With digital currencies growing in value, investors are looking for safe and trusted environments to store their wealth.
As we have already discussed, the best way to store cryptocurrency is in a hard wallet such as Ledger Nano S.
Does Ledger accept Ripple XRP? Of course – together with many other leading cryptocurrencies, you may want to consider investing in.
In this article, we’ll discuss how to set up a Ledger Nano S and transfer Ripple XRP into you wallet.
But first of all, you probably want to know why you should invest in Ripple and why use the Ledger Nano S to store your virtual assets?
Why Invest In Ripple?
Although Bitcoin makes the headlines for being the first virtual currency to hit the mainstream and make a fortune in the process, Ripple was actually the first digital coin to be invented – way back in 2004.
That being the case, you may be thinking why XRP is not the leading cryptocurrency. By all intents and purposes, it should be, right? Right! And we think it will be.
Ripple technology is being trialled by banks and is backed by influential investors including Google. In other words, Ripple is a sleeping giant that is about to wake up from its slumber.
Ripple’s technology puts it ahead of its competitors.
The algorithm is essentially designed to operate as a real-time payment system which gives it a practical advantage for day-to-day use.
To put this into perspective, Ripple can handle transactions in under two minutes whereas Bitcoin, at its quickest, takes at least ten minutes – and anything up to an hour.
There are certain controversies around Ripple – it’s owned by the Ripple Foundation and it’s premined. This, of course, doesn’t satisfy the cryptocurrency community.
But, for those who are looking for a long-term investment that supports a revolutionary technology.
For more detailed information, visit our guide to What Is Ripple Coin.
Why Ledger Nano S?
Because cryptocurrencies are digital assets, they are essentially stored in online environments.
As a result, virtual currency is highly susceptible to cybercriminals that can hack their way into your account and remove your investment.
The Ledger Nano S is a hardware wallet which means you store your account information on a removable hard drive which isolates your sensitive data.
Essentially, the Ledger Nano allows you to store digital assets in an offline environment that is not accessible by anyone. It is also compatible with multiple cryptocurrencies.
Furthermore, the Ledger Nano S has advanced security settings which double-gate your account for added protection. When you set up a Ledger Nano on your computer, you create a private key that is then locked by a personal PIN code that only you know.
You can even send/receive payments and check your account directly from your Ledger.
How Does Ledger Nano S Work?
The Ledger Nano S is an account manager that enables you to send and receive virtual currencies easily and check your balance at a glance.
Setting up the Ledger involves downloading an app on the device you want to manage your cryptocurrency from.
We recommend setting up your cryptocurrency wallet on a desktop computer, or at the very least a laptop.
It is also possible to set up the Ledger wallet on a mobile device, but smartphones and tablets are more susceptible to malicious malware attacks.
Access to the Ledger is only permitted to users that have the correct PIN code with the corresponding device. In other words, if you set up the Ledger Nano S on your laptop, your account can only be accessed from the Ledger Nano on that laptop.
However, there is a backup option that enables you to recover your account in the event the original device you set your Ledger account upon malfunctions or is lost.
Users should set up this backup option when you first set up your account. To set up a Ripple account on the Ledger account, you have to have at least 20 XRP and cannot make transactions that go under this limit.
To access your account and make a transaction, the Ledger app will ask you to verify your account with the private key given to you when you buy the Ledger Nano S, together with the private PIN code that you program when you set up your account.
Make sure you keep both the private code and your PIN code in a safe place.
How To Install Ledger Nano S Wallet On Your Computer
Setting up a Ledger Nano S on the device of your choice is easy – even if you’re not technically minded.
- Go to Ledger Wallet Ripple page and click on the green “Get The App” widget
- Download the Ledger app
- Open the folder you just downloaded and click “install” (Note: your computer must run a 10.8 OS or above, Windows 7 or above, or correspond with Linux development protocol)
- Launch the Ledger Manager app
- Insert your Ledger Nano S or Ledger Blue into the USB connection
- Enter your PIN when prompted
- On the dashboard, click on the green arrow near the Ripple logo
- Confirm the installation when required on your device
- Quit the Ledger Manager
You only need to perform the above actions once to set up a Ledger account. The next step is to add XRP to your wallet’s account.
How To Add XRP To Your Ledger Account
- Insert the Nano S or Ledger Blue hardware into the device you used to set up your account
- Open your XRP app on the Ledger device and select the Ripple app
- Disable the “Browser support” settings by clicking both buttons together and navigating through Ripple>Settings>Browser Support.
- Close any other account managers you may have open for other currencies
- Launch the Ledger Wallet Ripple on your computer
- The wallet will open automatically
- Navigate the dashboard to access your account and send transactions
If you’re unsure how to do this, watch the video below:
Ripple has huge potential as an investment instrument and cryptocurrency owners are best advised to store crypto assets in an offline wallet for added protection.
I hope with that being said we could answer your question if Ledger Nano S accepts Ripple XRP.
At the time of writing, Ledger Nano S and Ledger Blue are leading the pack of digital wallets available on the market and promises to mature as crypto technology improves.