Considering investing in Ripple? The article “Chart of XRP/USD” will give you an insight into how the price of the token has changed over time.
We will tell you how to buy Ripple on exchanges, what to pay attention to when choosing a platform, and what rules to follow when you are a beginner.
Cryptocurrencies are getting increasingly popular among investors, and Ripple is no exception.
Since 2013, XRP/USD has increased 75 times, which makes it an attractive investment instrument. In addition, Ripple ensures instant global transactions with the lowest commissions.
These two factors are XRP’s primary features, which make the token popular among investors.
Like in the case with other assets, there are two ways of generating a profit from Ripple trades. Long-term investing is about buying and storing coins for a particular period (a year, two years, etc.). When the Ripple price reaches the required level, you receive a profit from selling assets. Thus, if you invested $100 in XRP on February 9, 2017, you would get over $8,000 on February 9, 2022. Trading XRP is about buying the asset at a lower price and selling it at a higher one when the moment is right. As a rule, it is about time periods from several minutes up to a month.
You can buy Ripple coins via online exchangers, P2P platforms, and crypto exchanges.
A crypto exchange is the most common way of purchasing XRP. It is a more convenient, simple, and safer, option than exchangers and P2P platforms.
On exchanges, you can buy Ripple and other cryptocurrencies for fiat. Some crypto exchanges offer two options.
There are over 300 crypto exchanges in total. However, not all of them list XRP.
Platforms offering Ripple include IFXBIT, Binance, Bitstamp, Kraken, Cex.io, Exmo, etc.
To conduct trades on a platform, users should make the following steps:
You may be asked to provide a photo of your passport and residence address.
Once you successfully go through all these stages, you can buy Ripple. Depending on the exchange, you can buy XPR for fiat or other cryptocurrencies. Storing Ripple is another important aspect. Tokens can be stored on exchanges or crypto wallets. If you are going to keep them for a long time or buy a lot of XRP coins, it is wiser to have a wallet, like Ledger Nano S, GateHub, Toast Wallet, etc. Otherwise, you may choose to store Ripple on the crypto exchange. This way, you will not have to spend time transferring funds from one service to another.
There are dozens of crypto exchanges, supporting Ripple. However, beginners may find it hard to pick the most suitable one.
Let’s find out what aspects you should pay attention to when selecting a crypto transaction. After all, not all of them are the best option.
Interface. An interface should always be comprehensible and in a language you understand.
Otherwise, you may find it difficult to navigate the platform, especially when it comes to fast transactions. Functionality. Additional services on the exchange always come in handy. They include leverage, staking, stop orders, etc. Meanwhile, the number of trading pairs shows how big the exchange is. You should make sure the exchange offers Ripple in pairs with popular coins and fiat currencies. Withdrawals and deposits. For example, deposits are made via payment systems and wire transfers. You should check the deposit methods your exchange offers and whether they suit you. When it comes to withdrawals, you should find out about the size of commissions and the frequency of withdrawals. If your exchange allows limited withdrawals, and you need to withdraw money daily, you should switch to another platform. Crypto trading volumes. This indicator illustrates how big and popular an exchange is. Various ratings available on the CoinMarketCap and СoinGecko websites provide such information. Image of your exchange. It is also important that you explore the exchange’s history and read the news and comments about it. The User Agreement regulates how users cooperate with exchanges. So, you should take time to carefully read it.
At first glance, trading Ripple on exchanges may seem difficult and risky. However, it is not entirely true.
Those making their first steps on exchanges should stick to certain rules. This way they will safeguard themselves at the very beginning of their trading journeys.
1. You should trust only reputable and reliable exchanges with your funds.
2. You should place stop orders to protect your funds.
Let’s say you want to buy Ripple at a price of $0.87. To minimize risks, you place a Stop Loss order to automatically close a position if quotes fall to a certain level. 3. You should begin with small investments. Never risk all your funds but always make wise bets depending on your financial situation. 4. Study the crypto market and analyze the Ripple trades of experienced traders. 5. Test your skills on demo trading. This simulator can help you understand the process of trading on exchanges and assess your capabilities. Another essential piece of advice is to never panic. You should always stay in control of the situation and never open positions guided by emotions.
The crypto market is developing fast. The entire world is now buzzing about it. This is not surprising. In a blink of an eye, virtual money has gained popularity among both savvy investors and novice traders.
Ripple takes a special place in the rating of coins.
It has gained significantly since its inception and has always been one of the top ten coins by market capitalization.
In fact, Ripple is not just a cryptocurrency. It is also a system of instant payments. All these advantages indicate that investments in the token will pay off. That is why you should consider investing in Ripple. If you want to try, the IFXBIT crypto exchange will be the ideal platform for you to begin your trading journey. Other articles on the topic: “Ripple: daily outlook” “Where to buy Ripple” “How to create a Ripple wallet on your PC”