First, you must connect to an XRP Ledger server so you can get the current status of your account and the shared ledger. You can use this information to automatically fill in some required fields of a transaction. That said, DEXs built on non-XRPL blockchains are not generally compatible with XRP. However, tokens that track the value of coins on non-native blockchains are sometimes created, which can essentially enable the trading of those assets on different blockchains. For example, an XRP token created on the Ethereum blockchain with each token backed by an amount of XRP would indirectly make XRP tradable on an Ethereum-based DEX. Another reason for selling XRP into another crypto asset might be if the user wants to buy or hold a different asset instead of XRP.
Ripple has asserted several times that XRP and the XRPL blockchain are independent of the Ripple company, although Ripple does utilize XRP and its blockchain in specific ways. Crypto.com DeFi Wallet is a decentralized (non-custodial) wallet where you’re the one and only custody of your wallet and crypto-assets. Your XRP/XLM addresses are unique to you and aren’t shared with other wallet users, that’s why there isn’t a destination tag/memo in addition to your XRP/XLM address to identify your wallet. To prevent ledger spam and maintain the efficiency of the network, Stellar requires small transaction fees and minimum balances on accounts. Transaction fees are also used to prioritize transactions when the network enters surge pricing mode.
How to Create an XRP Card on Uphold:
Password management essentially means having a system for protecting and storing important information, such as account login details and recovery phrases. Two-factor authentication (2FA) involves a second layer of security after logging into an account. After entering a name and password, 2FA requires a second code for account entry. The code can come in several forms such as an ever-changing number from a synced mobile application. People or nefarious programs may attempt to trick hardware wallet holders into typing in their recovery phrases to steal related crypto holdings.
Our support of XRP is yet another example of how Uphold continues to expand and support the growing demand for digital currencies, including tokens, coins, and emerging assets. It is also important to note that Ripple and XRP are different entities, as expressed by Ripple. XRP is a digital asset that runs on a blockchain called the XRP Ledger, or XRPL.
How to sell XRP for USD
Caution is advisable when choosing and downloading wallet software due to viruses, fake apps, or other nefarious efforts that may exist to steal holders’ crypto. One such instance could involve an XRP holder clicking on a website link disguised as a legitimate wallet provider, except with a slightly different website address. The XRP holder might assume that they are setting up a new wallet after downloading software from the fake site.
- Learning how to send and receive XRP, knowing crypto security practices safely and researching reputable products are components of effectively managing and interacting with XRP.
- XRP, underpinned by the XRP Ledger (XRPL) blockchain, is a payments-focused crypto asset.
- XRP holdings on centralized crypto exchanges are typically an exception to this minimum balance rule, however.
- We will not be able to locate/reverse the funds if you fail to include the destination tag/memo when sending to a centralized wallet.
- A less straightforward option might be swapping XRP for a different crypto asset and then transferring that crypto asset to a compatible exchange to sell it for USD.
- Desktop wallets are programs or apps downloaded from the internet to store and manage crypto assets via an interface.
Then, we compare that to the additional requirements for doing the equivalent in production. Selling XRP in person may require multiple components, such as an XRP wallet loaded with the amount the seller wishes to offload and an internet connection. Steps for completing the transaction may look similar to those noted in Cointelegraph’s article on buying XRP, linked above. It is crucial to think about the trading expenses linked with the transaction you choose to carry out. While XRP transfers are nearly free, exchanges charge a fee for each deal, with fiat withdrawals costing significantly more. You will not be able to receive any balances before your wallet is activated with a first top-up or receiving 10 XRP/1XLM in one go.
Paper wallets essentially hold crypto-asset details on a piece of paper, as the name implies. Using this kind of wallet involves an asset holder making a new wallet via specific websites and printing out the essential details on a piece of paper. Important paper wallet details generally include a wallet address to which funds can be sent, as well as a private key.
Desktop and mobile wallets
As most centralized solutions use one address for all users for these cryptocurrencies. Failure to include destination tag/memo when sending XRP/XLM to a centralized address would lead to loss of funds and it’s irreversible. A decentralized exchange (DEX) essentially connects buyers and sellers through code online without the help of a third party. With a DEX, users generally don’t need to log in via a centralized account, but instead, connect a compatible wallet with which to trade. This is a key differentiator, as most retail competitors only provide custodial services aimed at crypto speculators. Uphold members now have full access to the XRP ledger including the ability to deposit and withdraw XRP to/from external addresses.
Make sure that the destination is compatible with XRP and copy the XRP wallet address of that location. Open the location in which the stored XRP is held, click send (or something synonymous) and paste that wallet address into the destination/recipient field. Type in the desired amount of XRP to send, ensure that the recipient address is correct and then complete the transaction. For example, you never know who or what is monitoring your website activity, and that entity could be able to obtain your private key once you have entered it to send a transaction. Protecting passwords and using 2FA can help guard users against individual account hacks, although if a party attacks the whole exchange’s backend, then individual security will not help. For security reasons, holding significant asset amounts in personal wallets off exchanges may be of benefit in this regard.
How to Withdraw Ripple (XRP)
Before selling your XRP holdings, it’s a good idea to look at the asset’s price activity to see whether you may make or lose more money by simply holding on for a little longer. You may also need to assess your entry point to see whether selling your assets will result in a profit or loss. When selling XRP for USD or other cryptocurrencies, several aspects to consider include market action, trading costs, transaction size and transaction limits. RippleNet’s On-Demand Liquidity (ODL) service uses the digital asset XRP to act as a bridge between two currencies, allowing you to avoid pre-funding destination accounts, save operational costs and free up cash. Please refresh your wallet by pulling down the screen on the Home Page to sync the latest balances and transactions.
To submit transactions, an address must hold a minimum amount of XRP in the shared global ledger. To fund a new address, you must send enough XRP to meet the reserve requirement. We will not be able to locate/reverse the funds if you fail to include the destination tag/memo when sending to a centralized wallet. In addition to the mentioned XRP selling options below, XRP holders can use the asset as a method of payment at certain businesses. Owning XRP likely means the holder already has an XRP-compatible wallet or crypto trading platform account. Failing to provide the correct destination tag, whenever it is required, may result in a permanent loss of the XRP transferred.
An XRP seller might find it prudent only to sell in-person to a family member or friend. Each DEX is often built on a specific blockchain, though, so compartmentalization (a division of something into sections) can be an issue. For example, a DEX based on the Ethereum blockchain would trade tokens built on that blockchain, but not tokens or coins running on separate blockchains.
Example of an XRP transfer
Before you register with a crypto exchange, you might want to check the fees they charge for crypto transfers. Bitstamp, for instance, charges no fees at all for XRP deposits and just 0.02 XRP for withdrawals. Paper wallets often come with QR codes, making the process easier but not necessarily safer. The coin runs on its own blockchain, however, so holders must make sure their chosen wallet is compatible with XRP. XRP, underpinned by the XRP Ledger (XRPL) blockchain, is a payments-focused crypto asset. XRP is the original digital asset on the XRP Ledger, which is permissionless, open-source and decentralized blockchain technology that can settle transactions in as little as three to five seconds.
This integration follows our Phase One announcement in March, we were one of the first global platforms to enable support of XRP and the first to enable USD/XRP pairings. This is another huge milestone for the Uphold ecosystem, as XRP has become one of the fastest-growing digital assets in 2018. One noteworthy point is that all XRP wallets must hold at least 20 XRP, due to the way the XRPL runs. At least 20 XRP must be sent to a new wallet to activate that wallet on the XRPL, and then 20 XRP or more must stay in that wallet as a minimum balance going forward. The 20 XRP minimum limit is also subject to change based on blockchain voting.
One option might include selling XRP for an asset that might be tradable for USD on a separate exchange, such as BTC, and sending that BTC to such an exchange. Once the BTC arrives on that exchange, it could then be sold for USD, followed by completing a USD withdrawal. Other inherent downsides of paper wallets are that they are not as physically durable as other wallet forms.
The XRP Ledger applies reserve requirements, in XRP, to protect the shared global ledger from growing excessively large as the result of spam or malicious usage. The goal is to constrain the growth of the ledger to match improvements in technology so that a current commodity-level machine can always fit the current ledger in RAM and the full ledger history on disk. Selling XRP via an in-person P2P transaction is not free of dangers, though, similar to carrying out other types of financial activities, especially if the buyer is a stranger.