Frequently asked questions
XRP is not typically traded for government-issued currencies. If you want to buy it, then you’ll usually have to buy another cryptocurrency first, like Bitcoin or Ethereum. Many exchanges will take care of this process for you.
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.
Like most other currencies, an XRP has no value beyond the value assigned to it by the market.
The currency was created before the company was formed. The creators of the currency then gifted a portion of the 100 billion XRP to the organisation now called Ripple Labs.
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.
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