If you’re not an experienced trader, working out how to sell XRP safely and at a good rate can be a challenging proposition. Use our step-by-step guide to selling XRP and learn about the factors you should consider before selling your holdings.
Multiple options exist for selling XRP in exchange for USD. A direct route includes trading XRP directly for USD on an XRP-compatible exchange. A less straightforward option might be swapping XRP for a different crypto asset and then transferring that crypto asset to a compatible exchange to sell it for USD.
When selling XRP for USD or other cryptocurrencies, several aspects to consider include market action, trading costs, transaction size, and transaction limits.
Before selling your XRP holdings, it’s a good idea to look at the asset’s price activity to see whether you may make or lose more money by simply holding on for a little longer. You may also need to assess your entry point to see whether selling your assets will result in a profit or loss.
Want more than just to sell XRP? Access dozens of different cryptocurrencies selling guides 2022 here.
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What is Ripple (XRP)?
Ripple (XRP) is a cryptocurrency token designed to migrate transactions from central databases controlled by financial institutions to a more open infrastructure while significantly cutting costs. XRP transactions are trustless, instant and cheap, putting them at an advantage for cross-border movements.
Launched in 2012, the cryptocurrency has one of the most ambitious goals in the cryptocurrency space. The software enabling the use of XRP — the XRP Ledger — proposed a new way of operating blockchains that proponents claim is more suitable for transactions.
Unlike other forms of cryptocurrency such as Bitcoin and Ethereum, Ripple is not made up of a blockchain, but rather what’s called a “hash tree.” XRP cannot be mined, because there is a limited number of coins – 100 billion.
Blockchain technology is the basis of cryptocurrency. It is a type of database that collects information together in groups, or blocks. Each new piece of information that follows a newly added block is put together into a newly formed block that is then added to the chain. As the name implies, block chain structures data into blocks that are chained together.
Ripple works like blockchain, because multiple nodes are used to process a transaction. The payment process involves someone sending a transaction, the information being given a single value and being sent out to a shared public database, validating servers or nodes sharing the information and – if separate servers report a match – the transaction being authorized and processed.
How Does Ripple (XRP) Work?
There are two main components that comprise Ripple:
- Ripple: In its entirety, Ripple provides a real-time gross settlement system (RTGS), currency exchange and remittance network. The platform, which is supported by its blockchain payment protocol, uses RippleNet to facilitate instantaneous transactions between financial entities.
- RippleNet: RippleNet is the distinct network of payment facilitators and global banks that helps streamline communication and allows participants to send and receive payments seamlessly through Ripple’s distributed platform.
Like the standardized HTTPS, which is used as a common protocol for information transfer across the internet, RippleNet provides a framework and a set of rules called the Ripple Transaction Protocol (RTXP) for all network participants to follow, thereby reducing bottlenecks in transactions.
While anyone can connect to the ledger, only a few trusted validators approve transactions, and those are mostly well-known banks and financial institutions. As of this writing in March 2022, the network could process up to 1,500 transactions per second with a fee of $0.0007. That is faster than ether, the native cryptocurrency of Ethereum that completes around 10 transactions per second, and bitcoin, the native cryptocurrency of the Bitcoin network that can handle four to five transactions per second.
Why Sell Ripple (XRP)?
DigitalCoin’s prediction for the price of XRP in 2022 estimates that the average XRP price could reach 1.14 USD this year.
The site also predicts that the value of the XRP coin could increase to 1.34 USD by 2023. In the long term, DigitalCoin says the average XRP value could reach 1.67 USD in 2025 and 3.51 USD in the year 2029.
With XRP hitting the 1 USD mark for the first time since 2018, can XRP surpass the all-time high of 3.84 USD in the short term?
Several crypto experts, such as Peter L. Brandt, revealed via his personal Twitter account that the recent price formation shows that XRP has the potential to reach that value.
The world of crypto assets is unpredictable. Every crypto asset will have its ups and downs throughout the year. So is the case with XRP. Throughout 2022 there may be price fluctuations on XRP.
Not to mention that the future of XRP or Ripple is currently quite questionable since the emergence of a lawsuit with the SEC and the previous delisting by a well-known cryptocurrency exchange. Even so, if XRP can settle this lawsuit, there could potentially be a more vigorous bull run in XRP’s price.
As such, XRP is an excellent choice for investors who prefer cryptocurrency based on a top-down investment approach to diversify their portfolios.
Where to Sell Ripple (XRP)?
XRP or Ripple’s future is currently questionable due to the lawsuit with SEC and previous delisting among several major exchanges. However, should XRP be able to settle this lawsuit, it can create an even stronger bull run.
Thus, XRP is an excellent choice for a thematic investor who buys digital currencies based on a top-down investment approach to diversify their portfolio.
Option 1: Cryptocurrency Exchanges
Cryptocurrency Exchanges often support a wide range of fiat currencies. A crypto exchange can act as an intermediary between sellers and buyers of cryptocurrency. To sell Ripple (XRP) for cash, you will first need to set up an exchange account and deposit your Ripple (XRP) in the hot Ripple (XRP) wallet that is provided by the exchange.
Note that most reputable Ripple (XRP) exchanges require their users to provide personal information before they can sell cryptocurrency, in order to comply with KYC and AML rules.
The key advantage of using a cryptocurrency exchange to sell Ripple (XRP) for cash is that well-known exchanges have deep liquidity and provide quick access to a large pool of potential buyers.
They are also relatively easy to use: you will need to place a sell offer, defining how much cryptocurrency you wish to sell and set your asking price per unit. The exchange then automatically processes the transaction once your offer is matched.
Option 2: Direct Trades (Person-to-Person)
- Online P2P Selling
- Face-to-face Transactions
Rather than doing the work for you, a peer-to-peer (P2P) exchange lets you choose your price, and the platform helps find a buyer willing to pay it. The two parties then decide between them how to pay. You can sometimes do this on the site — often called direct trades — but normally, you would use a separate bank transfer.
P2P trading allows you to sell cryptocurrency without the limits of an exchange. This means that you could do a wire transfer, send gift cards for popular online stores, trade cash in the real world or even send expensive art if that’s what you want; as long as both parties agree, and you’re in a P2P marketplace that doesn’t limit payment methods.
There are some problems around this, such as what happens if the buyer doesn’t pay up, and the peer-to-peer marketplaces will still have some information on who you are. However, this is still a good step if freedom of choice and minimal interference are your priorities while still having access to things like escrows to hold the Ripple (XRP) for protection from fraud.
Option 3: Ripple (XRP) ATMs
It may be hard to come to terms with since Ripple (XRP) ATMs are directly connected to the internet, but BTMs are entirely secure. BTMs are equipped with technology that protects against software and hardware malfunctions. Malware technology is also not able to threaten Ripple (XRP) ATMs. Your digital wallet is encrypted and protected. Without the correct passwords and security credentials, no one aside from you can access your wallet.
A number of Ripple (XRP) ATM operators have come together to form the Cryptocurrency Compliance Cooperative to make the use of Ripple (XRP) ATMs even safer for the consumer, furthering the legitimization of the cash-to-cryptocurrency industry.
How to Sell Ripple (XRP)?
- Step 1: Set up an exchange account
The first thing you need to do is decide which form of money you will accept for your Ripple (XRP).
Now that you know which currency you want in exchange for your cryptocurrency, its time to make an account on a platform that lets you sell your Ripple (XRP).
There are tons of platforms to sell Ripple (XRP) on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama.
Signing up on Coinbase is really simple – it’s like making an account on Amazon!
- Step 2: Transfer your Ripple (XRP) to your exchange wallet
Now that your account is created, you’ll need to deposit your crypto assets on the exchange.
Hit the “deposit” or “sell” button.
You’ll be presented with a wallet address and/or a QR code.
Scan that into your Ripple (XRP) wallet and send the amount of coins you want to sell.
- Step 3: Place a sell order
Now it’s time to make a sell offer on the platform you are selling on.
That means determining the price you are willing sell your Ripple (XRP).
The process for doing this always looks a little different on every platform, but for the most part, it works the same way.
Look for the “sell” or “trade” tab, and either sell at the price offered by the broker or create a custom sell order on an exchange order book.
The only difference is, with a broker, you are selling at whatever the spot price is (minus some fees).
With an exchange, you can set whatever price you want. Just don’t expect for the sell to be accepted by any takers if your price is too high.
The nice thing about the crypto exchanges are that the fees tend to be lower than the brokerages.
Direct Trades (Person-to-Person Trading)
- Step 1: Go to the P2P Trading Page
Select (1) “Buy Crypto” then click (2) “P2P Trading” on the top navigation.
- Step 2: Choose to Sell and Set Your Currencies
Click (1) “Sell” and select the currency you want to buy (USDT is shown as an example). Filter the price and the (2) “Payment” in the drop-down, select an ad, then click (3) “Sell”.
- Step 3: Find a Buyer
After the buyer makes payment, the transaction will now display “To be released”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Confirm release” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.
- Step 4: Choose How Much You Want to Sell
Enter the amount (in your fiat currency) or quantity (in crypto) you want to buy and click (2) “Sell”. The transaction will now display “Payment to be made by buyer”.
- Step 5: Send the Offer
You can use Chat on the right side to communicate with the buyer in the whole process.
If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click “Appeal” and our customer service team will assist you in processing the order.
- Step 6: Confirm the Release
The transaction will now display “Pending Payment”. After the buyer makes payment, the transaction will now display “Confirm Receipt”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Payment received” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.
Ripple (XRP) ATMs
- Step 1: Choose withdraw cash
- Step 2: Choose Ripple (XRP) (these machines normally may support other cryptocurrencies)
- Step 3: Choose amount to withdraw
- Step 4: Send Ripple (XRP)s to given address QR code
- Step 5: Receive cash immediately as Ripple (XRP)s transaction is propagated on the network
Read More: How to Buy Ripple (XRP)?
Selling Ripple (XRP) FAQs
Can I Sell Ripple (XRP) for Cash?
- Step 1. Create an account on an exchange that lists XRP alongside USD
If you want to sell your holdings on the same platform you used to purchase XRP in the first place, skip ahead to step 2.
If you want to use a different exchange, the first step is to find a suitable exchange that lists XRP in a trading pair with the fiat currency you want. Make sure you compare the features of a range of crypto exchanges before deciding which one to use for your trade.
Once you’ve chosen an exchange, sign up for an account by providing your email address and creating a password. Depending on the platform you choose, you may also need to provide your name, address, phone number and proof of ID to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) requirements.
Don’t forget to activate 2-factor authentication on your account (if it’s available) before depositing any funds.
- Step 2. Deposit XRP into your account
Now it’s time to deposit the XRP you want to sell into your exchange wallet. To do this, you’ll need to log into your account, find the relevant wallet address for XRP, and make sure the tokens you deposit are sent to that address.
For example, Kraken users will need to click on the “Wallets” tab and select their XRP wallet. Then, it’s a matter of clicking “Generate Deposit Address” and using the address provided as the destination for your XRP transfer.
- Step 3. Sell XRP
With the XRP you want to sell now in your exchange wallet, it’s time to click through to your exchange’s trading page and search for the pair you want to trade, such as XRP/USD. Then, you can specify the amount of XRP you want to sell and finalise your transaction.
For example, if you’re using Kraken, you can click the “Sell” tab at the top of the screen and search for XRP in the list of coins . Click “Sell XRP” and on the new screen you’re taken to, type the number of XRP you want to sell in the field provided. Select the currency you want to sell XRP for, such as USD, and click “Sell”.
Of course, whichever exchange you’re using, don’t forget to review the total cost and all the details of your transaction before finalizing the sale.
- Step 4. Withdraw USD
The final thing you need to do is withdraw your fiat currency into your linked bank account. It’s usually pretty easy to find the “Withdraw” link once you’ve logged into your exchange account, but remember to take a moment to familiarise yourself with the fees, limits and processing times that apply.
What Is The Best Way to Sell Ripple (XRP)?
The most important thing appears to be the choice of a crypto platform where you will trade. You should always be sure that all operations are secure.
The next step you need to do is check your cold or hot wallet for the availability of XRP. Cold storage represents a device allowing you to keep your assets offline. It can be, for instance, a piece of paper with a QR code on it. Remember that your crypto wallet has a private key that you should never disclose. Make sure you don’t confuse public and private keys because they look similar. The cold wallet can also be represented as a hardware device that often looks like a USB flashcard. However, they may seem complicated for newcomers in use. Generally, each hardware wallet disposes of a mobile application.
Is It Easy to Sell Ripple (XRP)?
Going through an exchange is the quickest and easiest way to sell Ripple (XRP). Ripple (XRP) is a different than many other popular cryptocurrencies because it was created by a private, for-profit company. This company wanted to enable a frictionless way to send money globally, and it’s coin Ripple is the way it does it. This company is also the largest holder of Ripple today.