In the past month, the price has gone up by +977% & people who have invested in XRP are making a great profit.
As of right now (May 2017), XRP is one of the best cryptocurrencies to invest in.
If you are planning to buy Ripple (XRP), you may have a couple questions:
- Where should you store XRP?
- What wallet supports XRP?
- How to buy XRP?
In this guide, I will help you understand everything you need to start holding XRP.
I have also shared some of the best XRP wallets in the market that are safe, secure, and trusted by other cryptocurrency enthusiasts like you.
Let’s start with where can you get XRP…
Where can you buy XRP?
There are many places from where you can get XRP.
The best way is to buy Bitcoin & exchange them for Ripple.
- Changelly & ShapeShift are two popular websites to exchange BTC (or other cryptocurrencies) for XRP. Personally, I’m a big fan of Changelly.
- Another method is to use an exchange like Poloneix & buy XRP using Bitcoin or USD.
- You can also buy XRP from Bitstamp.
- Other exchanges which support buying Ripple are Kraken, Coinone (Korean), Bitso, and Coincheck.
Once you have finalized the way you want to get XRP, the next thing to figure out is where to store them.
XRP Wallets: Best Wallet For Ripple Cryptocurrency
Before I share about top wallets for XRP, you need to know one important thing:
Unlike Bitcoin wallets which are free, Ripple wallets require you to have 20XRP to book your wallet address.
So if you add 1000 XRP to your Ripple wallet, 20XRP will be used to book the wallet address. This is one reason you don’t want to use multiple wallets for XRP (unless required).
Pick the right wallet from day one so that you don’t end up losing 20XRP on various wallet addresses.
Do remember, there are various kinds of cryptocurrency wallets & you can read more about them here.
Ledger Nano S is a hardware wallet that has recently added support for XRP.
Being a hardware wallet, it is one of the best ways to store your cryptocurrency as it offers great security, ease of use, and you can carry it with you anywhere.
I recommend Ledger Nano S as it supports many popular cryptocurrencies including:
Dash, BTC, ETH/ETC, Stratis, Zcash, and now it supports XRP.
You should order it from the official site here & it will take 4-7 days to have it delivered to your doorstep.
Once you have it, you can check out our Ledger Nano S video library to learn how to start using the Ledger Nano S.
Gatehub is a popular website that allows you to store XRP & as well as buying them using USD or Euro.
You can start by creating an account.
NOTE: Don’t forget to write down the recovery key on a piece of paper & save it in a safe place. In case you ever forget your Gatehub password, this is the only way to recover your XRP wallet.
Once you have created an account on Gatehub, the next step is to do the KYC & activate your account.
Once all of this is done, you can deposit your funds (in USD or Euro) & purchase XRP directly from Gatehub.
The interface is pretty neat & you won’t have any problem understanding how to use the Gatehub website.
CoinPayments is recommended by CoinSutra reader “Dipen” and this one is a solid multi crypto currency wallet. With one account you will be able to store XRP along with many popular Cryptocurrincies & upcoming altcoins.
Unlike other XRP wallet mentioned in this resource, for receiving XRP on coinpayments wallet you need to add the destination tag.
CoinPayments is more than just XRP Wallet as it offers payment gateways for merchants to accept payments in cryptocurrencies. Right now I’m trying there EDD integration & would let you know how it goes. For short term parking, this one is a solid solution for storing XRP coins.
If you want to get XRP right now, you can use Poloniex to get an XRP wallet.
However, you should not store your XRP for more than 1-2 days on an exchange (any exchange) as exchanges can shut down or go into issues at any time and put you at risk of losing your stored coins.
When I needed to get ahold of XRP urgently, I used Changelly to convert my bitcoins into XRP & stored them on my Poloniex wallet.
You can, later on, transfer these XRP to the Ledger Nano S (or any other hardware wallet that supports XRP).
Here is the statement from Poloniex about 20XRP for holding your Ripple deposit address.
IMPORTANT: The first time you deposit to a Ripple deposit address, 20 XRP will be held there to reserve the address. This is because the Ripple network requires a minimum of 20 XRP to be in any active address. The money does not go to anyone, and the difference will be credited to your account if the minimum requirement is ever lowered. Once you have funded your deposit address with 20 XRP, you will be able to deposit any amount and receive your full deposit. Please note that if you generate a new deposit address, you will have to fund that one with 20 XRP as well.
With time, I expect more popular wallets to integrate XRP & make it easier for us to store Ripple.
However, for now, these are the top Ripple wallets that you can start using right away.
If you are someone who is investing in cryptocurrencies, I would recommend you to just order Ledger Nano S hardware wallet which ensures that you remain in total control of all of your coins.
Have a question about storing XRP? Let me know in the comments section below. Also, what’s your prediction for Ripple in the coming days?
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