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XRP is the utility token of the XRP Ledger, which is a decentralised payments network designed by Ripple Labs to offer ultra-fast and low cost global transactions.
It has remained one of the largest cryptocurrencies by market capitalisation since it launched in 2012.
The easiest place to buy XRP (Ripple) in Australia is via a recognised cryptocurrency exchange. If this is your first time buying XRP or crypto in general, you'll need to have following handy: a computer or phone, photo ID and a way to pay.
You can follow the steps below to get started:
If this is your first time buying cryptocurrency, it might be easier to use an exchange that lets you buy XRP with Australian dollars directly via your preferred payment method.
You can compare crypto exchanges based on their payment method options below:
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not AUD.
If you want to buy XRP with Australian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Australia and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
XRP (XRP) was launched in 2012 by David Schwartz, Jed McCaleb and Arthur Britto. It was designed as a digital payment network to reduce the cost of international payments.
The XRP Ledger is an open-source and peer-to-peer decentralised payment gateway that aims to provide "utility for the new global economy". XRP is the native token of the XRP network and is used by the company Ripple Labs Inc for cross-border settlements.
It acts as an infrastructure layer that supports low-cost, borderless transactions and allows for transferring money and cryptocurrency.
Unlike other cryptos such as BTC and ETH where new blocks are generated via mining or staking, XRP pre-mined 100 billion tokens at its launch.
These tokens were distributed to individuals and companies, with a large majority of tokens held by just a few entities.
Ripple is the payment and settlement protocol that underpins the XRP Ledger. It is distributed open source network and can be used to support currency exchange, remittances and real-time settlements across borders.
XRP is treated as an asset by the Australian Tax Office (ATO), which means that if you've bought, sold or earned XRP during the financial year, you will need to report it at tax time.
Investors will need to declare any profits as capital gains, while losses can be used to reduce your tax bill or offset any future gains.
If you make frequent trades in a professional capacity you may be classified as a trader, which is a bit more complex.
Learn more in our guide to crypto tax in Australia or use our round-up of the best crypto tax software to make tax reporting easier.
In late 2020, the Securities and Exchange Commission (SEC) sued Ripple Labs over the allegation that it had raised more than $1 billion through the sale of XRP in an unregistered security offering.
These are the latest developments on the XRP legal battle (as of November 2024):
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