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 and then check out the features they have to offer. Luckily, 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 two-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.
For example, if you’re selling XRP on Binance, click on “Deposits” in the “Funds” drop-down menu. Then you’ll need to select XRP as your deposit currency before copying your XRP wallet address or scanning the QR code.
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.
For example, on Binance you’ll need to click on “Exchange” and decide whether you want to use the “Basic” or “Advanced” trading view. If you’re a crypto trading novice, Basic is obviously the best option here.
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.
Transferring coins out of your account is quite easy to do. For example, on Binance you can do this by clicking on the “Withdrawals” link from the “Funds” menu, selecting the coin or token you want to transfer and then keying in the withdrawal amount and address.
Check out our cryptocurrency wallets guide for more information.