Remark: This is not financial advice. This is for educational purposes only. Keep in mind that cryptocurrency is a highly volatile asset class; Only invest what you can afford to lose.
“How to buy XRP” is trending on Google as investors consider buying the cryptocurrency coin from the Ripple network. However, XRP is not as widely available as it used to be.
In light of the Securities and Exchange Commission (SEC) lawsuit against Ripple Labs (the people behind XRP), Coinbase removed XRP from its cryptocurrency arsenal. As it stands now, you can not buy XRP on Coinbase, but there is a legal workaround that allows you to buy XRP.
How to buy XRP
At the time of writing, you cannot buy XRP directly from Coinbase. Coinbase suspended XRP trading on Jan. 19 after the SEC accused Ripple Labs of illegally raking in more than $1.3 billion in profits by listing digital assets not registered with the SEC.
Ripple Labs states that XRP not a certainty, so it must be acquitted. While the Ripple Labs vs. SEC battle raging, some crypto investors are still willing to dive into buying XRP. If you want YOLO and want to invest in XRP, here’s how to do it.
Note: Make sure to download and board the Atomic Wallet app before starting this tutorial.
1. Open the Atomic Wallet app.
2. Tap “Buy” on the bottom taskbar.
3. Under “You ship” enter how much XRP you want to buy and select your fiat currency.
4. Select XRP under “You get”.
5. Tap “Continue”. Please note that there is a 5% surcharge.
7. Click Next.
8. You should receive a verification code to your email address. After entering the code in the pop-up window, your order should be processed.
9. If you don’t see XRP in your wallet right away, don’t worry. It should take a few minutes for it to appear.
How To Buy XRP In New York (And Other Unfriendly Cryptos)
Unfortunately, the third-party provider Simplex, which facilitates Atomic Wallet’s card purchases, doesn’t serve every region. If this is the case for you, there is a workaround with Coinbase.
1. Log in to your Coinbase account and click the Buy/Sell button in the top right corner.
2. Click on the “Buy” tab to access the drop-down menu of tradable assets.
3. Select Stella Lumens (XLM). This is what you will use to trade for XRP. XLM is often touted as the best currency to trade due to its low cost.
4. Depending on how much XRP you want to buy, choose one of the pre-selected amounts ($10, $50, $100, $500, $1,000). You can also click “Custom” if you want to enter a specific amount. Keep in mind that there are small costs involved in this process, so be sure to offset them.
5. Then click on “Buy now”.
How to send XLM to Atomic Wallet and exchange it for XRP
1. Open Atomic Wallet, type “XLM” in the search bar and tap XLM.
2. Tap “Receive” and copy the XLM address.
3. Open Coinbase and click “Send/Receive” in the top right corner.
4. Paste the XLM address in the “To” section. Select “XLM” in the “Pay with” section. Click on “Continue”.
5. Wait a few minutes for your XLM to arrive in Atomic Wallet. Tap the “Exchange” tab.
6. Select “XLM” under “You Send” and “XRP” under “You get”. Tap ‘Send all’.
7. Tap ‘Exchange’.
8. Voila, you’ve turned your XLM into XRP.
Again, keep in mind that cryptocurrency is a highly volatile asset class. Ensure good risk management.