This article will be delving into the finer aspects of Ripple (XRP). Moreover, we shall discuss in detail the protocol itself and the ways to buy XRP (Ripple) in India.
Table of contents
- Summary (TL;DR)
- What is Ripple?
- XRP Tokenomics
- Where can I buy Ripple in India?
- How to buy Ripple in India?
- Risks involved on buying XRP
- Why should you buy XRP?
- Buy Ripple in India: Conclusion
- Frequently Asked Questions
- Ripple is a cryptocurrency and real-time gross settlement network that is based on open-source protocol.
- Ripple network’s native cryptocurrency is XRP that can be easily bought on cryptocurrency exchange platforms, swap platforms, and DEX.
- Some of India’s most prominent cryptocurrency exchange platforms that support XRP are- WazirX, CoinDCX, BuyUCoin, etc.
- Swap platforms that support XRP are SwapSpace and SwapZone.
- Ripple (XRP) has advantages and some disadvantages. Therefore one should make an informed decision while choosing to invest in it.
- You can buy XRP on one of the exchange platforms below.
What is Ripple?
Ripple is a cryptocurrency, remittance system, and real-time gross settlement system created by Ripple Labs Inc., a US-based company. Ripple was introduced in the year 2012 and is based on Distributed open-source protocol.
The ledger’s native cryptocurrency is XRP. Ripple is a technology that performs the functions of a digital payment network. Furthermore, the Ripple network does not work on proof-of-stake or proof-of-work; instead, it works upon consensus protocol (called the proof of correctness) to validate transactions and prevent double-spending.
- Origin and Year: USA & 2012
- Maximum Supply: 100,000,000,000
- Consensus Algorithm: Proof of Correctness
- Minable: No
- Partnerships: National Australia Bank, Accenture, American Express, Royal Bank of Canada, Deloitte, MoneyGram, Western Union, Westpac, etc.
- SEC filed a lawsuit against Ripple and two of its executives.
- Ripple stores approximately 60% of the total XRP supply.
- The protocol distributes 1 billion tokens every month. However, the unused XRP is sent back in the company’s HODLings.
Where can I buy Ripple in India?
The process of buying and trading Ripple (XRP) is supported by Android or iOS devices, laptops, and PCs. Furthermore, you can use the below platforms to buy XRP in India:
- Crypto Exchanges:
- Swap platforms & DEX:
How to buy Ripple in India?
You can buy XRP in India by creating an account on one of the various cryptocurrency exchanges, swap platforms, and decentralized exchange platforms (DEX). Furthermore, the detailed steps to do so using various methods are listed below:
How to buy XRP (Ripple) on CoinDCX in India?
CoinDCX is one of India’s largest cryptocurrency exchange platforms. The exchange platform facilitates almost instant deposit and withdrawal services. Is CoinDCX safe? This question might be hovering in your mind, so you can rest all your apprehensions because security is one of the primary aims that CoinDCX strives to achieve and has been successful in this feat. Therefore, start trading on the CoinDCX app (CoinDCX Go) and avail of some of their excellent services. To learn more, read our CoinDCX review. Follow the steps given below to buy Ripple (XRP) on CoinDCX:
- Create your account on CoinDCX. Provide your details and confirm your email address and phone number.
- Complete the verification process by uploading your KYC documents.
- Deposit funds as crypto assets or INR from your bank account.
- In the drop-down box of ‘Select a coin to buy’, search for XRP and select XRP/ INR.
- Enter the amount of money you want to spend on buying XRP in the ‘Buy for’ column.
- Enter the amount of XRP you want to purchase in the ‘Quantity’ text field.
- Click on the ‘Buy XRP’ option, and your transaction should be successful within seconds (in case of market order).
How to buy XRP (Ripple) on SwapZone in India?
Follow the steps given below to get XRP on SwapZone:
- Go to SwapZone.
- In the Deposit field, select BTC/ ETH/ whatever crypto asset you own and is available their; in the receive field, select XRP.
- Enter the amount of cryptocurrencies you want to swap.
- Enter the recipient’s address. The exchanged XRP tokens will be sent to this address.
- Select Proceed with the exchange option after confirming all the details.
- Send the required amount of BTC to the deposit address generated by the exchange partner.
- Now within a few minutes, you will receive your XRP.
Risks involved on buying XRP
One should be mindful of the following risks which are involved in buying and trading XRP.
- The protocol has a supply of around 100,000,000,000 XRP.
- Furthermore, it not based on proof-of-work or proof-of-stake.
- Ripple is in control of around 60% of the total XRP supply, and hence it controls the entire Ripple ecosystem.
- XRP is pre-mined; only corporations provide validator nodes.
- Ripple network and two of its executives are facing a lawsuit from SEC.
Why should you buy XRP?
The following characteristics make XRP token a feasible investment option-
- Firstly, it has been stable since the time it was released.
- Secondly, it can be sent directly without any central intermediary thereby making it very convenient for bridging two distinct currencies.
- Thirdly, XRP is very fast, and it settles transactions in less than five seconds.
Buy Ripple in India: Conclusion
XRP token by Ripple is a prominent cryptocurrency and might have great potential. However, any investment in cryptocurrencies, including XRP (Ripple), should be done after conducting proper research and making an informed decision because XRP price keeps changing depending on the market conditions. Furthermore, the SEC lawsuit makes it even more problematic to invest a large amount in XRP. Moreover, you can use any of the platforms below to buy XRP in India.
Frequently Asked Questions
You can easily purchase Ripple coins from an exchange platform and select PayPal as a payment option, provided that the exchange platform supports payment with PayPal.
We can buy Ripple from Litecoin by selling the amount of LTC in the LTC/ USDT tab. Thereafter, you can visit the XRP/ USDT and enter the amount of XRP you wish to buy.
You can buy XRP (Ripple) with a credit card on Binance.
Some exchange platforms such as BuyUCoin allow you to purchase cryptocurrencies, including Ripple coin without verification or KYC.
It was possible to buy Ripple crypto on Koinex in India until 2019; however, in June 2019 Koinex cryptocurrency exchange platform shut down its operation amid regulatory uncertainty. Thus one can not buy Ripple on Koinex due to the non-existence of the concerned platform.