BitPinas. Ripple (XRP) wants to break barriers in conventional financial networks that restrict users with fees, charges, and delays. We will give you a brief introduction about this cryptocurrency and how to buy it in the Philippines.
Please note that while a major cryptocurrency, XRP purchase does not mean buying shares of the company Ripple.
This article had a very minor update on October 2, 2018 and again on May 17, 2019.
Table of Contents.
What is Ripple?
Ripple is a platform which uses an open payment network. It uses the digital asset XRP, its official cryptocurrency in making transactions.
Ripple’s aim is to decentralize the digital currency approach. The idea is to replace SWIFT, a system used by banks to confirm money transfers between them. Of course SWIFT was created to make sure that when money moves out from one bank into another bank, the former bank doesn’t really have that money anymore. The verification process actually takes time.
Payment systems today are where email was in the early ‘80s. Every provider built their own system for their customers and if people used different systems they couldn’t easily interact with each other. Ripple is designed to connect different payment systems together. – David Schwartz, Chief Cryptographer, Ripple
Although Ripple wants to make transactions move freely, it doesn’t mean it is all free. It charges a really small portion of a Ripple from each transaction, which is still fairly low compared to banks and other financial institutions.
Ripple (the company) has been working with many companies in the Philippines. Ripple partners with these companies so that they can use its Ripple platform (xRapid or xCurrent) to facilitate faster cross-border payments. In a February 2019 report, Ripple said it wants to link Southeast Asia more tightly when it comes to the transfer of money.
The South Korean cryptocurrency exchange is linked to the Philippines through Cebuana Lhuillier through Ripple’s xCurrent. Remittance service Moneygram is partnered with Ripple. Finally, SendFriend, a Ripple-powered xRapid payments solution aims to cut costs and speed up remittances from the US to the Philippines.
How to buy XRP in the Philippines
Buy Ripple at Binance Crypto Exchange
- Binance is one of the largest cryptocurrency exchanges in the world in terms of volume. Register at Binance here to purchase XRP in the Binance Platform. (You can also buy XRP with credit or debit card here.)
Steps to Buy at Binance
You can purchase XRP from Binance through P2P. This is the simplest out of the options mentioned in this article. Here are the steps:
- Log in or register to Binance
- Go to its P2P page
- Find a seller of USDT for your PHP
- Transfer USDT from Binance P2P to Binance Spot
- Find XRP/USDT Pair
Note: The steps below has not been updated for sometime:
Update August 31, 2018:
Buy Ripple with Credit Card
- You can purchase XRP using your credit card or debit card using Cex.io.
- You can also do this with Abra.
- (Note that going the credit card route will mean exposing your card details to companies.)
Update: Mar. 28, 2018: Buy Ripple from Abra:
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for XRP within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
Other ways to buy Ripple
- Coins.Pro of Coins.ph supports XRPPHP Trading pair.
- You can meet with an XRP trader in person or online by joining legit Ripple Facebook groups.
- Poloniex Crypto Exchange
- Bitfinex Crypto Exchange
- Other Cryptocurrency Exchange sites HERE.
The following are cryptocurrency wallets that support Ripple:
- If you’re able to get an XRP trader online and both parties are willing to meet up, make sure you and the trader are in a safe public place.
- Bitbit.cash doesn’t support XRP. Coins.ph does.
- After making a trade from your chosen Crypto Exchange, keep your XRP safe by tucking it back in your wallet.
As of this update (2018), Ripple currently sits at rank 3 in the cryptocurrency race basing from CoinMarketCap behind ethereum (eth). There will be a total of 100 billion Ripples to be released.