How to Buy XRP in 2023: XRP, which is the cryptocurrency used in Ripple’s payment system, is currently the fifth-largest cryptocurrency by market value. It became very popular in 2023. Its value went up a lot recently because a US court decided that XRP is not a security, as the SEC claimed.
Many investors are now buying XRP, and experts think its price will go up a lot. This guide will show you how to buy XRP and whether it’s a good investment at the moment.
What is XRP?
XRP is the main digital currency used in the Ripple payments system. It was made by a company called Ripple Labs in San Francisco in 2012.
This system helps move money globally quickly and at a low cost. Banks can use it to change one currency into another, and XRP tokens help with this process while money travels across different countries.
The payments system is complicated, but it works in a way that makes the demand for XRP depend on how many cross-border transactions happen on the Ripple network. Although regular people can trade XRP, Ripple mainly serves banks and financial institutions.
XRP has 100 billion tokens in total. Before it started, all the tokens were made by Ripple Labs, who controlled them. Ripple Labs put 55 billion tokens in a special account and gave 20 billion to its founders. The other 25 billion tokens were sold to the public.
The SEC Lawsuit Against Ripple
In December 2020, the US SEC sued Ripple Labs, saying XRP was not registered as a security like Bitcoin. This has been a problem for Ripple for a few years and has stopped US banks from using Ripple’s payment system.
Ripple chose to go to court instead of reaching an agreement with the SEC. In July 2023, a court ruling stated that XRP sold on exchanges is not considered a security.
XRP Price History
XRP is one of the first digital currencies, starting before the big rise in new cryptocurrencies in 2017. At the beginning, its price was very low, usually between half a cent and one cent.
But in 2017, when Bitcoin’s price shot up, XRP’s price also went up a lot. It reached its highest ever price of $3.84 on January 4, 2018, which was a massive increase of 60,000% in just one year.
XRP dropped quickly when the cryptocurrency craze ended. In early 2020, its price was under $0.15. It rose to $0.60 by December 2020, but then dropped sharply when the SEC sued Ripple Labs on December 22, 2020.
Even though there was a legal case, the value of XRP went up to more than $1.55 in May 2021, when other cryptocurrencies were also rising. But later, when the overall cryptocurrency market slowed down in 2022, the price of XRP fell to $0.31 because of the lawsuit.
Since the SEC vs. Ripple court case was supposed to end this year, XRP was one of the main cryptocurrencies to keep an eye on in 2023. On July 13, 2023, a US court ruled that XRP sold on exchanges shouldn’t be seen as a security. This caused the token’s value to increase by 75%, and today it’s priced at $0.69.
Why has the price of XRP gone up?
Recently, the price of XRP went up a lot because a court said that XRP sold on exchanges isn’t considered a security, like the SEC claimed. However, the court ruled that XRP sold directly to investment firms was done without proper registration, which is a partial win for the SEC.
The decision relieved Ripple from a long period of legal trouble, which has been holding them back for over 2 years and stopping US banks from using Ripple’s payment system more widely. But there’s still some uncertainty about XRP because the SEC might challenge the decision.
Right after the court ruling, XRP’s value went up by 75% in just a few hours, and the amount of XRP being traded increased to over $14 billion. After 10 days, XRP’s value dropped a bit, but it’s still up by 47%.
Is XRP a good investment right now?
Despite XRP’s recent fall, investors and analysts remain optimistic about the cryptocurrency. Here are the main reasons why:.
lawsuit’s Conclusion Allows for Wider Adoption
One big result of the Ripple lawsuit is that the court decided that buying XRP on exchanges isn’t considered a security. This is really important because it affects how many people will use the Ripple payment network and how investors will use XRP.
Now that the legal problems are being resolved, banks might start using XRP and the Ripple payment system to transfer money without legal concerns. Ripple Labs CEO Brad Garlinghouse said that lots of big banks could start using Ripple soon.
If what Garlinghouse said comes true, it would increase the need for XRP a lot and make Ripple very important in the global financial system. This could make XRP worth a lot more because banks would have to hold a lot of it for international payments.
The end of the legal case makes XRP more appealing to both investment firms and regular investors. Now, buying XRP isn’t about gambling on what the courts might decide, but about investing in the token itself. As more people and companies invest in XRP, its price is expected to go up.
Analysts Predict Huge Gains for XRP
After the court decision, experts are very optimistic about XRP. They believe XRP might hit $1 within a year, and some even think it could go even higher.
Crypto enthusiast CoinsKid said XRP might reach $6 because of a bullish price pattern.
Crypto analyst Tolberti thinks XRP will go up to $1.30 first, then could go even higher to $3.28.
Thomas Kralow, from Kralow Capital, thinks XRP will hit $10 soon and might eventually be worth $30.
Crypto influencer Ben ‘BitBoy’ Armstrong thinks XRP could reach $15 in 18 months and eventually hit $35.
Anton Kharitonov, an analyst at Traders Union, predicts XRP will be $1.27 by the end of 2023.
Our XRP price prediction suggests it could be $1.80 by the end of 2024.
The crypto bull market could provide tailwinds.
The court’s decision to allow XRP is good news for the whole crypto market. Many people who follow the market and CEOs of crypto projects think that the tough times for crypto are ending and believe the industry will grow strongly for the next few years.
When the overall crypto market does well, it usually means good news for XRP too. XRP’s value rose a lot in 2017 and again in 2021, similar to how Bitcoin performed. If the crypto market keeps growing, it could boost XRP’s value, especially if more people start investing in crypto and include XRP in their portfolios.
1. Bitrue: The Overall Best Crypto Exchange To Buy XRP in 2024
Bitrue, established in 2018 and based in Singapore, is our top pick for buying XRP. It’s the second-largest in XRP trading worldwide, making up 23% of all trades.
Signing up with Bitrue is easy; all you need is an email and password. While you don’t need to verify your identity right away, you’ll have to do so for specific services such as loans and OTC trading.
The platform has more than 700 cryptocurrencies available, including XRP for regular trading. It’s easy for beginners to use. You can trade in different ways, like buying and selling right away or making agreements for the future. You can borrow up to 50 times what you have to trade with.
The fees for trading are competitive, at 0.098%. That’s lower than some other places where people trade. Also, if you use the platform’s special token, BTR, you get a 40% discount on trading fees.
Bitrue also has a special feature called ‘Piggy Bank’ where you can stake your assets to earn passive income at competitive rates.
They also prioritize security, using things like multi-signature cold storage, two-factor authentication, and an insurance fund.
You can put cryptocurrency in your account for free, but you can’t directly add regular money. Instead, you can buy cryptocurrency with a credit card through other companies. Just remember, Bitrue charges a fee of 3.5%, or at least $10, when you use a credit card.
2. MEXC: Promising Exchange With Over 10 Million Users
MEXC is a popular crypto exchange used by over 10 million people in 170+ countries. It’s well-liked by investors because it offers various trading and staking opportunities.
It’s known for charging zero fees for spot trading, which is great for day traders. Also, the fee for futures trading is very low at 0.02%, and there are no fees for limit orders.
Trading Tools and Security
Advanced Trading Features: MEXC offers sophisticated tools for analyzing charts, such as different indicators and drawing tools. It also allows users to use Trading View charts. These features are helpful for both beginners and experienced traders.
Security Measures: The platform is protected against DDoS attacks and keeps more than $500 million of user funds in cold storage for extra security against potential risks.
Staking and Savings Options
Flexible Staking: MEXC’s Savings feature lets you earn up to 8.8% interest on different cryptocurrencies. You can choose to lock your crypto for a flexible period and still earn interest.
Copy Trading: MEXC’s copy trading tool helps beginners copy the trading strategies of experienced traders. This helps them improve their trading abilities and learn from experts.
User Experience and Accessibility
Ease of Use: Signing up on MEXC is easy, and both beginners and experienced traders will find the platform easy to use.
Mobile App: MEXC has an app for iOS and Android, so traders can manage their portfolios from anywhere.
Customer Support: MEXC provides round-the-clock customer support to help users with any questions or issues they have.
The MX token, started in 2019, is really important in the MEXC system. It gives holders the power to make decisions, discounts when they trade, and access to special free giveaways.
People can pay easily using credit/debit cards, bank transfers, SEPA transfers, and directly with others. It’s even easier because of services like Moonpay.
How to Buy XRP: Full Guide
A lot of people are excited about XRP and want to buy it before it reaches $1. We’ll show you how to buy XRP using a centralized crypto exchange like MEXC.
Step 1: Choose a Cryptocurrency Exchange
You can buy XRP on many big crypto exchanges, both centralized and decentralized. Some of these exchanges include MEXC, Binance, and OKX. Recently, Coinbase, Crypto.com, and Kraken started offering XRP again after a court ruling.
We suggest using MEXC to buy XRP because it has low deposit fees, affordable trading fees, and offers a variety of cryptocurrencies to trade.
Below are the steps to buy XRP using MEXC. The process is similar for other centralized exchanges.
Step 2: Create an Account
Go to the MEXC website and click on ‘Start Investing’ to make an account. You need to enter your email, create a username, and set a password. You can also sign up using Google, Apple, or Facebook.
When signing up, MEXC needs to verify your identity. You can do this by sending a picture of your driver’s license or passport.
Step 3: Deposit Funds
After you set up your account, the next thing to do is put money in it. You can add money using a debit card, bank account, or wire transfer on MEXC.
Just click on ‘Deposit Funds’ from the options menu, pick how you want to pay, and enter the amount you want to deposit.
Step 4: Search for XRP
Go to the MEXC website and look for the search bar at the top. Type in ‘XRP’ and select it from the list that pops up. This will bring you to the XRP page on MEXC’s website, where you can place a new order.
Step 5: Buy XRP
To start, click ‘Trade’ to open a new form for buying XRP. Enter the amount of XRP you want to buy in USD. Once you’re set, click ‘Buy’ to make the purchase.
The XRP you buy will be kept in your MEXC account. You can move it to another crypto wallet for a small fee.
Conclusion
Our guide to buying XRP explains all you need to know about this digital currency. Many experts believe XRP will do well after the SEC vs. Ripple court case.
They think its value could increase tenfold or more today. You can purchase XRP on MEXC with low fees. Create an account on MEXC to buy XRP now.
