XRP is the native digital currency used on the XRP ledger platform, an open-source, decentralised blockchain platform, used for high-speed global transactions. XRP was created by Ripple, a privately-held fintech company that provides high-speed, inexpensive means of transferring funds globally using RippleNet, Ripple’s global payments network frequently used by a network of banks, financial institutions and payment providers. Here is a breakdown:
Ripple: The fintech company behind the creation of RippleNet, XRP and the XRP Ledger.
RippleNet: A high-speed global payment network that uses the XRP Ledger to validate transactions between banks and other financial institutions.
XRP: The native digital asset used on the XRP Ledger. XRP functions as a payment for products such as; payment settlement, asset exchange, and remittance systems.
XRP Ledger: a permissionless network of peer-to-peer servers used to validate XRP transactions.
Similar to Bitcoin (BTC), XRP can be sent directly between two independent network participants on the Ripple network without the need for an intermediary. XRP transactions use a consensus mechanism known as the XRP Ledger Consensus Protocol, allowing for fast, global transactions.
Unlike Bitcoin, however, and many other digital currencies, XRP does not rely on energy and a computing-intensive proof-of-work mechanism to verify transactions. On the contrary, it relies on independent servers for the validation process. The servers can belong to any person or one of the many global financial institutions.
XRP has many benefits associated with it. One of the largest is that it’s a way to reduce wait times and avoid fees. Ripple and the XRP cryptocurrency will look to compete with banks in the way that it offers payment settlement infrastructure to members of its network.
Check out our in-depth guide to Ripple (XRP), available on Swyftx Learn.
Who created XRP?
XRP and the XRP Ledger were created by San Francisco-based fintech company, Ripple. Ripple which was previously named “Ripple Labs, was founded in 2004 by Ryan Fugger, who later handed the operation over to Jed McCaleb and Chris Larsen in 2012. The fintech has since seen exponential growth and XRP, becoming one of the biggest cryptos by market cap.
How to Buy XRP Ripple in Australia
Buying XRP and other cryptocurrencies in Australia is simple when you create an account with Swyftx. When you trade XRP on Swyftx’s trading platform, you pay some of the lowest trading fees and smallest spreads on the Australian crypto market. Swyftx also has a dedicated mobile app so you can purchase XRP instantly, anytime, anywhere. Follow our step-by-step guide on how to buy XRP ripple with Swyftx.
Create your account: Sign up to Swyftx, you will need to provide your full name, email address, phone number and create a secure password.
Verify: Verifying your account can take as little as 5 minutes. All you need to do is verify your phone number, email address and identification (I.e. passport or driver’s license).
Deposit funds: Once your account has been verified, you can make your first deposit of fiat currency (AUD) via your payment method of choice:
- Bank transfer
- OSKO
- PayID
- POLi
- Debit card
Buy Ripple (XRP): Navigate to the “buy XRP” page and select how much XRP you want to purchase; this amount can be determined either by the quantity of XRP you’d like to purchase or the Australian dollar equivalent. Once you have confirmed your order, the XRP will be immediately available in your personal Swyftx wallet.
Why Buy XRP with Swyftx?
If you’re looking at buying XRP Ripple on an Australian crypto exchange, that is easy to use and accessible anywhere, then look no further than Swyftx. Swyftx is a home-grown Australian cryptocurrency exchange that supports over 300+ crypto assets. We offer some of the lowest trading fees on the Australian crypto market, allowing you to trade XRP Ripple frequently and maximise your profits.
As Australia’s top-rated cryptocurrency exchange, our mission is to simplify the process of buying, selling and trading cryptocurrency. Our trading platform integrates TradingView charts to give you real-time market data and figures so you can conduct your own analysis of XRP and other digital assets based on previous performance. Swyftx offers an abundance of features that makes it convenient and hassle-free to purchase XRP and trade crypto in Australia. These features include:
Automated trading: Swyftx has multiple order options, allowing you to automatically execute trades at certain price points or at scheduled intervals.
Online customer support: We offer personalised, round-the-clock customer support to assist customers with questions or concerns they may have.
Demo Mode: Customers can use our demo mode to practice their trading strategies with zero financial risk, before trading XRP and other digital assets with their own money.
