Price

24 Hour Change

Market Cap

24 Hour Volume

Global Rank

Loading...

What is Ripple (XRP)?

Ripple is a money transfer and payments network that processes payments worldwide, with XRP being the network’s native currency. Unlike Bitcoin or other digital assets, Ripple was designed to create a frictionless transaction between two parties without needing a bank or other financial institution. Similar to Ethereum, Ripple is a blockchain platform that can be used internationally for high-speed international transactions.

When a user makes a transaction using XRP, the network charges a small fee that is deducted in XRP. XRP can be used to exchange various fiat currencies, other cryptocurrencies like Bitcoin and even assets such as gold — making it a fierce competitor for traditional financial institutions.

It’s worth noting that while Ripple is a decentralised network, similar to fellow blockchain Ethereum, it is a privately owned company and has a default list of validators. Some experts argue this makes the Ripple network somewhat centralised and goes against the natural philosophy of cryptocurrency — to be an independent facilitator of transactions.

When was Ripple and XRP created?

XRP was created in 2012 by co-founders Chris Larsen and Jed McCaleb. The blockchain was developed to challenge how we exchange cash and empower individuals to carry out transactions on their own terms with minimal fees. Ripple is a privately funded organisation, with its primary funding source being the sales of traders buying XRP.

When buying XRP in Australia is that Ripple Labs controls the supply of XRP. This means that the blockchain can decide when to release new coins, giving it greater control over other cryptos on the market. In this case, it can be argued that Ripple Labs also has the power to influence the value of XRP.

As mentioned, XRP is Ripple’s native currency, which means it can be purchased, stored and sold between traders. Traders can opt to buy XRP to exchange for other currencies or use it as a form of payment when using the Ripple blockchain. BTC Markets allows traders to purchase XRP and facilitate other crypto exchanges with minimal fees and hassle.

How do you buy XRP in Australia?

If you’re wondering how to buy XRP in Australia, look no further than BTC Markets — the country’s largest and most liquid cryptocurrency platform. To purchase XRP through our platform, you will first need to create an account so that we can verify your identity. Once your account is ready to go, you’ll be able to browse our main interface and select ‘Change Market’ to purchase XRP. Traders can also view price fluctuations for XRP in the last 24 hours.

The next step is to decide how you wish to purchase your cryptocurrency — buying XRP with BTC Markets can be done through AUD or BTC. BTC Markets supports Osko and BPay payments if you opt to fund your purchase through AUD. You’ll also be asked to set up two-factor authentication and API key creation when setting up your purchase options. The final step is to place your order online. BTC Markets gives traders the option to purchase by ‘Volume’ (the amount) or ‘Price’ (the maximum price you are willing to pay). Traders also can choose between purchasing whole or fractions of the XRP token.

How do I sell XRP?

XRP exchange in Australia can be done safely and efficiently through BTC Markets. If you wish to sell XRP from your account, select the ‘Buy/Sell’ option. Scroll down to the red-lettered ‘Sell’ form and enter the volume and price you want to sell your XRP for.

BTC Markets is a simple and convenient way to purchase and trade cryptocurrency. From competitive fees to more than 20 market options, traders have access to flexible features, unmatched security and, thanks to our mobile app, the power to trade on the go! Unlock your trading potential and sign up to BTC Markets today.

Frequently asked questions

What do I do after I buy XRP?

Being a cryptocurrency trader means picking up several skills, from monitoring price fluctuations to knowing the right time to sell. And once you’ve understood how to buy XRP in Australia, your next task is to decide how you intend to store your new assets. XRP wallets in Australia are a top pick for many crypto traders due to their convenience and flexibility. The two main types of digital wallets are:

  • Hot wallets — A hot wallet is a storage system that operates on a browser or app and is usually connected to your trading platform. This gives traders the convenience of being able to trade, sell or store their XRP in one place. However, cold wallet storage is more secure.
  • Cold wallets — These digital wallets can store your cryptocurrency offline, typically on a USB. Having your assets stored this way can reduce your risk of being hacked or exposed to other kinds of cybercrime. But keep in mind that if you misplace your cold wallet, you risk losing your assets. To prevent a mass loss, many traders opt to use a combination of cold and hot wallets to safeguard their assets.

Check out our security tips to learn more about how to protect your details and assets online.

Can I buy XRP with a credit or debit card?

If you’re looking to buy XRP in Australia through BTC Markets, keep in mind we only support AUD payments made via BPay and Osko, which requires a person’s bank account details.

Start trading in 3 easy steps

  1. 1. Create

    Sign up and verify your free account.

  2. 2. Deposit

    Add AUD or crypto to your wallet using our secure methods.

  3. 3. Trade

    You’re all set. Buy, sell and trade crypto immediately.

Get started
4.6 rating on Google
4.6

Find out the latest XRP news

This Week in Crypto: 24th November 2022
Newsletter

This Week in Crypto: 24th November 2022

TwitterFacebookLinkedInTelegramInstagram

Create an account and start trading with us today!

Get started
Create an account and start trading with us today!