Buy XRP in Singapore (XRP)

Ripple, or Ripple Labs, is a private enterprise that develops payment solutions using the XRP ledger.

Traditionally, a single cross-border payment can go through multiple parties and each party charges transaction fees for their services. This can be expensive and slow, which is frustrating in a fast-paced world. Ripple has taken steps to solve these pain points by providing a quick, simple, and low-cost option with its different products.

By using XRP and XRPL, Ripple can provide payment solutions that allow easy, cheap, and efficient international transactions for banks, remittance services, payment providers, and other financial institutions around the world.

The XRP Ledger was first created by three developers – David Schwartz, Jed McCaleb, and Arthur Britto.

In 2011, three engineers set out to create a sustainable version of Bitcoin, built specifically for fast payments. Their solution, XRP Ledger and its native currency XRP were released in 2012. Chris Larsen joined the team shortly after the launch and started a company called OpenCoin, which has since changed its name to Ripple.

XRP’s primary role is to provide instant and low-cost cross-border payment settlements.

As a digital asset, XRP can be bought as an investment or used to trade with other cryptocurrencies although it is primarily used to make international payments and currency exchanges.

International transactions suffer from long processing times and incur higher fees than cryptocurrency transactions. Using XRP makes cross-border payments significantly faster and cheaper. The blockchain’s hashing algorithm, Hashtree, allows it to settle transactions in about three seconds.

XRP also acts as a bridge between two currencies. In foreign exchange trading, a currency usually needs to be swapped for an intermediary currency. However, this adds more fees and makes it expensive for users. By using XRP as the intermediary, you can trade one currency for another at a far cheaper price and therefore save money.

No, XRP is a decentralised currency.

Part of cryptocurrencies’ appeal is their ability to operate without being controlled by a central authority like banks and governments. However, with Ripple’s prominent involvement in XRPL, critics point out that XRP is centralised because Ripple controls the list of validators and holds a sizable portion of its total supply.

List of Validators

Ripple is one of three publishers of the Unique Node List (UNL), which is the reason many believe the company has the power to choose and control who can oversee transactions in the blockchain. Ripple, however, claims that many of the validators on their UNL are not affiliated with them.

Participants can also choose to opt-out of Ripple’s default list. They can remove Ripple’s trusted validators from their transactions and instead select a list from either the XRP Ledger Foundation or Coil. Another option is to create their own list of validators. As a result, the XRP Ledger can continue to function even without Ripple.

Stored XRP

Ripple locked in 55 billion XRP tokens into a series of escrows that are kept on the XRPL. The stored XRP is released to the market every month, which created concerns over Ripple being in a position where it could manipulate the price of the cryptocurrency. For instance, they could dilute the value of the currency circulation supply of XRP by releasing large quantities of XRP into the market.

Storing XRP comes with certain conditions to ensure that Ripple does not flood the market. For example, Ripple must sell XRP over the counter (OTC) to institutional investors to incentivise the XRP ecosystem, with any unused funds being returned to a new escrow every month. In addition, Ripple publishes quarterly XRP market reports to add transparency to the use and sale of XRP. This includes the amount released and returned to the escrow.

Unlike most cryptocurrencies, XRP is not mined.

Upon launch, 100 billion XRP tokens were pre-mined. This is the total amount of XRP that will ever be created. As such, mining XRP is not possible. However, you can indirectly mine for XRP by mining other cryptocurrencies, like Bitcoin and Ethereum, and converting them to XRP through a cryptocurrency exchange.

The XRP Ledger boasts the ability to confirm transactions in three to five seconds.

Speed and efficiency are two core features of the XRPL, as it was built to power the Ripple network and achieve faster and cheaper cross-border payments. The blockchain can settle transactions in three to five seconds, processing at a throughput of up to 1500 transactions per second. In comparison, Bitcoin transactions can generally take from 10 minutes to one hour. Meanwhile, some banks still take days to complete a wire transfer.

You can buy XRP right here on Independent Reserve.

We are a trusted cryptocurrency exchange regulated by the Monetary Authority of Singapore (MAS), Singapore’s financial services regulatory body. We are one of the first digital currency exchanges to receive a Digital Payment Token (DPT) licence under the Payment Services Act (PSA), which ensures that our policies, processes, and systems are held to the highest standards.

Our exchange offers a safe and secure platform for crypto investors to start buying XRP and other cryptocurrencies. We have world-class security and a support team to help you 24/7. You can start buying XRP safely with as little as SGD10 when you sign up today.

You can buy XRP in Singapore on Independent Reserve.

Choose FAST transfer as your payment method to transfer Singapore dollars from your bank account to your Independent Reserve wallet. After you deposit SGD into your trading account, you can start buying XRP or other cryptocurrencies on Independent Reserve. Receive free deposits in amounts of SGD1,000 and above. Unfortunately, we do not accept credit or debit card payments.

Simply enter the Singapore dollar amount you wish to trade for XRP and select “buy XRP”. We offer an instant buy function, low fees and a range of features, including a large OTC desk. For an even easier way to buy XRP, download our app and purchase XRP using your mobile phone.

Having trouble with your deposits? Visit our support page for assistance.

Yes, after you buy XRP with us, you can simply leave it on our exchange, and we will store it securely.

We are proud to offer Singapore residents a safe and secure platform to buy and trade cryptocurrency. After you buy XRP with us, it is held in your Independent Reserve wallet and protected by our world-class security measures. We take security very seriously; it is our number one priority.

When it comes to integrity, we set the bar high. Unlike most exchanges, we are fully financially audited. Our customer assets never leave our control, so when you need your crypto, we've got it. We keep your funds safe - that is our promise.