For those looking for an accessible cryptocurrency to get involved in, Ripple is a great starting point.
If you do decide to invest in XRP, however, then you are going to need to find somewhere to keep them.
In this article, we will give you the lowdown on the best Ripple wallets to store your XRP.
What Is Ripple?
Ripple was conceptualised back in 2004 by Ryan Fugger, after he had been working on a local exchange trading system in Vancouver, Canada.
His idea was to create a decentralised monetary seen a huge surge in interest in digital and virtual currencies, and with more and more currencies popping up each day, the choices of where to invest are continuing to grow.
One system which would allow both individuals and communities to create their own money.
Ripple functions as both a digital currency (XRP) and as an open payment network which allows the currency to be transferred across it.
It is distributed and completely open-source in nature and its goal is to enable users to break free of the restrictions of existing financial networks such as credit cards, banks, and PayPal which levy fees, charges, and restrictions on users.
Once known as Opencoin, the way in which Ripple operates is very different to most other cryptocurrencies.
It is first, a platform which provides a transactional protocol for the currency itself which is known as XRP – similar in the way that Ethereum is the name of the platform, and Ether is the name of the token.
It is built on the idea of a distributed ledger network which allows various parties to partake in the validation of transactions, rather than just a singular, centralised authority.
With transfer fees that are much lower than Bitcoin and a super-quick transaction time which are effectively immediate, it is a serious contender for the Bitcoin crown.
Why Should I Invest In Ripple?
There are several reasons why you should consider investing in Ripple and XRP.
First and foremost, the currency has seen some huge increases in its value over the last 18 months, registering increases of almost 4000%.
At the moment, its prices are still accessible meaning you can buy into it with relative ease, especially when you compare it to other currencies such as Bitcoin.
Another reason to invest in Ripple is that it is unlikely to be a flash in the pan sort of currency.
As its use and value are intrinsically tied to its payment system which has seen high levels of adoption and support from the corporate world, it is rather unlikely that it will disappear anytime soon.
For those looking for a sound investment that is expected to only grow in popularity, Ripple ad XRP is a viable option.
Ripple Hardware Cryptocurrency Wallets
A hardware wallet is by far the most secure type of cryptocurrency wallet.
Due to the fact that it is not connected to the internet, it is completely safe from hackers and viruses.
Also, most hardware wallets are controlled via a screen, even when they are plugged into a computer, which means that even if your computer has been compromised by malware or key-logging software, the privacy and security of your wallet is never compromised.
Whilst they are a bit cumbersome if you are someone that will be making lots of cryptocurrency transactions, this is a small price to pay for the ultimate in security.
Ledger S Nano
The Ledger S Nano is one of the best hardware wallets on the market.
It is also one of the cheapest (€98) which means it is accessible to even those who are just investing in cryptocurrency as an experiment or to see what all of the fuss is about.
It benefits from a sleek and modern design and is small enough to put on a keyring or keep in your wallet.
It supports far more than just XRP – you can also store Bitcoin, Ethereum, Stratis and Zcash on it, amongst others.
Design wise, the Ledger has nailed it. Similar in appearance to a USB stick, it is encased in metal which not only makes it look nice, but it also makes it durable and robust.
The LED screen allows you to control all of its functions whilst “offline” meaning your pin and private details are safe from prying eyes, and when it comes to setting up and getting going, you are looking at a relatively pain-free process of three minutes.
You can send and receive payments, check various accounts and balances, manage multiple addresses, and keep track of your full portfolio of different currencies, all from the same device.
Ledger has a great reputation and is well known for a good security track record, as well as offering superb customer support.
If you are looking for a great entry price, but not entry level wallet to securely store your portfolio of cryptocurrencies, then the Ledger S Nano could be just the choice for you.
For more details read our Ledger Nano S Review.
TREZOR
This hardware wallet has been in the game a little longer than its competitor, Ledger.
With a price tag at almost double the Nano S, one would assume that it would have some more advanced features, but unfortunately, this is not the case.
It connects to PC via a USB cable and it supports Bitcoin, Ethereum, ETC, ZCash, Namecoin, Dogecoin, Dash, and Ripple.
It provides 2-step authentication as well as a password manager which is a nice touch, although not that useful in reality.
One of the benefits that it does have is that the company that makes it enjoys a long-standing and sterling reputation, meaning you can rest assured that your currencies are in good hands.
The design is simple and a bit less flashy than the Ledger. It is slightly more robust and has more of a square shape to it than the USB style of the Ledger.
The screen is slightly smaller, and this means that the text of the display is smaller as well, a bit annoying if you forget your glasses.
It is also quick and easy to set up, and you don’t need to be a technology genius to get to grips with it.
Don’t get me wrong, the TREZOR is a great product, but for the extra money, it isn’t going to offer you anything additional to the Ledger S Nano.
Get more information on TREZOR in our TREZOR Review.
Ripple Application Cryptocurrency Wallets
If you are someone that is looking to use your cryptocurrency for trading and purchasing and therefore require instant access to it, then you might want to consider a browser-based cryptocurrency wallet.
Toast Wallet
Toast is one of the most convenient and well-known Ripple XRP wallets available and it has amassed a following from experienced crypto enthusiasts.
It is available across multiple platforms such as Android, Windows, Mac and iOS and it is available in separate applications for each particular platform.
One of the key benefits of Toast is that it is exceptionally easy to use and the storing of Ripple XRP doesn’t require any additional or fiddly steps like it does with some other wallets.
It is also completely free to use, and it does not charge any fees for transactions. Unlike some other wallets, Toast is designed purely for Ripple, so you can only store XRP in it.
The wallet lacks unnecessary or cumbersome features and it is completely open source.
CoinPayments
This is a cryptocurrency payment site which also allows the storage of cryptocurrencies.
It works much in the same way as a traditional bank does and it supports the storage of over 100 different cryptocurrencies.
With transaction fees of 0.5%, it is not one of the most expensive.
Registered in Canada, CoinPayments has a sturdy reputation for being one of the leading and most legitimate cryptocurrency payment platforms.
You can also use the platform to pay for products and services across a range of e-commerce sites. It is totally free to use if you are using it purely as a wallet and you will only incur fees if you make any transactions.
Rippex
Based in Brazil, this wallet is favoured for its “no rule” approach to management. It also offers very low transaction fees and registration is completely free of charge.
There are advanced functions available to users upon request such as multi-verification processes, advance privacy, and full control of your wallet from either your PC or mobile device.
It provides support for multiple digital currencies as well as various fiat currencies such as USD, EUR, and CNY.
The application for mobile is available for iOS and Android, as well as a few other operating systems and it is robust and easy to use.
Binance
You might be familiar with Binance as an online exchange platform, but it also offers a very good web wallet that supports the storage of Ripple XRP, amongst others.
Binance is one of the biggest and fastest growing cryptocurrency exchanges in the world and it offers its services in multiple languages, has a clean user interface, and is super-fast when it comes to processing times.
It offers support to all of the big cryptocurrencies and is often the first platform to support new currencies once they emerge from ICO stage.
When it comes to its wallet facilities, they also enjoy a solid reputation although it is generally advised not to store too much in an online, or “hot” wallet, and only to keep the amount you need to transact in this manner.
If you are someone that is going to be actively trading cryptocurrencies on a regular basis, then Binance is a superb option for you to consider.
If however, you are looking to hold your currency for any substantial period of time, it is best to invest in a hardware wallet to ensure the utmost in security and safety for you and your assets.
If you want to find out more about this exchange, read our Binance Review.
Conclusion
The method you use to store your cryptocurrency will depend a lot on your reason for using it.
If you are planning on holiday XRP as a long-term investment, then your best bet is to keep it in a hardware wallet such as the Ledger S Nano.
If however, you are planning to invest a little money in XRP and use it for the purpose of trading or making small and frequent transactions, then your best bet is something like Toast- an online wallet that allows quick access to your coins.
Investing in Ripple is the smart thing to do.
As covered in this article its popularity is increasing at a steady rate and it seems unlikely that this will change anytime soon.
As it is tied to a platform, much in the same way as Ethereum is, it is unlikely that it will vanish into oblivion as it has an intrinsic value that is tied to tangible services.
As Ripple has been adopted by several large companies such as MoneyGram, this is a huge boost for its reputation.
Where it will lead in the future, no one can say for sure but one thing is certain, if you are looking for a scalable, adaptable, useful and promising cryptocurrency to invest in, then Ripple is definitely worth your consideration.
Just make sure you heed our advice and choose the most secure and fit for purpose wallet to ensure your coins are kept safe and secure, away from unauthorised use.
Any of the best wallets to store Ripple, however, will be useless if you don’t buy the currency first. For more details, visit our guide on How and Where To Buy Ripple.
