Buying Ripple on Binance

Posted by Jonathan Weyermann on February 20, 2018 at 12:00 AM

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While Bitcoin, Etherium and Litecoin are the heavy hitters of the cryptocurrency world, and are easily purchased on Coinbase, one of the most popular cryptocurrency platforms, there has been an up and commer that has quietly grown and now has taken up the number 2 spot behind Bitcoin: Ripple(XPR).

Ripple is already being used by banks such as UBS, and has many advantages as a currency compared to Bitcoin. For instance, transaction speed is faster, transaction costs are lower, and it's not as inflationary as Bitcoin (supply is not as limited). It is however a proprietary coin. Ripple is also the name of the company that manages it. 

A couple weeks ago, I set out to buy a small amount of XPR, but purchasing it is not so easy. 

Coinbase and QuadrigaCX doesn't sell it.  I tired signing up for Biostar, Kraken, and Gatehub, but got stuck on some part of the verification process. The only site when I was able to purchase ripple was Binance. To do so I've been buying Etherium on Coinbase, and then sending it to my Binance account, and then converting it to Ripple. 

I've only purchased a small amount so far, but I wish I purchase more,  as my investment has already doubled. Once I aquire a good amount of ripple, the next step will be to move it from Binance to my own ripple wallet. I haven't settled on which wallet to move it to,  but I may also branch out and use my ripple investment buy other currencies on Binance. I've noticed that some ICO's are starting to allow purchases using Ripple, so I may try that.

Edit: the description above is now several weeks old, an eternity in cryptoland. In that time, Ripple has trippled, gone down to below a dollar, and then recovered somewhat, sitting at $1.14, just above where I bought it at $1.00. At these levels I feel it's a fairly good investment, and it looks like western union is now trialing out ripple, and many more partnerships are coming.

I had taken some of the profit at $2+ off the table and bought into the Swiss borg ico (initial coin offering). The CHSB token is now unfortunately trading below ico price. Just like buying at the IPO has not ensured the best share price for many startups (Facebook, Snapchat and Twitter come to mind), the same seems to be true with cryptocurrency, though some have jumped significantly. To see some of the Price appreciations since ico for many cryptocurrencies, you can visit https://icostats.com 

Remember, only invest what you can afford to lose. This post should not be considered investment advice