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What is Ripple (XRP)? How to Buy XRP in NZ?

Take a closer look at the Ripple (XRP) network and how it's set to evolve the way we send payments around the world.

Posted July 27, 2023
Last updated July 31, 2023

Man holding an XRP coin to illustrate the topic of what is ripple xrp
Man holding an XRP coin to illustrate the topic of what is ripple xrp

Ripple (XRP) is a cryptocurrency that aims to allow people to send money around the world faster and cheaper.

While most early cryptocurrencies lack features that allow easier monitoring transaction activities, among other regulatory activities, Ripple was designed to thrive within regulatory frameworks. Ripple invites the traditional legacy banking system to change the way international payments are done.

Key takeaways:

  • Ripple has two parts: Ripple (XRP), refers to the token, and Ripple Labs as the compoany that designed the infrastructure and network.
  • XRP is Ripple’s native cryptocurrency token, that provides a solution to transfer funds globally across borders efficiently and near-instantly.
  • The primary function of XRP as a token is to serve as a bridge currency for legacy financial institutions to exchange fiat and crypto in a more cost-effective way.

Ripple (XRP) explained

First created by Ripple Labs in 2012, like Bitcoin, Ripple uses a distributed transaction ledger, powered by blockchain technology, to maintain record security and immutability. However, this is where the similarities end.

Ripple XRP logo.

XRP transactions are performed across a permissioned blockchain. Behind the blockchain network is a private company that runs a collection of private computer nodes that validate transactions.

Every transaction is processed by a validator who has special permission to help maintain the Ripple payment network. This is very different from Bitcoin. With Bitcoin, it is possible for anyone to help validate transactions.

Add Ripple to your portfolio: Click here to invest in XRP.

What’s good about Ripple XRP?

  • Fast4 seconds (compared to 2 minutes for Ethereum, 10+ minutes for Bitcoin, and 1-5 days for traditional cross-border payments).
  • Scalablethe network can theoretically handle the same volume as the Visa network.
  • CheapIt costs 0.00001 XRP to send a payment on the network. 
  • Trusted partnershipsRipple has a very impressive partners list already.

You can see Ripple’s full partnership list here – but the list is not exhaustive:

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  • Bank of America
  • American Express and Santander
  • SBI Holdings
  • MoneyGram
  • National Bank of Fujairah PJSC (NBF)
  • Money Match
  • Standard Chartered Bank (SCB)
  • Westpac Institutional Bank and Bank of Australia
  • Royal Bank of Canada
  • Unicredit
  • Reisebank
  • ATB
  • National Bank of Abu Dhabi
  • UBS

With over 200 partnerships with major banks like Westpac and the Bank of America – the future of XRP at this point of time looks bright.

A traditional bank building
Banks are only as strong as their network; XRP works together with banks, not against them. Source: Bank of England on Flickr

Is Ripple XRP a company, currency or network?

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

  1. First, there’s the cryptocurrency XRP. 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.

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.

Ripple XRP physical coin.

Unfortunately, it could still take days to send money overseas using the typical traditional money transfer systems such as SWIFT.

This is where Ripple comes into play. Here is roughly how XRP works:

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.

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 computer 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 to 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.

Learn more: What is blockchain technology?

Ripple vs Bitcoin

Ripple uses a permissioned blockchain because Ripple is designed to be used by mainstream banks and payment processors.

Banks occasionally have to reverse a transaction or freeze customer funds at the request of law enforcement officials. However, with Bitcoin, reversing payments is not possible.

By comparison, reversing payments and freeing customer deposits with Ripple is easy. As a result, XRP and the Ripple network are fully compliant with anti-fraud, anti-money laundering, and other worldwide regulations governing traditional payment settlements.

What is Bitcoin? Everything you need to know about Bitcoin (BTC).

How to buy Ripple (XRP) in New Zealand

Buying Ripple (XRP) in New Zealand is easier than you think! Here at Easy Crypto our mission is to make it easy for Kiwis to buy XRP and over 160+ cryptocurrency assets.

Follow our guide below to get started!

Step-by-step guide on how to buy crypto in New Zealand:

  1. Sign in to your Easy Crypto Account

    Visit the Easy Crypto New Zealand, then proceed to log in to your Easy Crypto New Zealand account using your credentials.

    If this is your first time – welcome! Click on the Sign Up button on the top right to create an account and proceed with the account verification process to get started.

  2. Select the cryptocurrency you want to buy

    On the homepage, select Ripple (XRP) and enter the desired amount of NZD you want to spend.

    Screenshot of Easy Crypto NZ homepage showcasing the Ripple XRP and NZD pairing

    Afterwards, proceed to click the Buy Now button.

  3. Enter your wallet’s receiving address

    Next, enter your wallet’s receiving address for the corresponding cryptocurrency you wish to purchase. If you don’t have a wallet yet, read our quick guide on setting up a crypto wallet.

    Gif screenshot of entering crypto wallet address.
    We’ve used Bitcoin (BTC) in this example to demonstrate this step.

    Alternatively, you can also click on I don’t have an address! button and we can offer your other options.

  4. Select your preferred payment method

    If you choose to pay with Account2Account or POLi pay, your order should be fulfilled shortly after payment confirmation – depending on the coin type and network congestion.

    If choose Bank deposit, your order will be processed and delivered once we receive your payment in our account with the correct reference – this can take a few hours or even days if the payment was sent over the weekend, as banks only process transactions during business hours.

    Screenshot of payment methods at Easy Crypto


Ripple’s payment network is already being used by several major banks and financial institutions. XRP coin prices have also previously topped highs of almost $2.

Some believe that Facebook’s Libra undermines the basic use case of XRP. Still, others believe that the risk to XRP is minimal.

This is because Libra is designed to be used by everyday Facebook users — not banks or mainstream financial institutions.

Get started with Ripple: Follow our guide on how to buy crypto in NZ.

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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.

Last updated July 31, 2023

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