Frequently asked questions
Ripple is a digital payment network based on blockchain technology. Ripple is distinct from other cryptos like Bitcoin because it does no us a distributed consensus mechanism. Ripple is among the top ten cryptocurrencies by market capitalisation.
XRP is the name of the native currency of the Ripple network. It’s used to distinguish the token, XRP, from the blockchain (Ripple) and the organisation (Ripple Labs) that maintains and develops it.
XRP's price is a market price, based on demand and supply. This means that the Ripple price will increase, the more people are willing to buy (or the less people are willing to sell). Ripple is tied closely to prices of the wider market, and specifically that of Bitcoin.
XRP can be bought and sold in one of three ways. You can trade directly with other people, accepting the risk imposed by a lack of a mediating third party. You might visit a broker, which will sell their own XRP to you, for a fixed fee. Finally, you might visit an exchange, via which you’ll be able to trade with others via an intermediary. Exchanges tend to be more feature-rich, and make a better match for experienced traders. To find out more about how to buy Ripple, read our Step-By-Step Guide.
A crypto exchange (or cryptocurrency exchange) is a marketplace where buyers and sellers trade cryptocurrencies. Just like regular stock exchanges, a cryptocurrency exchange serves as a middleman who sets the market price at which an equal number of buyers and sellers can be found.
Is now a good time to buy Ripple? Frankly, we don’t know.
But there are several strategies when it comes to investing. One approach is to buy in when price slips. In the crypto community this strategy is known as "buying the dip" (BTD).
Another strategy is dollar-cost averaging: investing a certain amount of money on a set schedule, say $100 every Monday morning. Dollar-cost averaging seeks to average out the lows and highs over time.
No matter which strategy you choose, Cryptoradar’s price alerts help you to not miss a dip, and adhere to your investment schedule.
There are risks associated with any investment. Crypto markets are particularly volatile, with large upswings and downswings. Only invest as much as you can afford to lose.
When it comes to choosing a crypto exchange, there are also a couple of thinks to be wary of.
Before you can start trading, a crypto exchange will ask you to verify your identity. This is necessary because of anti-money-laundering laws. The verification process and time can differ significantly and take anywhere from minutes to weeks.
All crypto exchanges charge a fee or a spread to finance their operations. Fees can differ significantly among exchanges, so make sure to get a good deal.
Additionally, make sure that your preferred crypto exchange supports the payment methods of your choice, but be aware of any additional payment fees that may apply.
Last but not least, if you’re new to crypto, make sure that your chosen platform is easy to use and has good customer support. This helps you avoid making costly mistakes.
Currency of any kind can be turned into Ripple, but the smoothness of the transaction will depend on a range of factors. Fundamentally, XRP is designed to act as a bridge between different kinds of
currency, including fiat and other crypto. Some exchanges will only accept dollars, which means that you’ll have to trade your currency twice,
incurring additional costs along the way. Credit and debit cards can be used, as well as direct bank transfers. The former may be more convenient, but the latter tends to be cheaper and more secure.
Getting started with crypto can be hard. Our detailed price comparisons and cryptocurrency guides have you covered.