If you are looking for a simple, step-by-step explanation of how to buy XRP, we have you covered. In this article you will learn how to do it through Bitso in just a few minutes.
If you want to buy XRP without complications or confusing processes, you are in the right place. This quick guide explains how to buy it step by step through Bitso in a matter of minutes, from funding your account to the safest way to operate on the platform. We will also look at how the price of XRP moves, its technical foundations (which network it uses and how its consensus mechanism works) and the key differences that set it apart from Bitcoin and Ethereum.
What is XRP and what is it for?
XRP is the acronym for the native cryptocurrency of Ripple Net.
Its main function is to act as a remittance and instant exchange service, allowing money to move globally in seconds and at a fraction of the traditional cost.
Although at first glance it may look like a simple proposition, a practical example helps illustrate the value of making this process simpler, faster and cheaper.
Imagine you want to send money to a relative in another country. With traditional banking, your transfer goes through the SWIFT system: it takes days, charges high fees and passes through several intermediaries.
With XRP, you say goodbye to the SWIFT code: the transfer is instant, direct and available across the globe for a fraction of a cent.
What is the XRP Ledger (XRPL)?
XRP uses a network called Ripple. It is important to note that this network is based on a ledger known as the XRP Ledger, an open-source distributed database ledger.
XRP is therefore the native cryptocurrency of the XRP Ledger. However, any currency can be used to carry out transactions on Ripple Net.
XRP vs. Ripple: are they the same thing?
It is straightforward: Ripple is the company that created the payment network for banks, and XRP is the cryptocurrency that trades on the market. They are different things, which is why the value of XRP rises or falls according to the market, not according to a decision by Ripple.
What are the characteristics of the XRP project?
Before understanding how to buy XRP, there are a few characteristics worth keeping in mind:
- Maximum supply: XRP has a fixed maximum supply of 100 billion tokens.
- No mining: the network uses trusted validating nodes instead of mining to validate and record new transactions.
- Speed: XRP transactions usually complete in a few seconds, which makes it an attractive option for different types of financial operations, especially cross-border payments.
- An original consensus mechanism: XRP uses a mechanism known as Federated Byzantine Agreement (FBA).
XRP versus SWIFT: cost, speed and decentralization
To understand the real scope of XRP for cross-border transfers, it is worth comparing its advantages and operating conditions against the traditional banking system (SWIFT):
| Characteristic | Traditional banking (SWIFT) | XRP |
|---|---|---|
| Transfer time | 1 to 5 business days | 3 to 5 seconds |
| Average cost | $25 - $50 USD + fees* | Fractions of a cent (~$0.0002 USD)* |
| Availability | Monday to Friday (banking hours) | 24/7 |
| Governance and decentralization | None (centralized control by banks) | Low / controlled (pre-approved validators and strong influence from Ripple) |
| Main use case | Traditional international transfers | Remittances and liquidity interconnection |
*The costs and times shown are general reference estimates and may vary depending on the financial institution, the platform used or market conditions.
A note on governance: the XRP network uses a list of trusted validating nodes. This lets it process payments at record speed and with minimal fees, but it implies a more corporate governance model with a lower degree of decentralization.
How much does one XRP cost?
The price of XRP changes constantly because it trades on open markets. The price moves due to a combination of factors: trading volume, adoption of use cases such as cross-border payments, macroeconomic conditions and the general mood of the crypto market. None of these factors makes it possible to anticipate where the price will move in the future.
XRP also reached an all-time high at a specific moment in its history. Mentioning it helps to understand the volatility of the asset, but it should not be read as a reference for where the price might return to.
If you want to check the real-time price of XRP, you can see it directly on Bitso. As with other cryptocurrencies, you do not need to buy a whole XRP: you can buy a fraction with whatever amount you have available.
How does the XRP consensus mechanism work?
We mentioned that XRP uses a consensus mechanism called Federated Byzantine Agreement, but to understand what makes it distinctive it helps to compare it with the alternatives.
| Consensus mechanism | Description | Example cryptocurrencies |
|---|---|---|
| Federated Byzantine Agreement | Based on the idea that consensus is hard to reach, especially when the members involved are not trusted, this mechanism establishes that it is not necessary for every node to be known and verified in advance. In other words, control is decentralized and there is no possibility of mining. | Ripple (XRP) |
| Proof of Work | Participants compete to solve complex computational problems. The first to find the correct solution earns the right to add a block to the blockchain. | Bitcoin, Ethereum (before Ethereum 2.0) |
| Proof of Stake | Network participants can mine or validate transactions based on the amount of cryptocurrency they hold and lock up in the network. | Cardano |
| Proof of History | Relies on the reputation and history of participants to determine who can propose and validate blocks. | Algorand, Polkadot |
XRP vs. Bitcoin and Ethereum: how do they differ?
People usually look into XRP after first learning about Bitcoin or Ethereum. Although all three are cryptocurrencies, each one was designed to solve a different problem.
| Characteristic | Bitcoin (BTC) | Ethereum (ETH) | XRP |
|---|---|---|---|
| Main purpose | Store of value and medium of exchange | Infrastructure for smart contracts and decentralized applications | Liquidity bridge for fast payments between currencies |
| Consensus mechanism | Proof of Work | Proof of Stake | Federated Byzantine Agreement |
| Maximum supply | 21 million units | No fixed maximum limit | 100 billion tokens |
| Main use case | Store of value, payments | DeFi, NFTs, dApps, staking | Cross-border payments, liquidity between currencies |
None of the three replaces the others. They are assets with different functions, and many people who hold one also hold the others for different reasons.
Where to buy XRP
You can buy XRP on exchange platforms such as Bitso. This is a convenient option for users of all levels, but it is especially useful for those just starting out who need an intuitive interface to carry out their operations.
How to buy XRP with Bitso: step by step
Here is the step-by-step process for buying XRP through the Bitso platform.
1. Create an account on an exchange platform
The first step to buying XRP is to create an account on an exchange platform such as Bitso. The process is fast and can be done through the app or the website.
2. Add money to your account
After creating your account, you need to fund it to buy cryptocurrencies. In the app, selecting “Deposit” shows the funding methods available for your account, and you can also bring cryptocurrencies in from other wallets.
3. Buy XRP
With a funded account, you will be able to buy different types of cryptocurrencies, including XRP. That said, it is important to keep in mind that asset availability varies from platform to platform, so you should check that they support XRP before creating an account.
Is it safe to buy XRP?
It is worth separating two types of risk that often get mixed together in this question.
The first is market risk: the price of XRP can rise or fall considerably over short periods, and that does not depend on the platform you use to buy it.
The second is platform risk: who you leave your money with, under what framework they operate and what security practices they follow. The obligations and supervision that apply depend on the country and on the services each company provides, so it is worth reviewing that information before choosing where to operate.
On the user side, verifying your identity when opening the account, enabling two-factor authentication (2FA) and never sharing your private keys with anyone reduces risk directly. Bitso will never ask you for passwords or verification codes by email, phone or message.
The fact that an operation can be completed in a few steps does not change the risk of the asset. The ease of the process and the risk of the investment are two different things.
The information provided is for informational purposes only and does not constitute financial or legal advice. Please note that the cryptocurrency market is highly volatile, so Bitso International does not guarantee an increase in the price of Bitcoin or any other digital asset we offer. Seek professional advice and do your own research before making investment decisions. For more information, see our Risk notice.
Frequently asked questions about buying XRP
Less than you think. On Bitso you decide how much you want to invest and you receive the fraction of XRP that this amount represents at the price of the moment, so you do not need to save up the value of a whole unit to get started.
No investment is free of risk, and it is worth separating market risk (the price of XRP can rise or fall considerably) from platform risk (who you leave your money with and under what framework they operate). On the user side, enabling two-factor authentication and protecting your keys reduces risk directly. Remember that Bitso will never ask you for passwords or verification codes by email, phone or message.
You can check the updated quote for XRP directly on the XRP price page on Bitso, without needing an open account. Inside the app, that same price is used as the reference when confirming your buy order.
The tax treatment of cryptocurrencies depends on your particular situation: buying and holding XRP is not the same as selling it at a profit, and the rules can vary depending on where you file and under what regime. Bitso gives you access to your account statements as a record of your operations, but the best recommendation is to review them with a tax advisor before filing your return.
Not directly. The price of XRP is determined by supply and demand in the markets where it trades. Ripple, the company, is a relevant participant in the ecosystem and uses XRP within RippleNet, but that is different from setting the price of the asset.
Join the world of cryptocurrencies with Bitso
Learning how to buy XRP is only the first step of your journey into the world of crypto assets. If you want to broaden your horizon of possibilities, we invite you to explore the Bitso App.
Through this complete application you will be able to:
- start cautiously and grow at your own pace;
- buy stablecoins pegged to the dollar and the euro;
- diversify your portfolio with more than 50 types of crypto;
- make deposits and withdrawals in your local currency;
- monitor market trends, prices and swings in real time.
Ready to go beyond XRP? Download the app on Google Play or the Apple Store.
