What is Ripple XRP and how to Buy it in New Zealand

Ripple XRP logo in a blue blockchain vortex

What is Ripple XRP?

Ripple (XRP) is a centralised cryptocurrency, that aims to make it faster and cheaper to send money around the world. While most cryptocurrencies try to get far far away from governments, banks, or any form of central control, Ripple is the opposite.

Ripple is trying to work with the old school banking system to change the way international payments work. If you are looking to buy XRP in NZ at the cheapest prices in NZ, you have come to the right place. With over 200 partnerships with major banks like ANZ, Westpac and the Bank of America, the future of XRP at this point of time is looking bright.

If you are totally new to cryptocurrency and would like to learn the basics, click here for our simplified overview 🙂

The structure around Ripple is more complicated than most cryptocurrencies, and “Ripple” can actually mean a few different things:

  1. First, there’s Ripple the currency, or XRP as it’s known for trading. This is the coin that you can buy.
  2. Then there’s the privately held company behind the currency, known as Ripple Labs
  3. Finally, there are the Ripple networks, or the infrastructure and systems created by Ripple Labs. These are known as XCurrent, XVia and XRapid, and they all do different things.

 

What’s good about XRP?

  • Fast – 4sec (compared to 2min for Ethereum, 10min+ for Bitcoin, and 1-5 days for traditional cross-border payments)
  • Scalable – can (theoretically) scale to handle the same volumes as the Visa network
  • Cheap – currently it costs 0.00001 XRP (just fractions of a cent) to send a payment on the network
  • Ripple has a very impressive partners list already

XRP ripple partners list

You can see Ripples full partnership list here -but the list includes many huge names such as Westpac, ANZ, HSBC, The Bank of America , Western Union, The Bank of England, JP Morgan, The Royal Bank of Canada, The Commonwealth Bank of Australia, The National Bank of Abu Dhabi, Sony Bank, The Bank of Thailand, Barclays, Mitsubishi Corporation, and American Express.

how to buy Ripple XRP image

How to buy XRP in New Zealand:

Your best bet for buying Ripple’s XRP in New Zealand is with us, Easy Crypto. 🙂

Easy Crypto trust pilot reviews screenshot

  • You can buy XRP through us at the best broker prices in NZ
  • We are the only crypto broker to have a 100% funds safety guarantee
  • We have the easiest interface, making us perfect for beginners.
  • We will send your XRP directly to your own personal XRP wallet

If you don’t have an XRP wallet yet, see our guide on setting one up here.

Buying Ripple XRP through Easy Crypto in New Zealand GIF

How does XRP work?

For the last 40 years, a Belgium company called SWIFT has dominated the global payments infrastructure. Facilitating roughly 5 trillion dollars per day on its network, Swift has undoubtedly held the throne for global international payments over the last half-century.

Due to this domination, however, they haven’t been working hard on upping their game and innovating. This is why In 2019, it still takes 1-5 days to send money overseas using the traditional money transfer system. This is where Ripple comes into play.

1. Bank A wants to send money to bank B.
2. Bank A uses Ripple’s payment system to instantly convert local currency into XRP
3. XRP is sent from Bank A Bank B in less than a second with minimal fees
3. Bank B receives XRP and instantly converts it to their local fiat

Ripple XRP transaction speeds infograph

What does it mean to be ‘Centralised’?

Ripple is built on blockchain technology, just like Bitcoin. Unlike Bitcoin, however, Ripple is centralised. This means that only a limited number of users/computers (known as “nodes”) can validate the transactions on the network. The Ripple network has 55 nodes, and these nodes are appointed by Ripple Labs. For comparison, there are no limits on the number of nodes on the Bitcoin network, and anyone can opt-in to be a Bitcoin node.

It’s also interesting to note that Ripple Labs holds 60% of all XRP, and the founders of Ripple own 20%. So only 20% of XRP is actually out there on the market.

Ripple logo and icon in front of a swimming pool

What’s the outlook for Ripple?

Ripple has had a wild ride, going from an all-time high of USD$3.29 in January 2018 to just USD$0.49c in June 2019, and the future outlook for Ripple is anyone’s guess. The size of the international payments pie is enormous, and due to network effects, the blockchain solution that gets there first would be capturing a large and valuable market. So the potential for Ripple is significant.

However, for XRP to sky-rocket again, Ripple Labs will need to continue gaining traction with banks, and ward off competitors such as Stellar Lumens and SWIFT.

See our opinion piece of if you should buy Ripple XRP here.

Start buying and selling XRP at the best prices in New Zealand now