Ripple is one of the hottest new cryptocurrencies and it only costs a bit over $2 per coin as of Jan. 2018. Digital currency ripple has blown past its cryptocurrency rivals largely because of institutional partnerships, many of which are still in early stages.
However, It’s a bit harder to buy Ripple as compared to Bitcoin, however, since it’s not available in popular apps such as Coinbase.
According to the Ripple website, here is how to go about purchasing XRP, Ripple’s cryptocurrency token, through some of those exchanges (Bitsane, Bitstamp, Binance, and Kraken). These are full-featured spot trading online exchange for the most popular cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Iconomi and others.
Therefore, in this article, we’ll walk you through how to buy some, by first buying Ethereum or ether (ETH) cryptocurrency and then using that to buy Ripple (XRP) cryptocurrency on an exchange called Bitsane.
Step 1: Create an account with a Ripple Exchange (Bitsane)
Setting up an account is easy, and the main page has all sorts of information on current exchange prices for trading between various cryptocurrencies. You can also use these trading exchange for sending and receiving cryptocurrency from other apps, such as Coinbase.
After you create an account, Install the Coinbase application on your smartphone or computer and proceed to Step 2.
Step 2: Buy another Trading Cryptocurrency using Coinbase App
Now you’ll need to buy another cryptocurrency. You can either buy Bitcoin or Ethereum for that you need to install, Coinbase app.
Coinbase is easy to use application and with it, you can buy cryptocurrencies using the U.S. dollar, either through a linked bank account or credit/debit card.
In this case, let’s say you have bought $250 worth of Ethereum (ether).
Step 3: Move your purchased Ethereum (ether) from Coinbase to Bitsane
Next, you’re going to move the ether you own in Coinbase over to the Bitsane platform so you can use it to buy ripple. For that, you need to perform the following procedures:
- Go to the top of the Bitsane page and Click “Balances”.
- On the “Ethereum” line, select “Deposit.”
- The page will generate a special address. Copy it.
- Open Coinbase application on your smartphone or computer.
- Tap Accounts
- Tap “ETH wallet”
- Tap the “Send” icon on the top right. It looks similar to a paper airplane.
- Choose how much you want to send.
- As an example, We’ll do $150 worth of Ethereum (ether).
- Enter the address you copied from Bitsane.
- Click Send. You’ll pay a small fee — around $0.50 (it may vary depending on the transaction) — and it should arrive in your Bitsane account within 30 minutes.
Step 4: Final Step: Buy Ripple using Ethereum (ether) and View Your Ripple Balance
Now that your ether is in your Bitsane account, you can use it to buy Ripple. Follow the below procedure:
- On the top of the Bitsane page, select the XRP/ETH exchange.
- Choose how much you want to buy. Under order type, select “market” and then choose your order size (how many Ripple coins you want to buy.)
- Depending upon the amount of ether you purchased in Step 2 and 3, you can now buy Ripple cryptocurrency.
- Finally, You can see how much ripple you now own under balances.
You are now the proud owner of Ripple cryptocurrency.
As for now, you can’t really spend ripple anywhere, you need to sit on it and see what happens. As with most cryptocurrencies, you’re taking a bet here on whether the value is going to increase or decrease, and if the value increases you can trade it with USD at the right time.