Ripple coin XRP has become a popular topic among crypto investors, and even though you can’t buy XRP on Robinhood, you can invest in other cryptocurrencies. Or, if you wish to invest in XRP, you can do so on other platforms.
As of current regulations and restrictions, Ripple coin (XRP) is not available for purchase or trading on the Robinhood platform. However, it can be added to users’ watch lists. For investing in XRP, other cryptocurrency exchanges such as Binance and Bitstamp can be used.
Here we will explore all the possibilities you have on Robinhood and with investing in XRP in general.
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While many platforms offer to trade with XRP, investing in XRP is still not easy. You must take a couple of steps before you get a hold of your XRP coin. Find out more about XRP investing.
Let’s start by explaining what Ripple and XRP are. Ripple is an open-source platform that allows fast digital transactions. XRP is a digital asset that belongs to the Ripple blockchain network. XRP is a currency meant to be used as a settlement layer for cross-border banking transactions. For example, when international banks make a trade with a different currency, a lot of money is usually lost in the currency swap. If banks use XRP as a common currency, there’ll be huge savings simply by cutting out these exchanges.
XRP Ledger is a Ripple’s blockchain – an open-source, permissionless, and decentralized technology that can settle transactions in 3-5 seconds. The algorithm relies on trusted sub-networks or parts of larger validator nodes. Each node trusts other selected nodes that make its Unique Node List. That creates a consensus mechanism operated by several servers owned by banks that confirm each XRP transaction.
Just like any other coin, you can purchase XRP through several cryptocurrency exchanges. You can buy XRP with other coins or with fiat currency. Here are platforms where you can exchange XRP coins:
- Huobi Global,
Since there is still an ongoing legal proceeding by the Securities and Exchange Commission (SEC) against Ripple, some platforms don’t allow the exchange of the XRP. But there are still ways you can purchase your XRP. Here is a step-by-step guide.
|Step 1||Get an XRP wallet|
|Step 2||Find XRP exchange|
|Step 3||Withdraw your XRP to a wallet|
Should You Invest in XRP?
Even though XRP was described as a Bitcoin killer, a lawsuit against Ripple has made an exchange of this coin unreachable on many popular platforms, making the investment in XRP to be on the riskier side. Nevertheless, this doesn’t prevent many big players and high-risk investors from buying XRP. The current price is $0.7623 with a market cap of $36.6B, so now is probably a good time to invest in it due to the low price.
Still, the SEC lawsuit outcome will significantly impact XRP in the near future. Price predictions for XRP in 2023 say that it will hit somewhere between $1.02 and $1.27, and if Ripple manages to bring new partnerships and developments, some predictions say it will hit $4. And given the fact that the current supply of the coins available is more than 50%, it is reasonable to assume that investing in XRP will be good in the long run.
Even though you can not buy XRP on Robinhood, you can invest in some other cryptocurrencies. Robinhood is a platform where you can trade stocks, ETF, and crypto. Both the platform and app are user-friendly and excellent for beginners, and even though you don’t actually own the coin here, you can still invest in them and make a trade on the platform.
All trades on Robinhood are commission-free, so no matter if you decide to buy, sell, or keep your coins, it will be without any charges. In order to have access to cryptocurrencies, you will first have to open a financial account on Robinhood. Your financial account will be linked to your crypto account, and all cryptocurrencies you have will have to be backed up by cash on your financial account. So, once you make a deposit on your account, you can purchase Bitcoin or Ethereum. The great thing about Robinhood is that you can place a minimum order of $1 and buy parts of coins, not the whole coin.
Even though we still can not tell with certainty when Robinhood will bring new coins to the platform, one thing is for sure – this will happen, according to Robinhood CEO Vlad Tenev. The demand for new coins has increased in past years from the users of the Robinhood platform. And who knows, maybe one of the coins will be XRP. Nevertheless, Robinhood users still wait for these new coins to be introduced.