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There’s no way you haven’t considered the possibilities of investing in cryptocurrencies in this age and day. Even though the recent crypto boom began in 2020 when the pandemic threw global economies into a tailspin, the trend is still strong and growing more than a year later. While the general public has largely remained sceptical about cryptocurrencies thanks to the negative press and government regulations surrounding them, they’re now coming around. Cryptocurrencies are no longer a concept that can only be grasped by techies or practised by enthusiasts. The crypto-mania is all over the place, from social media to your job to your family and friends, and pretty much everywhere in between.
In fact, cryptocurrencies have come a long way since their inception to become the most popular investment choice in 2021. Crypto markets, by their very nature, offer minimal risk and incredible rewards in a short period. And if you were to take a look at existing centralized financial services and products, the financial freedom and other benefits that cryptocurrencies provide are unrivalled. With such a lucrative concept, it’s no surprise that millions of individuals worldwide have begun investing in different kinds of cryptocurrencies, starting from Bitcoin, the most popular, to other altcoins like Ethereum, Dogecoin, Cardano, and others.
While Bitcoin continues to lead the crypto market in terms of market capitalization and price performance, numerous altcoins have also performed well. And these days, Ripple (XRP) is the hottest phenomenon in the crypto markets.
Here’s all you need to know about Ripple, including how you can buy Ripple in India.
What is Ripple (XRP)?
Created and developed by US-based tech company Ripple Labs, XRP is a real-time gross settlement system, currency exchange, and remittance network. The terms Ripple and XRP are frequently used interchangeably, when in reality, Ripple is the company’s name and network underlying the XRP. In contrast, XRP is the native cryptocurrency for Ripple Labs’ products.
Ripple essentially advertises itself as a global payments network that has major banks and financial institutions as customers, and 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.
Around this time, XRP is the sixth-largest cryptocurrency by market capitalization and trades at $1.14. Ripple price in India is ₹88.9997. With the advent of cryptocurrency in India, wannabe investors have a plethora of crypto exchanges to choose from. If you’re looking for the best platform to buy Ripple online, then WazirX is your best choice.
Why is WazirX the best to buy Ripple in India
One of India’s largest and most trusted crypto exchanges, WazirX has several key features that make it the best. Some of the platform’s main features include superior security, quick KYC procedures and speedy transactions, accessibility across multiple platforms, simple and easy-to-navigate interface, and the fact that the platform is built by a team of passionate blockchain believers who are positive that crypto is the future. WazirX is not just the best to buy Ripple in India – it is also the best platform for several other prominent cryptocurrencies such as Bitcoin, Ethereum, Polygon (previously Matic Network), etc.
In addition to this, the platform also has its own utility token known as the WRX token. The primary purpose of the WRX token is to engage the WazirX community in helping to build the platform and reward them for their contributions.
Let us now look at how you can buy Ripple in India.
Buy Ripple online with WazirX
To buy Ripple online through WazirX, you need to make sure that you have registered on the platform first. If you’re not familiar with it, follow the steps below.
- Create an account
- Download the WazirX app from Google Play Store or App Store, or visit the WazirX website.
- Sign up on the platform by filling out your email address and password.
- Next, verify your email address.
- Secure your account
- You can secure your account by using an Authenticator App or through Mobile SMS. You also have the option to skip this process, but it is generally recommended to secure your account with 2-factor authentication for your own safety.
- Verify KYC
- The next step is KYC Verification, which is an essential step for crypto trading. WazirX offers top-of-the-line identity verification systems that process your KYC in the fastest way possible, thus hastening your onboarding process for a seamless trading experience.
- Deposit funds
- The next step is to deposit your funds into the platform. You can deposit your funds either through INR or through cryptocurrencies.
- To deposit INR funds, submit account number, bank name, IFSC code, and other relevant details. You can easily deposit INR funds from your bank account to your WazirX account via different payment methods such as UPI, IMPS, NEFT, and RTGS.
- Depositing cryptocurrency funds from your wallet (or even from other exchanges) is also quite a straightforward process and comes at no extra charge. For this, first, go to your WazirX wallet and get your deposit address. Then, to transfer your cryptocurrencies, simply share this address in the ‘Send Address’ section of your other wallet.
- Buy XRP
- Once you have deposited funds into your WazirX wallet, then you’re good to go. Visit the WazirX Exchange and select “XRP/INR” to view the current Ripple price in India.
- On the box that displays “Buy” and “Sell,” enter the INR amount of XRP you want to buy, click on the “Buy” button, and wait for XRP to be transferred to your wallet once the order is executed.
And that’s all it takes to buy Ripple online without much hassle. To learn more about WazirX, click here.
What are the Differences Between Bitcoin and Ripple?
What are the Differences Between Ripple (XRP) and Ethereum (ETH)?
5 Ripple (XRP) Myths you Should Stop Believing
8 Benefits Of Investing In Ripple (XRP)
Difference between Litecoin (LTC) and Ripple (XRP)
Can XRP Reach $100 Dollars?
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.
How To Mine Ripple Coins?
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.
Is It A Good Time To Buy 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.
Should I Buy Ripple Coin?
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.
How Ripple Coin Works?
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.
Should I Invest In XRP 2023?
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.
Where To Buy Ripple Coin In India?
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
Is Ripple Coin A Good Investment?
Ripple coin can be a good investment option due to its potential to revolutionize cross-border payments and its partnerships with major financial institutions.
How To Buy Ripple Coin In India?
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).