Cryptocurrency is a type of digital currency that does not rely on a centralized institution to process transactions. XRP is the third-largest cryptocurrency by market capital, with an XRP price currently at $0.24USD and a total supply of 38 billion tokens in circulation. In this article, we will outline how to trade XRP for profit and investment purposes.
Two ways of trading XRP:
To trade XRP tokens on an exchange like Bitstamp, you have two options – day
trading or holding long term
Day trading: Day traders typically buy low, sell high while focusing on short periods that can be anywhere from minutes toss to hours, while long-term traders buy XRP tokens and hold them for months or longer. Day traders typically use technical analysis to determine the best time to sell their XRP tokens at a profit. They will first need an account on Bitstamp specifically designated for day trading. It is done with a verified email address so they can deposit money into it.
Deposit made by using wire transfer, SEPA transfers, credit card, bank transfer, or other available payment methods. When you make a trade as a day trader on Bitstamp, you’ll be charged 0.25% from each transaction. (This amount includes both any applicable fees and the commission). It is already deducted automatically before your order executes on the market.
Long-term trading: Long-term traders will hold their XRP tokens for months or longer, and they usually don’t use the same type of technical analysis that day traders do. Instead, they may consider other factors like market sentiment to determine when is the best time to buy an asset at a low price to sell it later on for profit. When you make a trade as a long-term trader on Bitstamp, you’ll be Charged 0.0% from each transaction (no commission). It is already deducted automatically before your order executes on the market.
Invest in XRP
To invest in the XRP cryptocurrency, you need to buy Bitcoin or Ethereum with your national currency and then use the purchased BTC/ETH on an XRP exchange, such as Bitstamp.
Investing in cryptocurrency can be risky but rewarding too. It may not seem like much right now, but $1000 invested in Bitcoin when it was first created in 2009 would be worth about 14 million dollars today.
Exchange for digital currency XRP:
The exchange for XRP is different than the one for Bitcoin and Ethereum. To trade XRP on an exchange, you will need to first buy Ripple tokens (XRPs) with your national currency from a cryptocurrency broker website such as Coinmama.
The process of trading cryptocurrencies differs when it comes to buying and selling cryptocoins like bitcoin vs. purchasing ripple tokens which are used for the XRP cryptocurrency.
Where to trade cryptocurrency XRP
Cryptocurrency exchanges are sites where crypto coins trading like bitcoin is done with other digital currencies or national currencies of different countries. There are various exchanges where trading of cryptocurrency is done. One such platform for its trading is https://uphold.com/en/assets/crypto/buy-xrp.
Pricing of cryptocurrency XRP
The pricing of cryptocurrency XRP can be checked on various cryptocurrency exchanges and is not the same across all of them. The market demands and supply can decide the price for the trading of cryptocurrency XRP.
Buy and sell cryptocurrency XRP
To buy XRPs with Bitcoin (BTC) or Ethereum (ETH), buy BTCs or ETHs at an exchange that supports these two currencies, and then deposit those coins into your Ripple wallet by exchanging them for XRP tokens.” The buying process with XRP is as simple as it can be. You will need to deposit your desired amount of funds for the purchase, and after that, you have to wait until someone completes the trade.
To sell XRP, you will need to first trade it for a national currency like US Dollars or Euros. The process then becomes similar as if you were selling any other form of fiat money – moving your tokens from one account to another to get out real cash. The best way to sell ripple coins is when they’re at their peak price, which means that there’s high demand.
Thanks for reading.