As a companion to a post How to Purchase Ripple XRP I wrote quite some time ago, I thought maybe it would be in order to outline a post on selling Ripple XRP to round out the guide regarding buying and selling of this crypto asset. It should be noted here that this by no means is an advocation of whether you should support Ripple XRP or not, for the buying or selling decision is completely up to you. In other words, if you would like to know all about the various ways on going about how to sell XRP then this post is for you. With that out of the way then, lets dive in.
There are actually 2 main ways to sell Ripple XRP: sell or trade XRP into other cryptocurrencies or stable coins, and selling XRP for USD or other fiat currencies. According to the official Ripple website XRP Buying Guide there are 30 exchanges and a couple more in the works allowing the buying, selling, or trading of Ripple XRP. That said there are some notable exchanges missing fro this list such as Coinbase, Coinbase Pro, and eToro, so maybe a few more than the 30 officially listed. Regardless, depending upon the exchange will depend upon whether or not the options available in either or both fiat and other cryptocurrency pairings.
Selling Ripple for Cash
Of course what we really referring to here is selling Ripple’s XRP token for cash, but semantics aside, there seems to be multiple fiat options to sell Ripple XRP into depending upon your preferences. From the XRP Buying Guide list, the most popular options for selling some XRP with fiat include Bitstamp, CEX.io, & Bitsane (USD, EUR), Bittrex & Uphold (USD), Kraken (USD, EUR, CAD, JPY), SBI Virtual Currencies, Coincheck, & Bitbank (JPY), Coinfield (USD, CAD, GBP, EUR), Independent Reserve (AUD, NZD), and Gatehub (USD, JPY, CNY, EUR).
- The first step in going about selling Ripple XRP cryptocurrency for fiat is to create an account on an exchange that has a Ripple XRP to fiat pairing. Of course, should you wish to sell your XRP on the same exchange that you bought it from this step will be mute. After creating an account it is strongly suggested that you secure said account by setting up 2FA (Two Factor Authentication) and any other security measures to keep your account funds safe.
- Upon ensuring your account is secure, you can go ahead and transfer the XRP into the exchange account address. For most exchanges this is a fairly standard process requiring logging into your account, finding the wallet section of the exchange, and clicking on the deposit button for Ripple XRP to get the address. From there you will be able to copy the address or scan a QR code to use from your personal wallet holding your Ripple XRP. Be sure to read all instructions carefully and double check the deposit requirements for each exchange. Some exchanges may require you to attach a memo to the deposit form or your funds be lost. Personally, when using a new exchange I always do a small test run of deposit funds to make sure that I have done it correctly before sending the larger balance ensuring that if I do get something wrong the damage is minimized.
- After your exchange wallet has received your Ripple XRP transfer you are now free to place an order to sell. In order to this simply go to the exchange and select the pairing that you would like to trade. Depending upon the exchange options may vary, but for the most part you will select the amount of XRP you wish to sell and the kind of order you would like to execute. Common options include spot selling at the market price and placing an order in the order book for the price you would like to sell. When it comes to selling XRP for USD, other fiat, or even cryptocurrency pairs, it is really up to the individual which kind of order to place. Some may want the instant gratification of knowing their sale is finished while others may prefer to leave the order at a price they suspect will garner a better price. It will be up to the individual to decide which is the most comfortable for them personally in this regard.
- Once your trade has been executed your wallet balance should reflect the amount of fiat received from the Ripple XRP trade. From here it is usually pretty straight forward to withdraw the fiat from the exchange to a linked bank account. Although this is the last step in the process, it is highly advisable to set up the exchange account with the details of your bank account and check the withdrawal cash limits and fees previous to beginning the process. As with anything differing exchanges will operate with different fee and limit structures, so be sure to be aware of these before you begin as to prevent any surprises further down the road.
Selling Ripple XRP In Exchange for Other Crypto’s and Stable Coins
Likely the easiest way to sell Ripple XRP tokens is to trade them in on other exchanges for other crypto currencies and stable coins. According to Coin Market Cap XRP Markets page, there are presently 387 crypto pairing across a variety of exchanges listed. Noting this, likely the safest place to trade Ripple XRP in for other cryptocurrencies is the exchanges you are already familiar with and trust. Due to this rational, I will not go into all the exchanges and pairings available, but rather only discuss those that seem the most relevant and trusted by the community.
It is my opinion that the best site to sell XRP is likely Binance. The reason for this is mainly because Binance has not only a dedicated XRP pairing section, but also a very extensive stable coin list on their exchange giving quite possibly the most extensive number of options of any exchange when it comes to where to buy and sell XRP for other cryptocurrencies. At present Binance offers XRP pairings with BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin), TRX (Tron), XZC (Zcoin), and PAX, TUSD, USDC, and USDT stable coins. It is also possible to margin trade XRP with BTC and USDT pairings. In addition, by holding a little BNB token on the exchange the trading fees will be reduced, so if you plan on placing multiple orders with XRP and other cryptos, it’s recommended that you get at least a little BNB to keep on the platform so you can take full advantage of this. In order to take advantage of these markets then, really the only requirement is to sign up for Binance if you are already not a member and transfer your XRP and other desired cryptocurrencies to the exchange to start trading.
KuCoin also offers some decent pairings for those of you that are not aware. Using KuCoin it is possible to trade XRP with BTC, ETH, KCS (KuCoins native token KuCoin Shares), NEO, and the USDT, PAX, TUSD stable coins. Much as in the case of Binance, holding KCS on the platform will also aid in the reduction of trading fees for the regular user.
Although not as many as the previous exchanges, Huobi Global offers Ripple XRP pairings with USDT, HUSD, BTC, and Huobi Token HT. In addition, Huobi Global also offers XRP OTC pairings from 24 different fiat currencies as well.
Another really good market for XRP pairings that I think most people miss is Coss.io. Pairing wise XRP can be traded for BTC, ETH, USDT, ARK, GUSD, USDC, TUSD, OMG, NEO, LTC (Litecoin), LSK (Lisk), EOS, and DASH. In addition Coss.io also acts as a fiat gateway for crypto as well, however please note that liquidity for the exchange is much lower than other mainstream exchanges like Binance, so day trading on Coss might not be the easiest or the most profitable.
How to Trade Ripple XRP for Stable Coins or Other Cryptocurrencies on Exchanges
The process involved in exchanging Ripple XRP for other crypto currencies whether they be stable coins or not is pretty much the same as that described above with fiat.
- Register for an exchange that you want to trade XRP on and set up security such as email verification or 2FA to protect your account.
- Deposit Ripple into the exchange acccount
- On the exchange page select the XRP pairing you wish to trade and place a market sell or exchange order.
- Once the order has been executed withdraw the other cryptocurrency tokens out of the exchange from the withdrawal menu.
Selling Ripple for USD using Binance and Coinbase
Of course one of the beauties of crypto is many times things can be shaken up to customize a process like buying or selling coins. Although it might take more steps, some advantages of utilizing different exchanges for different parts of the buy or sell process are capitalizing upon liquidity for better exchange rates and having greater amount of trading pairs to work with than what your fiat gateway exchange may provide you with or allow. The below example illustrates just how simple it can be to use multiple exchanges to turn Ripple XRP back into USD with Binance and Coinbase.
Ripple XRP Swaps with Exodus or Atomic Wallet
One final way to ‘sell’ Ripple XRP without having to go through the stress of moving tokens to exchange would be to utilize in wallet swaps provided by some cryptocurrency wallet providers such as Exodus and Atomic wallets. Although these wallets do not enable users to sell Ripple XRP and other cryptocurrencies for cold hard cash, they do allow the exchange of one crypto asset for another.
As many of you know from my previous piece Exodus Wallet: Top 10 Crypto Dapps Review, one of my favorite wallets in the space is Exodus, partly for not only it’s ease of use and clean interface, but also for it’s added features such as atomic swaps between various cryptocurrencies. Exchanging assets is a relatively simple process for Ripple XRP and any other assets you have enabled in your Exodus wallet.
In addition to Exodus, the Atomic Wallet allows users the ability to not only buy cryptocurrency with a credit card, but also swap a variety of assets directly within the wallet interface without having to ever transfer them to an exchange.
So there you have it good ladies and gentlemen of Trybe and beyond. In tandem with my previous post How to Purchase Ripple XRP I hope the information in this post gives you the tools and knowhow necessary when it comes to everything related to buying and selling Ripple’s XRP crypto token.
Jimmy D
**Please note: Although I have to the best of my ability done my due diligence in researching this piece, I am not a financial advisor and assume no responsibility for any losses incurred on the readers part for any investments or products supported obtained from this post. Please understand that it is the readers responsibility to look after and maintain their own finances and perform all due diligence on their own part for their personal and financial well being and safety and not rely on myself or others in this space to keep them safe. In addition, although I have done my best to only include what appear to be legitimate sources and projects, due to the sheer volume and scope of projects in this post, unfortunately I have not personally had either the time or the resources available to verify the validity of all the projects mentioned, so please do be sure the do your due diligence before embarking on using or sending money to any of the above projects or companies.
Interested in some of my other pieces on Bitcoin, Blockchain, and Cryptocurrencies? If so, be sure to check out How to Get Bitcoins, Where to Trade Cryptocurrency, Best Places for Trading Bitcoin and Cryptocurrencies, How to Trade Bitcoin: A Not So Brief Nor Overtly Technical Overview, Ledger Nano S Cryptocurrency Hardware Wallet, How to Purchase Ripple XRP, How To Buy NEO, How to Buy Ethereum Decentralized and So Much More, Bitcoin Machine Near Me?!?, Should I Invest in Bitcoin?!? Past & Probable Future Conversations with Myself, Jimmy D’s Answers to Bitcoin FAQ’s Especially For You: What Can Be Done With Bitcoin?!?, How To Pay With Bitcoin, How to Send Bitcoin: The Basics, The Importance of Learning How to Create Bitcoin Wallet Private and Public Keys, Buy Bitcoin with Debit Card: The Basics, BTC Numericalized: How Many Bitcoins Are There?, Buy Bitcoin with PayPal: An Overview, Best Options to Buy Bitcoin with USD, and Buy Bitcoin with Bank Account Deposits and Transfers.
- Tips & Referrals:
-
EOS: kansaikrypto
-
BTC: 1GyLbZdk9b2zSw1nMuc3frpduGDmnPHuXH
-
ETH: 0x7d4E669F156adfA39A5857033c0b0A422Df5Ce07
-
- LynxChain Wallet on EOSIO: https://create.lynxwallet.io/jimmyd (Register with this link and get 1 free LNX token to use on the network)
- Crypto.com referral: https://platinum.crypto.com/r/yhv4zcphu2 to sign up and we both get $50 USD. Simply add your email address and copy and paste the following into the referral tab: yhv4zcphu2 (must stake 50 MCO for 6 months and complete KYC)
- Pre-registration for NASH Exchange Lotto Giveaway: (participation requires referral) https://nash.io/referrals?code=aAkCN8
- Jimmy D’s Recommended Exchanges:
- Not yet a member of TRYBE.ONE? Why not jump on in and begin to earn while helping others learn!!
Jimmy D is a verified member of CryptoPilots, a community devoted to Quality Content in Crypto. Find me also on TRYBE.ONE, Minds.com, PublishOx, Twitter, Jimmy D Presents Facebook Group, and Murmur (kansaikrypto).
