How to Buy Ripple (XRP)

Ripple (XRP) is a cryptocurrency that aims to ease the friction of cross-border transactions through the use of its XRP Ledger software. Ripple is also the name of the company that created the Ripple network and its native token XRP. Ripple was originally founded in 2012 as OpenCoin.
 

The founders of OpenCoin (now Ripple) are Jed McCaleb, founder of both Mt. Gox and Stellar, and Chris Larsen, founder of the fintech companies E-LOAN and Prosper.
 

Other notable contributors to XRP’s technology include Stefan Thomas, former CTO of Ripple, David Schwartz, CTO and co-author of the Ripple white paper and Arthur Britto, co-author of the Ripple white paper.
 

Because Ripple is a mostly-centralized, for-profit company, it has built a business infrastructure to follow in-place regulations and build blockchain solutions for traditional banks and financial institutions.

One built-in use of Ripple’s native currency XRP is to provide a medium of exchange for Ripple’s primary product offering, RippleNet. This payment protocol provides financial institutions and banks with a cross-border payments network similar to SWIFT, albeit with drastically lower transaction fees and real-time settlement. RippleNet is able to validate transactions in less than five seconds at a rate of roughly 1,500 transactions per second.
 

XRP is also used within RippleX, a platform for developers looking to incorporate blockchain technology in their applications. These blockchains are built on top of XRP Ledger. 
 

Ripple (XRP) is also a popular cryptocurrency among individuals and institutions alike for faster payments across international borders.

Ripple’s XRP Ledger is a unique blockchain network in the cryptocurrency ecosystem due to its centralized infrastructure and majority-ruled consensus algorithm. There are fewer validators on the XRP Ledger compared to most other cryptocurrencies. Validators are chosen by Ripple based on criteria like performance, security and overall reliability which have made XRP efficient and scalable. 
 

Unlike the mining process of proof-of-work or staking on proof-of-stake blockchains, transactions are verified on the XRP blockchain as long as a majority of the validators agree it is valid.
 

While Ripple does not adhere to the cryptocurrency industry’s general ethos of decentralization, Ripple’s centralized status positions them as a ready partner to financial institutes and banks. For those looking to take advantage of the efficiencies of blockchain technology over traditional systems, XRP may offer an alternative. This has allowed XRP to gain a reputation as a reliable and highly efficient medium of exchange for cross-border payments.

Want to dive deeper? Read Kraken’s What Is Ripple? (XRP) to learn more.

The XRP blockchain is secured by a small list of hand-picked validators called a Unique Node List. While most blockchains use a proof-of-work or proof-of-stake consensus method, blocks of transactions are added to the XRP blockchain based on majority rule — as long as most of the trusted validators approve a transaction, it is added to the blockchain.

XRP is a popular cryptocurrency among traders. There are approximately 50 billion XRP coins in circulation today, and the overall market capitalization of XRP ranks it among the top cryptocurrencies on the market today alongside Bitcoin or Ethereum. 

You can check XRP’s current market price on Kraken’s XRP price page.

With more than a decade of experience, Kraken has established itself as a pillar of the cryptocurrency industry. While we have grown to now offer over 150 cryptocurrencies, we remain one of the best places to buy XRP.

Kraken offers a minimum order size of 5 XRP, meaning you can start buying XRP with just $10.

You can buy Ripple on Kraken with as little as $10. Each XRP is also divisible into smaller units. While you do not need to execute larger orders, Kraken’s advanced price discovery and execution technology helps offer some of the best rates of any cryptocurrency exchange.

Your verification level determines what you can do with your Kraken account. This can be located by signing into your account, selecting your name in the upper right and then selecting Get Verified. You will then see highlighted your current (pending or verified) level.

Dollar cost averaging is a popular strategy that allows you to invest in an asset at regular time intervals using fiat currencies (cash) and other payment methods like a bank transfer, regardless of its price. This sort of recurring buy strategy is designed to help build wealth over time while minimizing the impact of unpredictable price changes. 

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Disclaimer
Information provided in this “Learn” section is for general educational purposes only and is not intended to constitute investment or other advice on financial products. Such information is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any particular digital asset or to use any particular investment strategy. Kraken makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.