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.
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.
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:
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.
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.
When you purchase XRP Ripple or other cryptocurrencies on Swyftx, they will become immediately available in your Swyftx account wallet. This crypto wallet allows you to send, receive and store all your digital assets. Swyftx uses various internal wallet systems to maintain and manage your crypto assets securely, allowing you to deposit and withdraw crypto as you please.
Our highly experienced security team is dedicated to safeguarding all our customer’s cryptocurrency investments and personal information. The Swyftx trading platform integrates advanced security features to allow our users to continue crypto and XRP trading in a safe environment.
Unlike most cryptocurrencies such as Bitcoin and Ethereum, Ripple (XRP) is pre-mined and uses a far less intensive method of mining. This method ensures that XRP transactions are processed within seconds and at a very low cost.
Buying Ripple (XRP) with Swyftx is quick, simple and easy. You can purchase XRP and other cryptocurrencies in a matter of minutes. Swyftx offers mobile and web-based platforms with an intuitive, user-friendly interface to make trading cryptocurrency easier than ever before.
Swyftx has a dedicated Australian-based customer support team that are highly experienced at handling customer queries and concerns. Swyftx also offers some of the lowest fees in the country. We take pride in delivering our users a simple, hassle-free experience that can’t be matched. Simply click the ‘Buy XRP’ button to get started. If you haven’t already done so, you’ll be required to register an account, verify your ID and deposit funds into your account.
The price of XRP is determined the same way many digital currencies, fiat currencies (such as AUD) and stocks are determined. The listed XRP buy and sell price on Swyftx is set by real-world trade volumes averaged on global cryptocurrency exchanges. This means that the XRP price is influenced by the supply and demand from buyers and sellers worldwide with the current price set at the price of the last trade that took place.
Swyftx Crypto Exchange account doesn’t charge any artificial spreads on Ripple (XRP) nor ‘make the market’ when you purchase XRP Ripple in Australia.
View the live XRP to AUD price.
Ripple has been involved in an ongoing lawsuit with the United States Security and Exchange Commission (SEC). The SEC has alleged that Ripple’s native crypto token “XRP”, has served as a “security” and therefore should have been duly registered with the government body before being released for sale to the American investor community. Currently, there is no estimated date for when this court case will be settled.
Swyftx has low trading fees and spreads, meaning you can trade frequently and collect more profit.
Verify your account in minutes, then deposit Australian dollars to begin trading XRP instantly.
Mult-factor authentication and breached password detection will help defend your account from scammers and cyber thieves.
Learn to trade and gain experience with Swyftx risk free by enabling the demo mode. We even simulate real life liquidity and market depth.
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Automate your crypto investments.Setup recurring deposits to your Swyftx account and have then automatically split across your own range of cryptos.
Never miss a trade or get caught out by the crypto market volatility. Set Buys and Sells to trigger at any price you want.
Easily secure your account with multi-factor authentication and biometric login. Swyftx also monitors other sites for data breaches that might result in compromises on your account.