How to Store Ripple – A Step by Step Visual Guide
Ripple has quickly become one of the most popular cryptocurrencies on the market. Ripple was created to help banks exchange currencies and remit payments almost instantaneously and for very small fees. Compared to today’s traditional banking system in which a wire transfer can take days to go through and has a high cost, Ripple is light years ahead.
One of the questions we’re often asked is how do we store ripple (also called XRP) and what is the best Ripple wallet?
Currently the only way to buy Ripple is through trading on an exchange. The problem with exchanges is they’re not the best place to store your coins over the long term. Exchanges can be hacked or simply shutdown leading to a loss of your coins. By far the best way to keep your Ripple safe is to store it in a private wallet.
What is a cryptocurrency wallet?
A cryptocurrency wallet is a tool that stores your private keys that allow you to access your wallet on the blockchain. They also act as a personal ledger of all transactions made from that wallet.
It is important to note that a cryptocurrency wallet does not actually store coins or currency. Your coins are always stored on the blockchain. Your wallet is basically the key to accessing those coins. So if you lose your wallet, you can still access those coins as long as you have a recovery pass phrase or your private key.
There are several wallet types. Before knowing which wallet to use, you should know what the difference is between them:
- Software wallet: A software wallet is typically a “hot wallet,” meaning it is installed on a device that is always connected to the internet. Software wallets are fairly easy to setup and can be installed on your computer or mobile phone. While great for beginners, software wallets are not the safest option for storage.
- Hardware wallet: A hardware wallet is a physical device on which you store your private keys to access the blockchain. Hardware wallets are typically “cold wallets” since they are offline, meaning they can be disconnected from the internet.A hardware wallet doesn’t have to be an electronic device. By writing down your private key onto a piece of paper, you’ve basically created a form of hardware wallet called a “paper wallet.”
- Paper wallet: A paper wallet is one of the cheapest and easiest ways to store a private key. To create a paper wallet, you simply need to print out the private key and wallet address onto a piece of paper and put it in a safe place. That’s it! Some people even go as far as etching their key into a piece of metal to protect it from accidental destruction.
In this tutorial, we will show you how to store Ripple on a hardware wallet called the Ledger Nano S, which we believe is the best Ripple wallet.
If you prefer using a software wallet, check out our tutorial on storing Ripple with Toast wallet.
How to store Ripple on a Hardware Wallet
Please follow our step by step visual guide. If you have questions, leave them in the comments below and we’ll do our best to answer them.
1) Buy a Ledger Nano S
We recommend the Ledger Nano S as it is one of the few hardware wallets that supports Ripple.
It’s also one of the most popular wallets that you can store coins on. It’s a secure thumb drive.
2) Setup the Ledger Nano S
If you’ve just purchased your Ledger, you’ll have to complete the initial setup.
3) Connect the Ledger Nano S
Connect your Ledger via the USB cable to your computer.
4) Install the Ledger Manager
Next you’ll need to install the Ledger Manager Chrome extension from here. The Ledger Manager manages the different wallet applications on your Ledger device. Each coin you store requires a different application. So if you store Bitcoin and Ripple, you’ll need the Bitcoin and Ripple wallet applications. You find and install these onto your device via the Ledger Manager.
The Ledger Manager is actually a Chrome extension, so you’ll have to add this extension to Chrome.
5) Open the Ledger Manager in Chrome
6) Update firmware
Make sure you have up to date firmware via the Ledger Manager.
7) Install Ledger Wallet Ripple via Ledger Manager – App store
In your Ledger Manager, under the “Store” tab, click on “Applications”. On the right side, look for “Ripple”. Click on the small green arrow to the right of the Ripple logo. This installs the ripple application onto your Ledger device.
8) Close Ledger Manager
You won’t be needing this anymore. If you wish to install different coin wallets on the Ledger wallet, use the Ledger Manager.
9) Download / install Ledger Wallet Ripple native application
Now download and install the Ledger Wallet Ripple application from here. This application runs on your computer and manages your ripple wallet. Remember the Ledger Nano S is simply used to authenticate transactions. You’ll use the wallet application on your computer to send and receive Ripple.
10) Turn off browser support on Ledger device
- On your Ledger Nano S, click on the right button until you see “Ripple” on the screen and press the 2 buttons together to enter the application.
- On your Ledger Nano S, scroll with the right button until you see “Settings” and press both buttons.
- Scroll to the right until you see “Browser Support” and press both buttons.
- Select “No” using the right side button and press both buttons.
11) Make sure your Ledger Nano S is still connected to your computer
The Ripple wallet application will only work if your wallet is connected to your computer.
12) Open Ripple wallet application on computer
You can now conduct transactions on from your Ripple wallet. Remember that your Ledger Nano S must be connected to your computer to send transactions.
13) You’re done!
You can now send and receive Ripple using your new wallet. Remember, your hardware wallet does not need to be connected to receive Ripple, since it is being sent to your address on the blockchain.
The only time your wallet needs to be connected is when you want to send Ripple. You will need your wallet to access your coins on the blockchain.
How to store Ripple on an exchange
While we don’t recommend using an exchange for long term storage of your cryptocurrencies, they do provide some advantages if holding for the short term. The main advantage being that you can trade Ripple for different coins much faster.
If you are going to use an exchange to store your Ripple, we highly recommend using Binance. They are one of the largest exchanges, they are very secure and they have a great choice of crypto coins to trade.
How to store Ripple with a Paper Wallet
The most secure way to store any cryptocurrency is with a paper wallet. A paper wallet is extremely simple and free. If you want to store your Ripple using a paper wallet, follow these instructions:
1) Generate a Ripple wallet address
2) Write down the Ripple address and Ripple secret
Once you’ve written this information down or printed it out, that is your paper wallet. Everything you need to access your wallet (the address and secret) and send coins is on that piece of paper. Store it in a very safe place.
3) Send XRP and activate your wallet
To activate your Ripple wallet, you need to send a minimum of 20 XRP to the wallet address you generated. Once you’ve done so, that wallet is activated and free for you to use.
You can verify your Ripple transactions using Ripple’s blockchain exlorer.
4) You’re done!
There are many ways to store Ripple, some safer than others. Each method has its own advantages and disadvantages.
If you prefer a software wallet, check out our tutorial on how to use a Ripple desktop wallet using Toast.
If you would like to buy Ripple, check out our How to Buy Ripple page to find the best exchange for your needs.