The future of XRP looks promising. They’ve won battles and ultimately fought hard to get to where they are today. For cryptocurrency investors it’s common to look at whatever the current price of XRP is and ask the question can I become a millionaire with this coin. If you had bought back a few years ago the price was only around $.11 cents. It’s obviously much higher now but things in the cryptocurrency market have also changed drastically for the better. Ripple the company has also positioned themselves in a way that massive growth in the near and long term is inevitable.
Understanding What XRP Is
Before delving into any investment, it is essential to thoroughly understand the asset you are considering. XRP is the native cryptocurrency of the Ripple, and was designed to facilitate cross-border payments and replace the old system called Swift. Unlike Bitcoin, XRP has a pre-mined supply of 100 billion coins, with a significant portion owned by Ripple Labs itself. This concentration of coins raises concerns among some investors due to the potential impact on price stability and market manipulation.
Starting With 500 coins
Okay, 500 coins of XRP maybe a good starting point but realistically you will need a lot more if you plan on becoming an XRP millionaire anytime soon. Typically after you buy your first bag of XRP you will want to start to buy more and more. The trick here is to get in the habit of buying in the first place and just becoming an investor. 500 coins is just the beginning.
Starting With 5000 Coins
Alright so things are starting to look better at 5000 coins but still not going to be enough. However, this is where your investment into XRP starts to look a little bit bigger and your confidence begins to grow. If you could accumulate this many coins all on your own then surely you can move up to the next level.
Starting With 20,000 Coins
In order to become a millionaire with XRP at 20000 coins we would need to see a price of $200 per XRP. While this looks impossible at the moment it could actually happen, but still unlikely. Even if XRP were only to hit $100 per coin you would still have made half a million dollars which isn’t bad and why this amount is still very significant. So, let’s keep those hopes alive.
Starting with 100,000 Coins
The most realistic way to become a millionaire with XRP in the short term is to have accumulated around 100000 coins. This number looks intimidating because it sort of is. However, you would only need to see an XRP price of $10 per coin to become a millionaire off of it. The bottom line here is that just getting started into the world of investing into cryptocurrencies is a big deal. Putting so much pressure on yourself to hit big targets in a short amount of time is probably not going to happen. However, you can start getting some XRP today and who knows where the price of XRP will be in the next 3-5 years.
Top 3 Exchanges To Buy XRP
Purchasing XRP via a reputable cryptocurrency exchange is the safest and most cost-effective way to buy XRP. Furthermore, the exchange you choose should accept your preferred payment method, whether debit, credit card, or ACH transfer. These are the top three cryptocurrency exchanges for purchasing XRP.
1. Uphold Crypto
Uphold is a multi-asset digital trading platform allowing users to trade 200 cryptocurrencies, including the most popular ones and various altcoins, novel tokens, and stablecoins. Customers may trade gold, silver, platinum, 37 other national currencies, and over 50 US shares. Uphold has expanded to serve over 10 million clients in over 150 countries since its debut in 2015.
Since its launch, the crypto exchange has processed over $4 billion in financial transactions. Customers benefit from Uphold’s compliance with regulatory organizations such as the Financial Conduct Authority (FCA) and the Financial Crimes Enforcement Network (FinCEN). The crypto exchange enables real-time cross-asset class trading and payment processing, bringing the utopian ideal of a future where everyone can access financial services one step closer to reality. You can get started on Uphold Crypto here.
Pros
- Accepts deposits via debit card, a bank transfer, or a SEPA bank account
- No minimum deposit requirement
- Offers multiple digital assets
- Quick and easy signup process
- Offers a user-friendly mobile app
Cons
- No demo account is available
- No leverage
2. Binance US
Binance is the most popular cryptocurrency exchange in terms of daily trading volume. Because of its rapid transaction speeds and low fees, this exchange is a market leader in the burgeoning cryptocurrency business. Binance Coin is today’s most feature-rich cryptocurrency exchange. Customers may add fiat dollars or bitcoin to their accounts using their credit cards or a third-party cryptocurrency wallet.
Binance was launched a few years ago by CEO Changpeng Zhao, who later relocated the company’s headquarters from China to Malta, a cryptocurrency-friendly island republic. A wide range of cryptocurrencies is accessible, from the most well-known to the most obscure. Binance users can choose from a large range of cryptocurrencies. You can get started on Binance here.
Pros
- Binance offers multiple tutorials and customer support
- Offers a wide range of crypto assets
- Accepts deposits in both crypto and fiat currency
- Strong security features in place to protect customers
Cons
- KYC compliance is not suitable for traders seeking anonymity.
- No demo account
3. Crypto.com
Crypto.com has been in the crypto exchange business since 2016, making it an experienced participant. The crypto exchange is an excellent option for cryptocurrency investors of all skill levels since it provides a one-stop shop for all cryptocurrency transaction needs.
With Crypto.com’s user-friendly interface, purchasing XRP from the comfort of your own home is a breeze. You can complete your purchase after signing up and validating your identity. Some clients use the Crypto.com website to buy or sell digital currency. However, the crypto exchange also offers a tremendously user-friendly mobile app for iOS and Android smartphones. If you need to purchase XRP on Crypto.com, utilizing a debit card is your best option. You can get started on Crypto.com here.
Pros
- Multiple crypto assets to trade
- Offers a Visa card that lets you spend and earn points
- Allows users to earn interest on their crypto holdings
Cons
- Resources for learning are scarce
- High trading fees
- The app’s live chat help may sometimes be unresponsive
Risks Involved in Investing in XRP
Volatility: The cryptocurrency market can be volatile, and XRP is no exception. If your a trader things can move up and down rather quickly. This can ultimately lead to massive gains or massive losses. Long term holding is usually the best approach.
Regulatory Concerns: XRP’s association with Ripple Labs has led to regulatory scrutiny, and any adverse regulatory decisions could impact its value. For now, things look good since XRP does finally have regulatory clarity.
Market Manipulation: Cryptocurrency markets do deal with manipulation due to their relatively low trading volumes, which can lead to sudden price swings. You always need to be on your game and not get emotional when your trading or long term investing.
Final Thoughts
To all of you out there with the dream of one day becoming an XRP millionaire remember in the world of cryptocurrency anything is possible. We’ve seen meme projects turn $1000 into over 1 million and quickly drop in price. The thing about XRP is that it’s also sort of a safer blue chip crypto being in the top 10 of all coins now for many years. If you only get one thing from this article it should be to just get started investing as soon as possible. You will thank yourself years down the road.
