The United States Securities and Exchange Commission filed an action against Ripple Labs Inc, and two of its executives, on December 22, 2020."We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple's business and other important long-standing protections that are fundamental to our robust public market system." - Stephania Avakian, Director of SEC's Enforcement Division in a US SEC press release.What this means for Ripple:
Many US and some European cryptocurrency exchanges have halted Ripple trading for the time being, meaning liquidity may be an issue if you are buying or selling XRP at this time.
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.
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Where to sell XRP in Canada
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.
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Must read: Ripple vs XRP
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.
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.
Selling XRP for fiat currency
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.
For example, on Kraken, you can make a bank account withdrawal by clicking on the "Withdraw USD" link from your account dashboard.
Selling XRP for cryptocurrency
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 Know Your Customer and Anti-Money Laundering (KYC/AML) 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.
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:
Trading fees. How much will you need to pay in transaction fees when selling XRP? Does a flat fee apply to all transactions, or does the platform offer different fees to market makers and takers? Is there a tiered fee structure that entitles high-volume traders to lower commissions?
Withdrawal fees and methods. Does the platform charge withdrawal fees? If so, how much are they? If you're exchanging XRP for fiat currency, consider how you can withdraw the funds from your account and what payment methods are supported.
Transaction limits. Are there any limits on how much XRP you can sell in one transaction or one day? Do limits apply to the maximum amount you can withdraw from your account?
Type of platform used. The vast majority of crypto trades are placed on centralised exchanges, many of which are easy and convenient to use. However, they're widely regarded to be less secure than decentralised exchanges, so consider the type of platform you want to use before trading.
Verification process. What information and personal details will you need to provide to register with an exchange? How long will verification take?
Security. What security features does the exchange offer? For example, is 2-factor authentication supported? How are customer funds stored? Has the exchange ever suffered any security breaches?
Customer support. How can you get in touch with the exchange's customer support team if you experience any problems with your transaction?
Independent reviews. Finally, it's also a good idea to check out some independent online reviews from other platform users. Have they had a good experience with the exchange, or have they experienced problems? Would they recommend it to other users?
Answering these questions and researching any platform you plan on using will help you find the right crypto exchange for your needs
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Images: Shutterstock
Disclosure: At the time of this writing, the author holds ADA, ICX, IOTA and XLM.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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