Ripple is surging like crazy right now. In the last day or so it's surpassed Ethereum in market capitalization to now be the number two cryptocurrency in the world! Some are attributing this to a new deal between Ripple and Japanese credit card companies.
Ripple rose 20 percent Wednesday to an all-time high.
The gains followed news that Tokyo-based financial services company SBI Holdings and its subsidiary SBI Ripple Asia announced the establishment of a "consortium" with some Japanese credit card companies to utilize blockchain technology, according to an online translation of a release. Ripple and SBI Holdings created SBI Ripple Asia in January 2016. It wasn't clear what the extent of Ripple's involvement would be in the new consortium.
The digital currency rose 20 percent to a record high of $1.43, making it the third-largest cryptocurrency by market capitalization at $54 billion, behind bitcoin and ethereum, according to CoinMarketCap.At the time of this writing Ripple is now trading at around $2.38. If you think about it for a minute, Bitcoin was trading at this price in 2011. Can you imagine getting into Bitcoin at this price? That's what is getting a lot of people asking how exactly they can buy Ripple, especially in the United States!
Sadly, Coinbase, one of the largest US cryptocurrency exchanges does not yet support Ripple. Currently they only support Bitcoin, Bitcoin Cash, Ethereum and Litecoin. However, they do support converting US Dollars into these four, and that's where we are going to start.
- Buy some Bitcoin using Coinbase. If you don't yet have an account, get one. You can purchase Bitcoin using credit card or bank transfer.
- If you don't have one, sign up for an account on Binance. Binance is a cryptocurrency to cryptocurrency market place. Have some Litecoin and want to buy Bitcoin? You can do it on Binance.
- Transfer the Bitcoin you purchased on Coinbase to your Bitcoin wallet on Binance.
- Head over to the Ripple (XRP) to Bitcoin (BTC) exchange page on Binance.
- At the bottom of the page, you can buy Ripple with your Bitcoins!
Are you looking to get into Ripple? Why or why not? Let us know in the comments!