What is XRP?
XRP is the native digital asset of the XRP Ledger, a public blockchain. On the XRP Ledger, XRP supports digital payments, protects the ledger from spam and bridges currencies within the ledger's decentralised exchange whenever that is useful to users.
This is what sets XRP apart from tokens issued on top of the XRP Ledger. XRP is built into the ledger itself, whereas other assets can be represented on the ledger as separate tokens.
How to buy XRP in Singapore
In the Crypto.com App, the basic steps are:
- Create an account and complete identity verification.
- Add funds using an available payment method.
- Tap 'Buy', search for XRP, enter the amount and confirm your purchase.
Trading is subject to account verification and eligibility.
How can you pay for XRP in Singapore?
You can hold SGD or USD on your account. Depositing SGD via FAST bank transfer is free on Crypto.com, as is depositing USD via Swift transfer, so you can buy XRP straight from your account.
You can also top up with a debit card, Apple Pay or Google Pay, or by crypto transfer. The minimum purchase depends on how you pay: from SGD 1 for direct purchases with Apple Pay or Google Pay, SGD 20 by card and SGD 50 by FAST bank transfer. Other transaction fees and spread may apply, so do check the details before confirming.
What should you check before sending XRP after buying?
If you send XRP to a centralised platform, the recipient may ask for a destination tag along with the wallet address. For XRP, the destination tag uses numbers only and helps the receiving platform credit the right account.
Leaving out a required destination tag when sending XRP to a centralised wallet can lead to irreversible loss of funds. Always check with the recipient platform whether a destination tag is needed before sending.
