Key Points
- Introduction
- Different types of cryptocurrency wallets are used to store XRP coins.
- Official XRP wallet and how to choose Ripple Wallet
- Best online XRP wallet
- Best online Wallet for PC to store ripple
- Best mobile Wallet for XRP
- Best hardware Wallets to Store XRP
- Conclusion
Ripple is a worldwide famous payment system. The main point of the Ripple coin is its higher transaction speed. However, this coin is not only used in transfers; it also has a very good value in the cryptocurrency market.
Ripple coin was created in 2012, in the first phase around 100 billion coins were issued with 35 percent of the total coins sent to the Market, but the rest of the 65 Percent coins belong to the developers. Cryptocurrency can be obtained by the mining process but in the case of Ripple, there is no mining process. If you want to XRP, then you have to go to a Cryptocurrency exchange, P2P exchange, or exchange service. A special type of Cryptocurrency wallet is designed to store these digital assets.
Different Types of cryptocurrency wallets for storing XRP
Cryptocurrency Wallets are designed Specially for storing Cryptocurrency. These Wallets can be further divided into 4 types of wallets.
- Paper wallets
- Hardware wallets
- Software wallets
- Online wallets
Paper and hardware wallets are classified as “cold” wallets. When storing cryptocurrency in this wallet, there is no need for any interest connection. This increases the security of the wallet and prevents it from hacking attacks, but with internet coins only can be accepted and stored in the wallets. If you want to send the coins then you have to connect to the internet for sending the coins.
Hot wallets have a regular connection to the Internet, so if you want to send cryptocurrency to other users at any time you can transfer at any time. Of course, facilities come at a price – for example, this involves increased risks in hot Wallets. Hot wallets include software wallets and online wallets.
Software wallets are further divided into 2 subcategories: the first one is desktop, and the second one is mobile. Desktop wallets are used only for PCs, and mobile wallets can be used for smartphones and tablets.
Mainly to remember while choosing a wallet, is the method of storing private keys, these private keys are the main factor for accessing the Cryptocurrency wallets. Wallets can be custodial and non-custodial.
In the first case, private keys are stored on the service provider’s servers, if the database is hacked they can be accessed by both dishonest employees and third parties. In the second case, private keys are stored in the user’s device, and if there is any type of security breach found only the user is responsible for the breach. The custodial type includes online wallets, and the non-custodial type includes paper, hardware, and software vaults.
Official Ripple Wallet
Currently, there is no official wallet for storing XRP. In the early times, the Ripple trading platform was used for storing, but it was closed in 2016.
An alternative platform is suggested to users by the developers named the Gatehub platform. However there is no official agreement between wallet and Ripple, the developers do not guarantee the platform’s reliability and also recommend users to choose their own storage for XRP.
How To Choose an XRP Wallet?
You can get XRP in your wallet, you can buy it in different ways. The main way to buy XRP is on major Cryptocurrency exchanges like Binance, OKX, Bybit, Huobi, EXMO and others.
You can also use online exchange for storing XRP. XRP is also supported by Cryptocurrency payment systems. There are many ways to buy and exchange your XRP through Cryptocurrency wallets. Cryptomats are the simplest way to buy and sell your Cryptocurrency.
The type of XRP wallet depends on your needs. If security is your priority, then a hardware Wallet is best suited for your needs, and if facilities are your priority, then a software wallet may be better for your needs.
Best online Ripple wallets
It is true that most of the users Store their Cryptocurrencies in the cold wallet. Online Wallets are less trusted for storage facilities. First, they are recognised as “hot” and second they are custodial. If you use trust services, you can be sure that your funds are safe. Let’s check out some examples.
Bybit
Bybit is a cryptocurrency exchange from Singapore registered in the British Virgin Islands. Bybit takes security and follows the acts and regulations; these are its main priorities. In Bybit users’ assets are stored in cold wallets with triple layer protection. Login, password, Wallet number all of this information is encrypted.
To create an account on ByBit, all you need is a phone number or email id, you can also use Google and Apple accounts to create an account on Bybit. After registration, you need to activate the two-factor authentication security feature. And undergoing verification it will increase withdrawal limits, which will come in handy in the future.
After creating an account where you store XRP tokens, you can also convert your XRP tokens into other Cryptocurrencies and also buy and sell your XRP.
Cryptocurrency deposits, for example Ripple and other Cryptocurrencies, are not subject to commission. But While withdrawing tokens, the fee is fixed for each coin.
EXMO
EXMO is a popular Cryptocurrency trading exchange. EXMO has a self-operated exchange wallet. This Wallet supports all popular Cryptocurrencies including Ripple. The administrative staff of the exchange takes care of users’ privacy, and in case you forget your private key you can reach out to support staff to restore your access to your account.
Inside the wallet, there is an inbuilt informative dashboard where you can see all the Cryptocurrencies and it also shows the current balance for each coin. The system records all information about transactions like date and time, amount and token, and status of the transaction.
No commission is charged when depositing a Ripple wallet. But while withdrawing, the user pays a fixed fee for the transaction itself – 0.02 XRP.
Gate.io
Gate.io exchange is an online Wallet on the American trading floor. It supports more than 1.3 thousand crypto assets, including Ripple. Its main point is that it can be used on desktops as well as Mobile and tablets. In this case, the wallet type does not change, it remains a hot custodial storage.
No commission is charged while filling the balance. Users pay a network commission of 2.8 XRP for withdrawing Ripple tokens from the wallet.
Best Desktop Wallets for Storing XRP
Desktop cryptocurrency wallets are a great choice for those who don’t want to spend money on buying hardware storage but still want to maintain facility and achieve a high level of security.
Exodus
Exodus crypto wallet can store more than 100 assets like XRP, BTC, ETH, and other coins. The desktop version of Exodus wallet is suitable for Windows, MacOS, and Linux computers. When you send coins to another address, this wallet automatically verifies the address. This will save you time as well as you from financial loss. You can also exchange Cryptocurrency within the wallet.
Atomic Wallet
Atomic crypto wallet suitable for 300 different coins and tokens for example XRP, ETN, BTC, XLM, and other coins. There are different types of versions for each operating system Windows, macOS, and Linux.
Atomic wallet does not require personal identification, so you can store cryptocurrency without revealing your identity. No one can get access to your personal data and private keys.
Best mobile wallets
Cryptocurrency mobile wallets are the perfect combination of security and convenience. You store your private keys on a portable device that you use in your daily life.
Trust Wallet
Binance exchange is one of the most trusted online places for storing information for cryptocurrency. However, if you don’t want to trust the service’s experts with your private keys you can store them on your smartphone in the Trust Wallet mobile wallet. This is the official Wallet of the Binance exchange, where you can store almost 160 thousand assets, and among them 40 support the blockchain, including the Ripple. Trust Wallet is suitable for Android and iOS smartphones.
Coinbase Wallet
Coinbase Wallet is impossible to ignore, the software storage of the American exchange coinbase. Coinbase mobile wallet is suitable for both Android and iOS devices. You can store more than 500 coins in it, including XRP coins. You don’t even need an account on the exchange.
This Wallet has advanced features, including that you can use this Wallet for trading, and can buy Cryptocurrency.
Ripple Cold Wallets
As mentioned above, cold wallets include paper wallets and hardware Wallets. One of the most reliable paper wallet generators and a number of popular hardware wallets.
Proven Paper Wallet Generator for Ripple
Paper wallets are created with the help of special services, paper key generators. Paper Wallet is a piece of paper on which a private key is placed. The service generates a random combination of numbers, alphabets, and symbols, one of which becomes the public address where cryptocurrency is credited during transfers and the other becomes the private key.
The public address and private keys are added to a special form that you can download and print on a printer. You can laminate this paper to protect it from damage. It is recommended to store the paper key in a protected place.
Let’s understand the creation of a Ripple paper wallet using the XRPPaperWallet.com service. Following the steps to create an account:-
- Click on Generate a Paper Wallet.
- On the front side are private keys and public addresses are contained, so print the front side of the page.
- Print the back side, which contains the security features.
Now your paper wallet is ready for storing ripple. To activate it, top up your wallet balance with 20 XRP. You will be able to accept or transfer to this wallet and store money in it.
The Most Popular Hardware Wallets
Hardware wallet is one of the most secure ways to store cryptocurrency. A hardware wallet is a separate device that stores private keys in a different environment. To make a transaction with other users you just need to connect it to your computer or smartphone.
Let’s take a look at 2 of the most popular hardware storage models – Ledger Nano X and Trezor Model T.
Ledger Nano X
Ledger is a French-built hardware wallet. Ledger Nano launched in 2016, and after 3 years in 2019, they improved it, and the world saw the Ledger Nano wallet. In this wallet you can store more than 1.8 thousand various tokens among them are not only Ripple but also Bitcoin, Ethereum, and many more coins.
The ledger wallet looks similar to a flash drive with a swivel cap that protects the device from damage. On the body of the Wallet, there is a USB connector, 2 navigation keys, and a small display. If you want to connect Wallet to Pc, then you should use the Ledger Live application.
Trezor Model T
Trezor is a hardware wallet manufactured in the Czech Republic. In 2013, the first hardware wallet Trezor was introduced but later in 2019, its updated version, Trezor Model T, launched. The wallet supports more than 1.6 thousand tokens, among which you can store both Ripple and other popular cryptocurrencies like BTC, ETN, etc.
This wallet is similar to an ordinary keychain, with a USB connector and a color touchscreen display on the body. You can also insert a microSD card into the device, which allows you to encrypt your data with a private key. This Wallet can also be connected to a computer and smartphone for balance check and to transfer the tokens.
Conclusion
Wallets are the main tools for storing and transferring XRP. Ripple has the possibility for growth given its demand among corporations and financial institutions, as well as a limited and already issued policy that discourages inflation. Using a good wallet is necessary to make transactions fast and simple. Always download wallets from official websites.
