Jan 31, 2021
How to buy Ripple (XRP) on Luno
XRP is the native cryptocurrency of the XRP Ledger. It’s a digital asset built for global payments. It facilitates cross-border payments by acting as a bridge between different currencies. XRP is best known for being the cryptocurrency used in Ripple’s On-Demand Liquidity (ODL) payment service.
A key feature of XRP is that the tokens are not mined. XRP has a finite 100 billion coin supply — a significant difference when compared with Bitcoin’s 21 million coin limit.
The XRP Ledger works through a unique consensus algorithm which uses a network of validating servers, rather than Proof-of-Work (PoW) or Proof-of-Stake (PoS). This results in much faster transaction speeds. An XRP transaction confirmation takes an average of 3–5 seconds to complete. This is significantly faster than other cryptocurrencies or today’s traditional financial networks, which can take days.
This speed is why XRP is also used by banks and payments companies to facilitate faster and more efficient cross-border payments.
How do I buy XRP with Luno?
How do I create an XRP Wallet?
There are two ways to create an XRP Wallet.
- When you select your XRP trading pair on the Luno Exchange, and place an order, a new XRP Wallet will automatically be created for you which will be used to store your newly traded XRP.
- Another way to create an XRP wallet is by manually adding it to your account.
Read more about how to set up your XRP Wallet.
Can I send XRP to Luno?
You can send XRP to and from Luno the same way you send other cryptocurrencies through Luno, but you will need to include a 9 digit tag and address when you send XRP. Just provide the sender with either your XRP receive address or your QR code. You can find these under Receive in your XRP Wallet under Wallets on the menu bar.