Ripple is the third largest cryptocurrency in terms of market capitalization. Consequently, there is a great interest in Ripple (XRP). Users whose curiosity about Ripple has been aroused should know, among other things, what kind of wallets are suitable for Ripple. In the following, we provide an overview to help you with that.
The Base Reserve – a minimum reserve for each wallet address
In order to activate a Ripple wallet in the Ripple network, a minimum amount of 20 Ripple/XRP must be deposited for the respective wallet. This is a requirement by the network itself, i.e. not by the wallet provider or by an exchange. The Ripple network uses this requirement as an anti-spam measure or as protection against a possible overload of the network by fake accounts.
If you are interested in Ripple for the long term, it makes sense to choose just one wallet that is suitable for your own requirements in order to avoid having to deposit the base reserve several times. The activation can be done by sending the 20 XRP (or more) e.g. from a crypto exchange to the wallet address.
The best ripple wallets at a glance
The multi-platform Toast wallet
The Toast wallet is a free open source wallet for Ripple, available for mobile devices, desktop and also as a browser version for Chrome. The wallet advertises that it is particularly easy to use, and most users agree!
Hardware wallets for Ripple
The most secure type of wallet is the hardware wallet as the private keys are stored offline on these devices. A hardware wallet that is suitable not only for storing Ripple, but also many other cryptocurrencies is the very popular Ledger Nano S.
The browser wallet Exarpy
Exarpy offers specific security features for its wallet. The secret key is generated offline, remains with the user and is not sent over the internet. However, its use is not free as every Ripple transaction comes with a flat fee of 0.025 XRP.
Crypto exchanges as wallets
If you have an account at a crypto exchange, it is convenient to keep your cryptocurrencies on the platform at least to the extent that you want to trade with them. A popular crypto exchange (not only) for trading with Ripple is for example Binance. For security reasons, however, it is not advisable to leave larger amounts of cryptocurrencies on the platform, but to use one of the other wallets discussed above.