Last Updated on May 27, 2022 by Shounak
Let’s today discuss the best XRP wallet available in the crypto market.
Co-founded by CEO Chris Larsen & CTO Jed McCaleb in 2012, XRP token is a digital currency of Ripple Lab. It is an open-source payment network where anyone can transfer money in any currency within seconds.
XRP is currently the third-highest cryptocurrency in the market by market cap. Last year in 2019 for a brief period it became the second-highest cryptocurrency.
According to CMC the current Market cap of XRP is $8,06,15,44,883 and the approximate return on Investment for it, if purchased at the time of launch is 3,020.69%
Investors who invest in XRP consider it as a long term investment. Therefore holding it in a wallet rather than an exchange is considered a wise decision.
In this guide, I will be sharing the names of some of the best XRP wallets also known as Ripple wallet in the market that are safe, secure, trusted and offers additional features.
The listed Ripple wallets are my personal favorites, some of them have been used by me for my day to day trading activities.
What is XRP Wallet(Ripple Wallet)?
In simple words, just like other cryptocurrency wallets an XRP wallet(Ripple wallet) enables you to store, receive and send XRP coin.
Most XRP wallets require their users to hold a minimum of 20 XRP as a balance to activate their Ripple address. So if you add 100 XRP into your Ripple wallet 20 XRP will be used to book wallet address.
This one of the main reasons why you should avoid using multiple XRP wallets.
How to buy XRP?
You can buy it using fiat money or Bitcoin at a cryptocurrency exchanges where it is being traded. Some exchanges do allow you to buy XRP using Ethereum.
I prefer buying it with Fiat or Bitcoin. My top three recommended global cryptocurrency exchanges to buy Ripple are
My top three recommended Indian crypto exchanges to buy Ripple are
Now, let’s start with the list of…
Best XRP Wallet:
1. Toast Wallet:
Toast Wallet is a Ripple(XRP) exclusive wallet. It is an open-source wallet for Android, iOS, Windows, Mac, and Linux.
It is owned by StartStone Limited, a software startup based in NewZealand.
Toast Wallet is a hot wallet and it is completely free. It is less vulnerable to cyber attacks as its encryption keys are generated and stored on the device where it is downloaded.
Advantage of Toast XRP Wallet:
- Very easy to send and receive XRP using this wallet.
- Easy to view balance and transaction using the wallet.
- Generate back up of the wallet in case you lose your device.
- Encrypted keys are stored on the device only for security purposes.
2. Atomic Wallet:
Atomic wallet is a Multi cryptocurrency, custody free wallet. You can use it to store more than 300 coins and tokens. It is free to download and is available both as a hot wallet and cold wallet.
The Atomic Wallet functions as a decentralized exchange of its own due to features like Atomic Swap and Atomic exchange.
You might be interested in these articles:
- How to use Atomic Wallet for Android?
- How to Trade on a Decentralized Exchange using Atomic wallet app?
Advantage of Atomic Wallet:
- You can directly buy cryptocurrencies using this wallet.
- You can also stake crypto using this wallet with zero fees.
- Access to Private keys of all the different wallets.
- Available for both mobile and desktop.
3. Ledger Nano S:
It is one of the most secured hardware XRP wallets that comes in a compact size just like a USB with an attached OLED screen.
Since it is not always connected to the internet it falls under the category of cold wallet and therefore it is considered one of the safest wallets.
Advantage of Ledger Nano S:
- It supports multi-cryptocurrency storage.
- All Private keys are stored offline.
- All data stored in the wallet are secured by a PIN code.
- It is completely Malware proof.
4. Edge Wallet:
One of the ideal XRP wallets, it is an open-source and non-custodial cryptocurrency wallet available on iOS and Android.
With the Edge wallet, you get direct access to the Ripple network all from a mobile device and perform you can fiat to crypto exchange, crypto to crypto exchange.
Advantage of Edge Wallet:
- Multi cryptocurrency support.
- Complete access to Private Key.
- Support XRP’s Destination tag.
- Easy to recover the password.
5. Guarda Wallet:
On our list of best XRP wallets, we have Guarda wallet which is a multi cryptocurrencies custody free wallet. It is one of the most trusted mobile wallets.
It is a hot wallet and unlike most other hot wallets it gives access to the Private key of all the wallets built in it. This means that you have full control of your funds in the wallet.
Advantage of Guarda Wallet:
- Multi cryptocurrency support.
- Built-in exchange to buy and exchange cryptocurrencies.
- Supports over 30 cryptocurrencies.
- Easy to use and easy to set up.
The listed XRP wallets in this guide are free to download, you can download and use any one of them depending on your choice as most of them are Multi cryptocurrency wallets.
All of them have the best security features to keep your money safe. They all have brilliant support you can also join their social media channel to stay connected with the latest.
It is always advised to keep a backup of your wallet in case if you lose your device or accidentally corrupt it, you can always restore your wallet using the backup.
Always update your wallet to the latest version and never reveal security details like password, pin or the private key to anyone.
If you are a long term holder then always use a cold wallet to store your crypto assets. If you are a trader then always keep a small balance in your trading wallet (exchange wallet) and transfer the rest to your personal wallet.
Treat your digital currency wallet in the same manner as you treat your fiat wallet. Follow the above set of hidden rules and your wallet will always be safe and secure.
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In the End:
Thanks for reading this guide. I hope you find this guide interesting and informative. I enjoyed writing it for you and I think you might have also.
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