Ripple (XRP) is a cryptocurrency (a digital asset) that allows making fast transactions anywhere in the world. The average transaction speed is just 3 seconds; in comparison, it is about an hour on the Bitcoin network and 2 minutes on the Ethereum one.
Another great advantage is the fee: it is only $0.0004 currently. The throughput capability of the wallet is about 1,500 transactions per second with possible scalability. Ripple technology uses blockchain principles and is open source. It is impossible to mine the coin. The company has been operating since 2012; the headquarter is in San Francisco. And in this article, we prepared an overview of wallets for storing cryptocurrency.
The Ripple (XRP) wallet can be created:
- On crypto-exchanges if this cryptocurrency is included in the listing. On the platform where you can buy, exchange, trade, and store a coin. For example, on the Binance, Currency.com, and EXMO exchanges, the Ripple wallet is available immediately after registration and account confirmation.
- Using local wallets: Trust Wallet, Guarda, and Atomic Wallet.
- Hardware wallets: Ledger, CoolWallet, Trezor, and KeepKey.
- Online wallets: Toast Wallet, Guarda, Toast, Bitpanda, and others.
- Mobile apps: Toast Wallet, CoolWallet, and Zebpay.
- Paper Wallet: ripplepaperwallet.com. The site generates a Ripple address and a private key when updating the browser or clicking the “Create New” button. The private key must be saved and not shown to anyone; the address should be specified when buying Ripple in the exchanger, etc.
And here is a little nuance. Some wallets may charge 20 XRP as a fee, which is a required reserve and non-refundable. This point does not apply to cryptocurrency exchanges.
How to create a Ripple (XRP) wallet on the Binance exchange
The advantage of this method is that a user can quickly buy a coin, and then, if necessary, transfer it to any other wallet. In addition to buying Ripple on the cryptocurrency exchange platform, a user can also exchange it for other coins, trade, and earn on the change in its rate.
A user himself/herself choose the cryptocurrency exchange convenient for him/her. Among the popular platforms, Binance can be distinguished as the top-1 in the world in terms of cryptocurrency trading volume.
1. Register and log in to the exchange.
2. Click on the “Wallet” and then click on the “Overview”.
3. Click on “Deposit”, and go to the page with methods of deposit replenishment. You can deposit your account either with fiat money or immediately with XRP. In the second case, click “Deposit Crypto”.
4. A page with a list of cryptocurrencies available for entering will open. Select “XRP” from the dropdown list.
5. Click on the “Get Address” button on the right, and after a while, you will receive the address of your Ripple wallet on the Binance exchange.
6. In addition to the XRP wallet address, you will also receive MEMO. If you don’t specify it, then the funds will not come to the address of your Ripple deposit.
The Gatehub website: the “unofficial” Ripple wallet
The Gatehub wallet supports the following cryptocurrencies: XRP, BTC, ETC, REP, DASH, QAU, BCH, ETH, as well as fiat currencies USD, EUR, and XAU. It doesn’t support ERC20 tokens. To activate it, you should have a minimum account balance of 20 XRP in your wallet. Gatehub is not only a wallet but also an exchange for buying and exchanging cryptocurrencies.
Attention: Some people falsely assume that Gatehub is the official wallet for Ripple, since in 2016, after closing the trading platform rippletrade.com, the company’s representatives indicated to go to Gatehub. But the Ripple company stated on the website that it is not officially connected with the Gatehub service in any way, does not guarantee its operation, and recommends using it along with other exchanges or wallets.
Detailed instructions on opening the Ripple wallet on Gatehub
1. To register, go to gatehub.net, click “SIGN UP” on the home page of the site and fill in the form.
2. Next, copy and save the “Recovery key” to restore access (you can click “Download” and download the key).
3. Confirm your registration and go to the site using “SIGN IN” by specifying your username and password.
4. The general view of the wallet. The red box “2-Step Verification” is a warning that to protect your account, you should enable two-step verification.
5. To configure a profile, you should click on the “key” icon in the upper right corner. The “Settings” contains setting up a profile and verifying it, as well as closing the account. The “Contacts” contain the addresses of wallets for replenishment specified by you. The “Security” contains the options for changing the password and e-mail, enabling two-factor authorization, and the history of logging into the wallet.
6. Verification of your Gatehub account includes verifying your phone number, name, photo, profile, and uploading your documents.
7. The final stage is the provision of your documents: a copy of the passport and confirmation of address (this can be a “Utility bill” – a public utility charge, or a “Bank statement” – an extract from the bank about an account with an address and full name specified in it). The verification and confirmation process takes about 5 business days.
8. Initially, the wallet status is “DISABLED WALLET”. To activate the wallet, you should recharge a wallet for 20 XRP; it will be disabled until that moment. To replenishment the balance, you should click “Deposit/Receive” and choose a convenient method of its replenishment. The “Wallet Address” indicates the ripple wallet address.
9. Deposit methods are as follows: transfer from another Ripple wallet, Bitcoin, bank transfer, Ethereum, Ethereum Classic, Dash, as well as REP and QAU tokens. When replenishing the balance with a cryptocurrency, no verification is required – an address will be provided to which you must send the cryptocurrency.
10. Once the payment is received, it takes some time to process it and activate the wallet. The service will also send a letter to your email. After activating the wallet, you should click “Set trustline”.
11. If the wallet is not activated yet, such a warning will appear:
The funds are credited to the account within 24 hours.
The Bitgo wallet for Ripple
The Bitgo wallet is not available for installation on a mobile device. The advantage is the high-degree protection of personal data. After registering, it turned out that it supports storing Ripple for business accounts. In any case, the wallet supports the following cryptocurrencies: Bitcoin, Bitcoin Cash, and Litecoin. To create a Bitgo wallet you should:
1. Go to bitgo.com and click “Sign Up”.
2. Fill in the registration form indicating the “Personal” type of account, email, and password.
3. Confirm registration and follow the link “Click here to verify” in the letter received.
4. Log in to the site using your username (email) and password:
5. Be sure to install the Google Authenticator to protect your account. You need to download it to your mobile device by downloading the app for iOs or Android from the App Store.
6. Download the Keycard that is necessary to restore access.