A Ripple wallet is available when you download any type of wallet. Each wallet is activated when you successfully confirm your registration credentials. When transacting with fiat money, people use their bank accounts to store and exchange value.
For Ripple, the same procedure applies. While there are Ripple Banks, the wallet provides a means to store and exchange value at any time. Although Changelly doesn’t have a native wallet, we are partnered with a range of ones, e.g. Ledger Wallet.
Your wallet is regulated by the public and the private key. The public key allows people to send XRP to you and with the private key; you are able to authorize transactions and gain access to your tokens.
How to choose the best XRP wallet?
To safeguard your XRP, you need a wallet. The best wallet for XRP can be said to the one that provides you with an easy access and the best security. Anyone choosing a wallet for crypto needs to be able to determine how easy to use and safe it can be at all times.
As a primary rule, except you are trading actively on an exchange, you should never leave your XRP in an exchange wallet. Not only is it easy targeted, a failure of any kind on the platform can shut you out and lead to losses.
If you love to have a multi-currency hardware wallet, you might want to consider the Ledger Nano S. As a detachable hardware, it is easy to use, take along and store securely. Anyone who owns more than one coin or token type might prefer having all in one place. In this respect, as a multicurrency wallet, ledger Nano S fits the bill.
Since private keys need to be used to access your hardware wallet, it makes it difficult for anyone to easily access it. As an offline device, it is not easily compromised by hackers who prowl the Internet for accounts to compromise.
Ledger Nano wallet wins against the background of others. If we take, say, Online wallet, so it’s not that highly secured as any other wallets. Therefore if you focus on the high level of protection, the online wallet would be not the top using for you.
Also, a software wallet won’t be the best solution if you focus on high level of protection. The utter security is on you. It follows that in case you get hacked by an intruder your pc or hard drive breaks down, you have a high risk of losing access to your funds.
A hardware wallet is compatible for use on desktop, mobile and on the web as the need arises. The transaction safeguard makes it impossible to send tokens from the device without physically connecting it to your operating device. When plugged into a PC or laptop, you also need to enter a device pin code, which is a 4 digit number. This is a necessary rule to access the hardware.
After you get your wallet activated and working, make sure you update it whenever you are alerted that a new firmware is available. As new updates are provided, you should take advantage of such to make your tokens and coins more secure.
To avoid a possible loss of access, when updating your firmware, make sure the 24-word phrase for account recovery is safe and accessible. This is a safeguard in case you encounter technical problems in the process.
How to Create a XRP Wallet: Step-By-Step Guide
First of all, in case you have not acquired a Legder Nano S Wallet, you can easily make a purchase by following the link.
- Go to ledgerwallet.com/apps to find and download an appropriate app for your operating system. At this page you will have a choice with few wallet apps and management apps. Set up a Ledger XRP Wallet choosing the corresponding icon.
2. At this step just press the button “Download” to start installation of the wallet.
3. Just follow the instructions till your app is fully downloaded on your PC.
4. Now that’s the time to connect you Ledger Nano Wallet to your PC.
5. Wait a little bit till your wallet is opened on your PC. It might take a few moments.
6. Here we go. Now you see the main interface of your wallet where you can find all possible options provided by your XRP Ledger Nano S Wallet.
How to Transfer XRP to Ledger Nano S
With Ledger Nano S Wallet storing funds XRP is as easy as transferring it from one wallet to another. For not being unfounded, we will show it to you with an example below.
- Open the tab “Receive XRP” (arrow down) to find an address that is related to your current wallet and copy this address. That’s the address where you XRP should be sent to.
- Since your wallet is a brand-new, make sure you have sufficient amount of XRP to transfer to your current account (at least 20 XRP).
- Go to the platform or storing service you store your XRP in and insert the copied address and the amount of XRP to the corresponding fields to make a transfer to your Ledger Nano S wallet.
4. Press “Submit” (or any other button you have) to finish the operation.
5. Wait a little bit till your transaction is completed.
6. That’s it! Now you have your first income to your new account. In the same manner you can transfer any XRP you want. Enjoy it!
Don’t forget you can always buy and exchange your XRP to any other cryptocurrencies with Changelly!
Buy XRP @ Changelly
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