Earn Free Ripple
Working at a job to earn Ripple is all well and good, but what if you want to pick up some Ripple in your spare time. It is possible to get free Ripple coins without having to work at it full time, which will be discussed in the next section.
How to Earn Free Ripple Coin
There are several different ways how to earn a free Ripple coin that takes very little effort. Some of the methods you may want to consider include:
- Faucets: Crypto faucets have users complete a variety of tasks that include playing games, watching videos, answering surveys, and completing captchas. In return for completing these tasks, users receive a small amount of Ripple. XRP isn’t the only cryptocurrency you can get from faucets. You can also earn Ethereum and many other cryptos using the same method.
- Micro Earnings: This is a concept that was lifted from faucets and works in the same way. Members of a micro earnings site complete tasks and are rewarded with XRP and other cryptocurrencies.
- Airdrops: Ripple airdrops are promotional events where anybody who already owns some Ripple has a chance to pick up some free XRP. The only requirement is to have some Ripple in your wallet. Airdrops are random with no way of knowing when one will occur so it may behoove you to keep a small amount of XRP in your wallet just in case.
Earn XRP
A good way to earn XRP is by having a Ripple account on a crypto lending site. The way this works is that investors/lenders make a Ripple deposit to the platform for which they will earn interest. The platform loans these deposits to borrowers who secure the loan with collateral which ensures the lender’s deposit is safe in the event the borrower defaults. The platform manages all the details and once an investor has made their deposit they will earn XRP until they withdraw their funds.
BlockFi
BlockFi is a crypto lending platform based in New Jersey and launched in 2017. They offer interest earning crypto accounts as well as crypto backed loans. If you read our full BlockFi review you will see that their site doesn’t handle XRP. However, they do provide interest earning accounts for Bitcoin, Ethereum, Litecoin, PAX, USDT, GUSD, PAXG and USDC. They also provide crypto backed loans with Bitcoin, Ethereum, Litecoin, and PAXG being the cryptocurrencies accepted as collateral.
YouHodler
YouHodler is a Swiss crypto loan platform founded in 2019. They provide interest earning accounts for Ripple and 21 other cryptocurrencies on their site. The interest rate for Ripple accounts is currently 4.5% APY. In order to open an account, a minimum deposit of $100 is required. YouHodler accounts have no monthly fees. The site also offers crypto backed loans in Euros, GBP, Swiss Francs, US dollars, USDT, and Bitcoin. Loans may be secured using Ripple and 17 other cryptocurrencies as collateral.
CoinLoan
CoinLoan is located in Estonia and provides a nice variety of crypto interest earning accounts and cryptocurrency backed loans. This crypto lending platform got its start in 2016 and offers some of the best interest rates on crypto as long as you stake the CoinLoan Token. With staking the interest rate on Ripple accounts is 7.2%. Without staking that rate falls to 5.2% which is still not bad. The minimum required deposit to open an account is €100 and there are no fees to bother with. Crypto backed loans are also available but XRP is not accepted as collateral nor is it one of the cryptocurrencies which are loaned.
How to Make Money with Ripple
Many investors feel the best way to make money with Ripple is through trading. Although Ripple isn’t as volatile as some of the other cryptocurrencies it still sees enough movement so that a skilled trader can do quite well as it changes in value. Ripple and Bitcoin trading may see multiple trades made in a very short time as the market fluctuates. There is the possibility for some big returns but there is some risk involved as well. There are a lot of good cryptocurrency exchanges traders can use. The best exchange for XRP will depend on your specific needs but Binance and Kraken are a good place to start.