Anyone that has purchased Ripple (XRP) requires a suitable wallet to store their cryptocurrency. Without a suitable wallet, your Ripple tokens may be susceptible to theft or you could inadvertently lose them. We will discuss all types of Ripple wallet you can acquire to store your Ripples.
A wallet holds the private key of a cryptocurrency, which grants the address of your funds. With the address, you are free to buy, sell, and exchange things using your Ripple. The best wallets provide quick access yet effective security, and there are several options available for Ripple wallets.
In most cases you will need to purchase your Ripple from an exchange platform. Go to the likes of Binance to purchase and temporality store the XRP, and then source a suitable wallet.
Once you have a wallet, use the Ripple address from Binance (or another exchange platform) to transfer from here to a suitable wallet of your choosing. Some options are outlined below.
How to Store Ripple (XRP) with an Online Wallet / Exchange
In most instances, GateHub is the number one option as an online wallet, being very secure and suitable for Storage. You can also choose to keep your XRP coins on an exchange such as Bittrex or Binance. Binance is great exchange platform that allows to easily store Ripple.
Another benefit of storing your coins on an exchange is that you could trade it more often. It’s worth noting that Binance or Bittrex would allows you to buy Ripple, so it may be one of the more convenient wallets to use, espiecally for beginners. It’s automatically stored here when bought from Binance, and you can send to other wallets using the withdraw option and putting in the wallet address.
Another benefit of storing your coins on an exchange is that you could trade it more often. This makes storing coins on reputable exchanges such as Binance and Bittrex very convenient, especially for beginners. Your coins are automatically stored when you buy it on the exchange, and you can send to other wallets using the withdraw option and putting in the wallet address (e.g: to a desktop wallet that you have downloaded to your computer)
However, to have more control over your coins, It is recommended to store them in Wallets that you actually control with private keys. Lets look at these options:
How to Store Ripple (XRP) with a Desktop Wallet
A desktop wallet is generally viewed as more secure than an online wallet. However, it’s still susceptible to potential malware attacks and hacking attempts, so keep this in mind if storing with a desktop wallet.
Rippex is perhaps the best choice when it comes to desktop wallets. It’s a good choice for beginners, giving clear instructions for how to store your XRP. It’s very secure and a reputable source for storing on desktop software.
How to Store Ripple (XRP) with a Hardware Wallet
Without a doubt, the best way to store Ripple and any other cryptocurrencies is through a hardware wallet. While these often need to be paid for, the investment is very much worth it, as a hardware wallet offers the most protection from hacks and malware.
A hardware wallet is a physical device, usually a USB drive, that has wallet software installed. It means you can store your XRP in what is known as cold storage.
This is basically a completely offline form of storage that cannot be accessed using the internet from other devices.
As a result, it’s incredible secure and virtually impossible to lose your coins, unless you lose the device!
Ledger Nano S is among the best hardware wallets available. You can store a range of cryptos on the device, and while it will cost about $70, the investment is well worth it.
It also has easy to use software that provides a clear guide for how to transfer your Ripple from other wallets, such as the online exchange where you bought them.