By
Tolu Ajiboye
May 13th, 2024
RippleNet, which is a network of banks and payment providers that partnered with Ripple to allow users to access funds fast, is one of the reasons why the token has exploded recently in Australia.
Since cryptocurrencies have gone mainstream, people are learning more about them and are discovering that there are other currencies in the world besides Bitcoin. If you ask the average investor today, most will be able to name at least two or three alternative coins, which is a good thing.
These coins will usually differ based on the market and it seems as though Australian crypto investors have taken a liking to XRP. XRP is very different from other coins as it is meant to work with legacy systems, not against them. Let’s take a look at some of the reasons why the token has been so popular in the country, what makes it so special, and how you can trade it safely and easily.
What Is XRP Exactly?
The main goal of XRP is to facilitate remittances between financial institutions and remittance-heavy nations. It was created to fix some of the issues with the SWIFT network, notably time delays.
With SWIFT transfers, it can take as much as five days for funds to be in an account. This can be done in minutes with XRP. Things become even worse when it comes to money transfers in exotic corridors. If you want to send money to South America, for instance, you can expect to wait as long as ten days for the money to arrive. This is, again, something that can be completed in minutes with XRP.
How to Buy XRP in Australia
If you want to buy XRP of any cryptocurrency, you will first need to find a solid wallet. Wallets are what will verify your transactions on the blockchain and allow people to send coins to you. You can either go for a hardware wallet that will be disconnected from the internet, or a software wallet that can be installed on the device of your choice.
Next, you will have to find a reputable exchange. If you live in Australia, we strongly suggest you look at Coinspot. Customers can use CoinSpot to buy XRP in Australia as it’s highly regarded as the safest crypto trading platform with some of the best commissions. Once you’ve found a good exchange, all you have to do is complete the verification process and start an exchange either with fiat money or other cryptocurrencies.
Why Is XRP So Popular in Australia?
RippleNet, which is a network of banks and payment providers that partnered with Ripple to allow users to access funds fast, is one of the reasons why the token has exploded recently in Australia. RippleNet was launched in Australia back in 2019 and has been growing in popularity ever since. Activity on the Australia corridor reached a peak back in May 2020.
Another reason why so many investors gravitate towards XRP is its relationship with the banking system. While some in the crypto circles see this collaboration as a form of treason, many new investors might see this as a sign of legitimacy.
The future of XRP in the country seems to be very bright and now could be a good time to look into investing. This coin has a lot of potential and should stay on your radar if you’re looking to make an addition to your cryptocurrency portfolio.