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Ripple (XRP) became the hottest topic in the crypto community when the news of its legal victory came out. On July 14, 2023, Ripple won the case the United States SEC filed, claiming that XRP is a security. This win has boosted investor confidence and brought a bullish sentiment in the crypto market, making XRP reach its new all-time high.
In this article, let’s know Ripple closely and how you can buy XRP tokens in India in 2024 with the most trusted exchange in India.
Let’s get started!
A Detailed Overview of Ripple
Created and developed by US-based tech company Ripple Labs, XRP is a real-time gross settlement system, currency exchange, and remittance network. Ripple and XRP are frequently used interchangeably, whereas, in reality, Ripple is the company’s name and network underlying the XRP. In contrast, XRP is the native crypto token for Ripple Labs’ products.
Ripple advertises itself as a global payments network with major banks and financial institutions as customers. XRP is utilized in Ripple’s products to allow instant settlements between different currencies that last no more than 3-5 seconds. Rather than using blockchain mining to authenticate transactions, the Ripple network employs a unique distributed consensus method in which participating nodes conduct a poll to verify the transaction’s validity. And this is what enables Ripple to execute near-instant confirmations without the need for a central authority.
Consequently, XRP stays decentralized and outperforms many of its competitors in terms of speed and reliability. Furthermore, XRP transactions may be resolved quickly without the need for proof of work, which saves energy on mining. The XRP consensus system uses only minimal energy, making it far more environmentally sustainable than Bitcoin, which uses massive amounts of energy. Powered by a decentralized network of more than 150 validators worldwide, XRP is also highly scalable and can handle 1,500 transactions per second, 24 hours a day, seven days a week, meeting the same throughput as the Visa payments network.
Buying Ripple in India in 5 Easy Steps
Below are a few simple steps you can follow and buy the XRP token in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy XRP tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Bonus point: INR Deposits are also LIVE on the WazirX platform. Now, you can buy XRP tokens using INR.
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling XRP Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy XRP on WazirX.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the XRP Coins you purchased in your WazirX wallet.
6 Reasons Why You Should Invest in Ripple
#1 Unique Transaction Protocol
The advanced transaction protocol of Ripple removes the hassle of international remittance by allowing users to transfer fiat currencies and digital currencies. Participants of the transaction are extremely benefitted from a secure channel which makes Ripple well-suited for being used by both individuals and banking institutions.
#2 Super-Fast Transaction Speed
Ripple can undertake 50,000 transactions per second, exceeding Visa, the world’s biggest digital payment processor, with a maximum limit of 24,000 transactions every second. The speed of transactions also helps in boosting up the confidence level of the participating parties. While traditional systems would require days for the completion of a transaction, Ripple can do the same in an instant, and that too in a safe and secure manner.
#3 Decentralized Payment System
Open-source technology serves as the skeleton of the Ripple framework and allows ample customization and capability distribution for conforming to the requirements of different users. As a result, you can convert 1 Ripple to INR and other fiat currencies, digital currencies, and commodities for easy transfer.
Suppose Bank A wants to remit money to Bank B, then Bank A will have to specify a gateway before forming the transaction. Next, the transaction is sent to a validator who turns them into proposals before sending it to other validators. Proposals receiving more than 50% consensus in the first round have to participate in three more rounds before receiving the green signal. This intricate process helps in removing doubtful transactions like double spending to make the entire process more secure.
Since its inception in 2012, Ripple has experienced phenomenal growth, which has helped it deliver significant value to investors. This level of stability has helped lure in more enterprises and investors who now prefer XRP over other coins.
#6 Ripple’s Victory Against SEC Lawsuit
Recently, Ripple has emerged victorious in its legal battle against the U.S. Securities and Exchange Commission (SEC). On July 14, 2023, a U.S. judge ruled that Ripple’s native crypto, XRP, is not a security. This landmark decision has significant implications and has sparked renewed optimism among Ripple enthusiasts and crypto investors. Also, Ripple reached its new all-time highs, making itself the fourth-largest crypto by market capitalization.
As we have seen how can you buy Ripple in India in 2024, let’s quickly look at the differences between Ripple and Bitcoin.
Ripple Vs. Bitcoin
Bitcoin, the first-ever crypto, was the model for subsequent digital currencies. However, unlike Bitcoin, which was created to challenge the authority of banks and governments, XRP was designed to enhance the efficiency and affordability of the existing financial system.
The primary difference between XRP and Bitcoin lies in their governance models. Bitcoin’s network operates in a decentralized manner, with anyone able to contribute by providing computing power, validating transactions, and securing the network through node operation. In contrast, the Ripple ecosystem relies on a limited set of prominent validators for transaction verification and confirmation. Consequently, some argue that XRP is not as decentralized as other cryptos, particularly Bitcoin.
Bitcoin achieves decentralization through its distributed network of available nodes, open to anyone wishing to participate in blockchain operations. Conversely, XRP adopts a centralized approach to facilitate faster transaction processing, eliminating the need for Proof-of-Work (PoW) mining.
Another distinguishing feature is the total supply of each crypto. Bitcoin has a fixed supply of 21 million BTC, which cannot be altered, while XRP initially pre-mined 100 billion coins, with the potential for the founders to increase the supply if desired. Unlike Bitcoin, which had a fair mining distribution from the beginning, XRP underwent a pre-mining stage where Satoshi Nakamoto’s mining was open to all.
Lastly, Bitcoin is increasingly recognized as a medium of exchange and a store of value; XRP primarily aims to expedite and reduce the cost of cross-border transactions.
So, this was all about a brief overview of Ripple; now, let’s quickly see how you can choose a good crypto exchange in India and invest in Ripple in 2024.
How to Choose a Good Crypto Exchange in India?
You need to do thorough research when using a crypto exchange to invest or for crypto trading in India. You must research the legitimacy of the platform and the credibility of the team behind it before deciding on an exchange to invest in Ripple in India.
You should also ensure the platform provides the following before investing in Ripple:
- The exchange’s website/app has a simple user interface and is easy to use.
- The exchange supports Ripple trading pairs.
- The exchange employs state-of-the-art security measures and does not compromise when it comes to regularly upgrading it. Try to avoid exchanges that do not have a KYC protocol in place.
- The exchange offers reasonable trading fees to buy crypto in India.
Frequently Asked Questions
Ripple (XRP) cannot be mined in the traditional sense like other cryptocurrencies such as Bitcoin or Ethereum. One of the most efficient techniques for mining XRP is to mine Bitcoin (BTC) and Ethereum (ETH) and then exchange the mined coins for Ripple (XRP) via Crypto exchanges.
XRP, the native token of Ripple can be purchased through any licensed Crypto exchange by creating an account. It can be bought with Fiat or traded in exchange of other tokens on exchanges such as WazirX
Ripple coin can be a good investment option due to its potential to revolutionize cross-border payments and its partnerships with major financial institutions.
Ripple is a blockchain that records transactions on its electronic ledger XRP. It is embedded with key pairs and only private key holders can validate transactions. For any transaction to be validated, Ripple uses the Ripple Protocol Consensus Algorithm where majority of operators need to approve the move.
XRP is a virtual currency that was created by Ripple Labs. It is used to facilitate cross-border payments and is often referred to as a "bridge currency." XRP is one of the top Cryptos by market capitalization and is traded on many Crypto exchanges. You can consider investing in XRP in 2023, but it is also advisable to conduct your own research before making any investment decision.
To reach $100, XRP must climb 270 times. At $100, the market capitalization of XRP would be $5.1 trillion. If XRP rose at a 25% annual pace, it would take at least 26 years to hit $100.
Here are the common steps by which you can buy Ripple (XRP) tokens in India at your trusted Crypto exchange, like WazirX.
- Select a trusted Crypto exchange, like WazirX, that supports the Ripple token.
- Create an account: You can create your account by providing personal information and complying with the KYC verification.
- Add funds to your account: Exchanges support various ways by which you can add funds to your account. You can do a bank transfer or a debit/ credit card.
- Buy Ripple (XRP): You can now easily trade Ripple (XRP).
The future of Ripple XRP is uncertain due to ongoing legal issues and regulatory challenges. However, its value and potential will depend on how successfully these issues are resolved.
Based on your personal circumstances and investment plan, you should conduct your own research to determine whether the Ripple (XRP) crypto is a suitable asset for your portfolio.Always keep in mind that previous performance is no guarantee of future profits, and never buy XRP or any other Crypto with money you cannot afford to lose.