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As one of the world’s largest and best-known cryptocurrencies, XRP plays a vital role to facilitate cross-border payments on the Ripple network. XRP can also be traded on a wide range of exchanges, but 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 the learn about the factors you should consider before selling your holdings.
Knowing how to sell XRP is only half the battle, so use our list of exchanges to some of the best places to sell XRP. Sort exchanges by deposit methods and fiat support, then click Go to site when you find the right fit.
While you might commonly see the term “Ripple” used to refer to the XRP cryptocurrency, this isn’t the correct way of referring to this widely traded digital currency.
Ripple is a US tech company that wants to transform the cross-border payments industry; XRP is an independent digital asset that enables fast transactions between different fiat currencies on the Ripple network.
Find out more about the differences between the two in our Ripple vs XRP comparison.
You have two options to choose from when selling XRP:
There are two options available when selling Ripple:
The quickest and easiest option will most likely be to trade XRP for fiat currency, particularly if you’re a crypto trading novice. However, we’ve included instructions below on how to sell XRP for either fiat or cryptocurrency, so keep reading to find out exactly what you need to do.
Step 1. Create an account on an exchange that lists XRP alongside CAD
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 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/CAD. Then, you can specify the amount of XRP you want to sell and finalize 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 CAD, 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 CAD
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 familiarize yourself with the fees, limits and processing times that apply.
For example, on Kraken, you can make a bank account withdrawal by clicking on the “Withdraw CAD” link from your account dashboard.
If you’ve decided that you want to exchange XRP for another digital currency, you can do so by following these steps:
Step 1. Create an account on an exchange that lists XRP
If you want to sell your XRP on the same platform you used to purchase them in the first place, skip ahead to step 2.
However, if you plan on using a new exchange for the trade, the first thing you’ll need to do is find out which exchanges support XRP, then check out the features they have to offer. Because XRP is one of the world’s biggest cryptocurrencies and listed on a huge range of exchanges, you’re spoiled for choice.
Review the fees and features of a number of exchanges to find one that’s right for your needs, then register for an account by providing your email address and creating a password. Some platforms will also need you to supply your name, address, phone number and proof of ID before you’ll be allowed to trade – this additional verification may be needed to satisfy regulations.
Remember to enable 2-factor authentication on your account before moving on to step 2.
Step 2. Deposit XRP into your account
You can now move the XRP you want to sell from your external wallet into your exchange wallet. This means you’ll need to find the XRP address of your exchange wallet so that you know exactly where to send your XRP when transferring them from an external wallet.Step 3. Sell XRP
The XRP you send should quickly arrive in your exchange wallet, which means it’s now time to navigate to the trading section of your chosen platform. You can then use the search box to find the currency pair you want to trade, such as XRP/BTC, and then specify how much XRP you want to sell or how much BTC you want to buy.You can then use the box on the right to search for the pair you want to trade, and then select the type of order you want to place. The final step is to type in the amount of XRP you want to sell and click on “Sell XRP”.
Don’t forget to review the full details of your transaction before you submit your order.
Step 4. Transfer your new digital currency to a secure wallet
If you want to store your newly acquired digital coins or tokens in your exchange wallet, you can. However, due to the security risks associated with crypto exchanges, it’s generally recommended that you move your digital currency into a secure wallet that allows you to retain control of your private key.
Check out our cryptocurrency wallets guide for more information
Regardless of whether you’re selling or buying, trading cryptocurrency is risky. Cryptos are complicated assets that are infamous for their price volatility, so it’s essential that you’re fully aware of all the risks associated with your transaction before you proceed with it. It’s also important to carefully consider the many factors that could potentially impact the price of the crypto you’re trading in the weeks and months ahead.
If you want to sell XRP, some of the factors you need to consider include:
Answering these questions and researching any platform you plan on using will help you find the right crypto exchange for your needs
Compare 35+ exchanges you can use in Canada
Images: Shutterstock
Disclosure: At the time of this writing, the author holds ADA, ICX, IOTA and XLM.
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