XRP (XRP) is a cryptocurrency conceived earlier than Bitcoin (BTC), designed as a platform for affordable and rapid cross-border transactions. This guide breaks down the minimum purchase amount, order limits, and associated fees on platforms like Coincheck, with clear examples.
Table of Contents
What Is XRP?
XRP is one of the most prominent cryptocurrencies today, with the currency unit denoted as XRP. Developed by Ripple, Inc. (formerly OpenCoin) in 2012, it operates on the XRP Ledger, an open-source decentralized ledger. Unlike traditional cryptocurrencies, XRP aims to bridge global financial institutions through its high-speed payment network.
High-Speed Payment Network
XRP is tailored for institutional use, enabling seamless cross-border transactions without intermediaries like correspondent banks. Its bridge functionality allows exchanges between fiat currencies (e.g., JPY, USD) and cryptocurrencies (e.g., BTC), reducing fees and processing times significantly.
👉 Learn more about XRP’s role in global finance
Total Supply: 100 Billion XRP
XRP’s total supply is fixed at 100 billion tokens, all of which are already in circulation. Ripple, Inc. holds ~50 billion XRP in escrow, releasing them gradually to stabilize market supply. This scarcity could drive long-term value as adoption grows.
Buying XRP on Coincheck: Minimum Purchase of 500 JPY
On Coincheck, the minimum purchase amount for XRP (or any cryptocurrency) is 500 JPY. Alternatively, you can buy XRP using Bitcoin (BTC), with a minimum order of 0.001 BTC. The same limits apply when selling XRP.
Example Calculation:
If XRP’s price is 49.404 JPY/XRP, the minimum order of 500 JPY buys 10.12 XRP.
Cryptocurrency Trading Fees
Convenience Store Deposits
- <30,000 JPY: 770 JPY fee
- ≥30,000 JPY: 1,018 JPY fee
- Max deposit per transaction: 300,000 JPY
Quick Deposits
- <30,000 JPY: 770 JPY fee
- 30,000–500,000 JPY: 1,018 JPY fee
- ≥500,000 JPY: 0.11% + 495 JPY
👉 Compare fees across platforms
Transfer Fees
- Coincheck user-to-user transfers: Free
- External wallet transfers: 0.15 XRP fee
Fees are current as of June 2023.
How to Buy XRP
- Deposit JPY into your Coincheck wallet via bank transfer (free) or convenience store/quick deposit (fees apply).
- Navigate to the XRP trading page and enter your purchase amount (minimum 500 JPY).
- Confirm the transaction.
FAQs
Q: Can I buy fractional XRP?
A: Yes! Coincheck allows purchases as small as 500 JPY (~10 XRP at current rates).
Q: Are there recurring fees for holding XRP?
A: No. Only transaction-based fees apply.
Q: How fast are XRP transfers?
A: Transactions typically settle in 3–5 seconds, making it ideal for remittance.
Q: Is XRP a good long-term investment?
A: While XRP’s utility in cross-border payments is strong, always diversify your portfolio and research market trends.
Disclaimer: Cryptocurrency trading involves risk. This content is for informational purposes only and not financial advice.
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