RIPPLE (XRP) just passed $1! Here's how and why I bought some (on Binance)

in #cryptocurrency7 years ago (edited)

In 2013 I held 1 whole bitcoin in my digital paws... and I sold it for $100USD.

I'm clearly not a crypto-expert, and so my choice to buy a few XRP isn't based on any sound financial insight. I just figured, why not? If there's a chance to buy low and sell high with a few spare bucks I'm not going to be (completely) devastated over if they disappear, I'm going to take it.

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Here was my process... I'm going to focus mainly on the Binance exchange portion, because that was the least intuitive for me.

Side note: I originally chose GateHub.com for a XRP wallet, but I was unable to get my phone number to verify. When searching for a solution, I read that Binance was easier to work with. Again- I really don't know :P

1. Send ETH from Coinbase to Binance

  • On Binance Click Funds > Deposits Withdrawals

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  • Type Ethereum in the search box

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  • Click Deposit on the right side of the ETH row and copy the deposit address that shows up

  • Send ETH from your Coinbase (or wherever your ETH is stored) to the address you just copied -- the network fee was only 66 cents when I did it! If I had sent BTC, I would have paid around $31USD.

  • On Binance, click Funds > History -- Once your transfer is fully "confirmed", your funds will be available. It only took a minute or two for me.

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IMPORTANT: I believe the only currencies that can be exchanged for XRP on Binance are BTC and ETH. So if buying XRP is your goal, don't send LTC or any other coins to Binance.

2. Trade ETH for XRP on Binance

  • Click Exchange > Basic

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  • Type XRP into the little search box at the top right

  • Click ETH to the right of "Favorites"

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  • Click the XRP/ETH row in the box directly below

  • Scroll down the page to where it says Buy XRP, and type in the amount of coins you would like to buy -- it will display the maximum amount you can buy based on the amount of Ethereum you have on Binance

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  • Click Buy XRP

And that's it! If you click Funds > Deposits Withdrawals again and type XRP this time, you should see your new XRP balance :)

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Like I said, I don't know much, but I am happy to help with any questions on this Coinbase/Binance process that I used!

What about you? Are you holding XRP? What do you think about my decision to buy some? Is there anything you think I should know?

ANY AND ALL ADVICE EXTREMELY APPRECIATED! :)

<3
Jessica

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Nice post, also remember guys, with Ripple you have to have an active wallet, meaning it has to hold 20 XRP minimum in reserve to stay active. And the first time you get ripple you have to send at least 20 to activate a wallet. And also most exchange wallets are like that also.

I actually read that Binance doesn’t require the 20XRP minimum, but I could be wrong! I bought 34, so I am not sure... I’ll have to do some more research. Thanks for your comment :)