Article Index
1. Introduction
2. Ripple Wallet/ XRP Wallet
3. Hardware XRP Wallet
4. Software XRP Wallet
5. Paper Wallet
6. Conclusion
Introduction
Launched in 2012, Ripple is a real-time settlement system, currency exchange, and payment network that was created by Ripple Labs Inc. This open-source protocol supports tokens that are denoted as XRP tokens. These token can be exchanged for fiat currencies, cryptocurrencies, or other units of value such as frequent flier miles or free minutes for mobile phones.
Note: Ripple’s native cryptocurrency XRP, became the second-largest cryptocurrency based on its market capitalization in 2018 for a few days, but was replaced by Ethereum soon after.
Over the years, the token has proved its worth in the market as it continues to dominate the altcoin market with a huge trading volume. Currently, XRP is trading at $0.29419 with strong resistance at $0.29700, and immediate support is present at $0.29310. The price is predicted to go up in the coming years.
We all are aware of the fact that the digital currencies are purchased from various exchanges, and to operate on them, a user needs an account on the exchange. But an essential part of this process is to have access to a digital wallet and in case of XRP, a Ripple Wallet.
Ripple Wallet/ XRP Wallet
Every crypto enthusiast and investor knows that the Ripple wallet works a little differently as compared to Bitcoin wallets. The difference is that Bitcoin Wallets are free to download and use, but the Ripple wallet requires the users to have 20 XRP tokens for booking their wallet address. The task of choosing the ideal Ripple wallet is a crucial one, and it should be done with proper understanding and after calculating every risk involved.
There are several XRP wallet that is available in the market for users to choose from, and some exchanges offer the service to buy and store XRP on their exchange. For a beginner in the investment world, this would be a convenient way to save their investments, but then this would also mean that the coins are the property of the exchange.
Note: Ripple has no maximum coin supply limit, and the developers have control over the launch of new coins. This is considered as one of the reasons for Ripple’s low price in the market.
Ripple Wallets are available in different types of versions depending on the user needs. These can be broken down into three categories as Software XRP wallet, Hardware XRP wallet, and the third type is Paper wallet. Let us further learn about these wallets and the options we can choose from.
Hardware XRP Wallet
A device that looks like your everyday USB drive, hardware Ripple wallets are small, secure USB devices that serve the purpose of storing the cryptocurrency funds offline. These wallets work by generating private keys and digital signatures offline, which makes them immune to hacker attacks.
These hardware wallets are improving their technology and safety every day to provide better service and experience to their users. The modern wallets come with small displays that can help you check the status of transactions and your balance. Some have added another layer of security as a recovery phrase from where the user can restore their funds in case the USB wallet gets damaged, lost, or stolen. Here are a few hardware wallets that you can buy:
1. Ledger Nano S
Located in France, Ledger is a leading provider of Hardware wallets to people for the storage of their cryptocurrency assets. With support from several cryptocurrencies, Ledger Nano S is the first choice of crypto investors for hardware storage.
You can buy it here.
2. Ledger Nano X
This is the updated version of the previous crypto wallet, and this one comes with more features like Bluetooth availability, storage of 100 apps, and more.
You can buy it here.
Software XRP Wallet
8 out of 10 people still use the standard way of storing their cryptocurrencies, i.e., in a software wallet. These wallets are online wallets that are accessible by almost every device, either through a browser or an app. However, these aren’t the safest way to store as the private keys are online and prone to cyber-attacks.
Almost all the wallets have apps for their platform, which helps the users in accessing their assets or trading on the go. It is suggested to use a software wallet that provides the storage of the private keys offline.
Mobile Wallets
Almost all the cryptocurrency exchanges have their apps that are available for the users to use, helping them manage their portfolios just with their phones. It is still preferred to use apps that store the private keys on the device in which the app is installed on.
Here are the best mobile Ripple wallets that you can choose from:
1. Abra Wallet
Abra Wallet is a financial service and technology company that uses a single application for the cryptocurrency exchange as well as cryptocurrency storage. The platform has more than 25 cryptocurrencies and support of 50 fiat currencies. It is available on both Android and iOS platforms for free.
You can access it here.
2. Atomic Wallet
With support for over 300 coins and tokens, Atomic Wallet is another platform that has an interface that is protected by mnemonic seed. The platform is user-friendly and also provides updates about the crypto world. The wallet is available for free download on Android and iOS.
You can access it here.
3. Toast Wallet
This is Ripple exclusive digital currency wallet that is compatible with Android and iOS devices. This open-source wallet also supports Linux, Windows, Mac OS. They offer the service of account recovery from within the app.
You can access it here.
Desktop Wallets
Desktop wallets are apps that can be downloaded on a user’s computer from where the user can access their crypto assets. Some companies offer the service of both mobile and desktop versions for their wallet platforms and allow the users to sync the two.
Web wallets are the ones that are present online as a website and have no support for the phone applications. These are considered as the least secure wallets to be used for the storage of cryptocurrencies.
Here is a few Ripple desktop wallet that can be used to store your cryptocurrencies:
1. Atomic Wallet
This wallet is also used on desktops and can be accessed using the computer. This decentralized wallet provides swap services between cryptocurrencies, as well. It includes support for macOS, Windows, Linux. The platform has no custody charges, and it is free.
You can access it here.
2. Exarpy
Exarpy is another Ripple desktop wallet that is available on the browser, and the website has support for desktop browsing as well as for the phone browser support. The address of the wallet and a key is needed to access the wallet, and both are given to the user. Exarpy charges a fee of 0.025 XRP per transaction.
You can access it here.
3. Coinpayments
With support for over 1665 cryptocurrencies and coins, this platform offers desktop wallet service, which helps in buying new coins and also allows the user to make payments using the assets in their wallets using plug-ins. The platform charges a 0.5% flat fee for their services.
Note: In December 2014, Ripple Labs collaborated with the global payments service platform Earthport to use Ripple’s protocol for payment processes.
You can access it here.
Paper Wallets
While this is not a technological advancement as compared to the hardware wallets but this is considered as the safest wallet for Ripple and other cryptocurrencies. These are a piece of paper where the wallet’s public and private keys are printed. The advantage of this is that the keys are generated offline, so the hackers are not aware of its existence.
The most significant disadvantage with these is that as the keys are printed on a piece of paper, it can be easily lost, damaged by water or fire, and so on. The solution to this is ordering a tamper-proof seal laminating the wallet, keeping it in a safe house, making a file, etc.
How to set up a paper wallet
The easiest way to set up a paper Ripple coin wallet is to use the Minimalist Ripple Client. This platform generates the public and private keys for the wallet after the confirmation of a user. The public keys start with “r,” and the private key is the one that is written under the public key.
It is advised to write down the generated keys on a piece of paper, as this is the only way to access the funds that a user has stored in the wallet. However, 20 XRP has to be sent to the wallet; otherwise, it will be offline.
How to buy Ripple
Ripple is the third-largest cryptocurrency based on its market cap, and it has proved to be a good investment for users as the market maintains a decent trend in the market. The market is much better than Bitcoin as it keeps fluctuating, whereas Ripple is comparatively stable.
Ripple is available on almost all the major exchanges from where it can be bought. A user has to set up an account on the exchange, and then from there, they can purchase Ripple in exchange for fiat currencies or any other cryptocurrency. These can be later stored in the user wallet that has to be activated with an initial balance of 20 XRP coins. Some well-known exchanges are Binance, CEX.io, Bittrex, etc.
Note: There are 100 billion XRP tokens that exist, but only 43,248,091,671 XRP is currently available in circulation.
Conclusion
Ripple has seen significant growth in its trading volume, and the charts have been showing a bullish trend for the XRP token. This altcoin has proved to be a good investment since its launch, and it is essential to secure the funds in a genuine and secure XRP wallet and trade from a reputed cryptocurrency exchange.
