trade for your price.

On both Market and Limit orders, you will notice four selectable percentages: 25%, 50%, 75%, and 100%. Binance offers these quick calculators that automatically input necessary prices or amounts of XRP to spend one-quarter, one-half, three-quarters, or all of your BTC or ETH balance on XRP.

Once your order has been filled you can find your Ripple (XRP) coins in the “Funds” tab under “Balances”. From the “Withdrawals” subset of the “Funds” tab, you can move your XRP to any secure, offline XRP wallet.

Binance Ripple XRP Balance

Buy XRP Binance

How to Buy Ripple (XRP) on Kraken

Kraken is another common exchange through which cryptocurrency traders can add Ripple (XRP) to their portfolios. This exchange accounts for about 5% of the global daily trading volume of XRP, and is unique in that it offers trading pairs of XRP against both fiat U.S. Dollars and fiat Euro, in addition to the standard Bitcoin (BTC) offering. Kraken offers a surprisingly minimalistic trading interface that is easy to use for beginners.

Here is a step-by-step guide for trading U.S. Dollars and Euro for Ripple (XRP) coins on the Kraken exchange.

1) Sign Up on Kraken

Initially you’ll need to enter your email address, country, username, and password.

Kraken Sign Up Continued

After submitting this form, Kraken will send you an email with instructions to verify your email address.

2) Secure Your Account

As mentioned in our sections for other exchanges, it’s always recommended that you enable 2-Factor Authentication on any exchange account, including Kraken.

This can be done from the “Two-Factor Authentication” page of your account, under “Security”.

Kraken 2FA

3) Verify Your Account

Verification requirements will depend on the limits you require and your place of residence. You can view more specific details in the image below.

Kraken Account Identity Verification 1

Kraken Account Identity Verification 2

4) Fund Your Kraken Account

After you’ve completed the necessary verification, it’s time to fund your account. To make a deposit, go to the “Deposit” page under “Funding” in your account menu.

Kraken allows you to deposit USD, EUR, CAD, and JPY fiat currencies.

The time it will take for your deposit to be processed varies by your location and bank. Typically, it takes from 1-5 business days.

Kraken Funding Deposit Fiat USD, EUR, JPY, CAD

The exchange also accepts cryptocurrency deposits and withdrawals, but we recommend using other exchanges for crypto to crypto trading.

5) Buy Ripple XRP on Kraken

Once your fiat funds have been deposited into your Kraken wallet, look underneath the Kraken logo on the top-left of your screen. You will see a trading pairs drop-down menu. Click on the menu, then locate ‘XRP’ near the bottom of the list. Float your cursor over XRP, and move your mouse to the right to select either ‘XRP/EUR’ or ‘XRP/USD’, depending on which form of fiat you deposited into your exchange wallet.

Kraken Find Ripple XRP Trading Pair

Below the drop-down menu we just used, make sure you have the ‘Trade’ tab selected. After you select ‘Trade’, you should navigate to the ‘New Order’ button, which brings you to a simplified order form.

On the top left of this form, you will see three options: ‘Simple’, ‘Intermediate’, and ‘Advanced’. ‘Simple’ is the default setting, but confirm it is selected with the blue box surrounding it. The green ‘Buy’ button should be highlighted at this point. On the same line as the green ‘Buy’ button and to the right, you will see a white toggle-switch for “Market” and “Limit” orders. Choose “Market” to begin.

Market orders permit Kraken to automatically enter the current price value of XRP per coin. All you need do is input the amount of XRP coins you want to purchase on the “Amount” line, then select the green “Buy XRP with USD” option.

Kraken Buy Ripple XRP

For limit orders, you must enter the price at which you wish to purchase your XRP coins in the “Price” field. To get a general idea of an appropriate price, direct your attention to the black bar above the order form. You will see the “LAST” transaction price, along with the rolling 24-hour “HIGH” and “LOW” prices. Once you input your price and the amount of tokens you want to trade for, press the green “Buy XRP with USD” button.

Once your order is filled, you can find your XRP coins in the “Overview” tab. From the funding tab, you can select withdraw and move the XRP you just purchased into a secure, off-exchange wallet.

Kraken Ripple XRP Balance

 

Buy XRP on Kraken

 

I’m an American teacher, living and working in Korea, who developed a passion for cryptocurrency early last year. As a political and financial Libertarian, I find the concept of bankless, blockchain-based-commerce absolutely intoxicating. My goal is to help people SAFELY enter the world of crypto through education and non-biased writing.

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