Ripple – you either love it, or you hate it. Regardless of the divisive nature behind Ripple and XRP it’s still a hugely popular cryptocurrency.
In this guide we discuss five XRP wallets that you should consider using.
Five XRP wallets to consider
Ledger Nano S
The Ledger Nano S is a hardware wallet – which means your crypto can be stored safely offline. This is beneficial because it means that your crypto cannot be hacked like it can be on an exchange or a desktop wallet. The Ledger Nano S has recently added support for Ripple – meaning XRP fans can now store their crypto securely offline.
Fundamentally the Nano S is no different to an external storage device. It’s a USB drive that can be plugged in and out of your computer whenever necessary. Your private keys will be stored on the Nano S. This ensures nobody can access them – unless they have access to the device.
The device is controlled by two buttons, making it easy to use alongside a screen which allows for verification. There is also the Ledger Live Companion app that you can use to manage any crypto transactions.
If you lose the device there is a 24-word recovery phrase in place that allows you to regain access to your crypto. To initiate the recovery phrase, simply input the 24-word recovery phrase provided on a different Ledger device.
Trezor model T
Trezor is among the most reputable companies when it comes to producing hardware wallets. Like with the Nano S, the Trezor model T allows users to store their Ripple safely offline where it cannot be hacked through a working internet connection.
It can store both crypto and private keys and even has a touchscreen. The interface of the device allows users to verify and approve all transactions while seeing them visually on a device that’s isolated from the internet – away from the prying eyes of hackers.
Trezor is also audited by security researchers – meaning you can check the company is safe and legitimate.
KeepKey will generate and manage your private keys offline in cold storage – where they will be guarded from external vulnerabilities such as viruses.
Like with other hard wallets, KeepKey has a display screen which provides clarity for every digital asset and transaction. Each transaction must be manually approved using a confirmation button, giving the user control and visibility over their transactions.
Each KeepKey device will also generate a 12-word recovery sentence which is used to retrieve private keys. Users can also quickly exchange cryptocurrencies directly from their wallet through the ShapeShift integration. ShapeShift is the company who developed the KeepKey product.
Hardware wallets provide additional layers of security that do not exist on wallets that function on a mobile/desktop device.
However, paper wallets – despite how rudimentary they might sound – also provide better security than electronic/desktop/mobile wallets. But, this does not necessarily come without complications.
A paper wallet could be as simple as a printed QR code split into halves or quarters. To access your crypto or private keys all you need to do is scan the code.
Splitting the paper up is optional, but it does help provide security. Paper cannot be hacked, but it could be stolen hence why splitting it up is a viable option. Each half or quarter would then be hidden at different locations. Two prominent issues with a paper wallet are a.) if the QR code is caught on camera – somebody has access to it and b.) if you lose it, you lose everything.
With adequate precautions, however, paper wallets are among the best Ripple wallets available because you can make one for free (excluding printing fees) and they are relatively safe. Hardware wallets are also among the safest options – but they cost a lot more.
The Atomic wallet is available for Ripple holders. It’s available on Windows, Mac OS and Linux. It uses BitTorrent technology for a distributed order book.
The Atomic Swap exchange is decentralised and allows for cross-chain exchanges without third party risks attached.
For coins not supported by Atomic Swap, the company has built-in ShapeShift, ChangeNOW and Changelly exchanges to provide users with more options.
Users can also purchase cryptocurrencies using their bank card – with US dollars and euros accepted.
Always do your own research
Hopefully this guide on cryptocurrency wallets which support Ripple has helped you understand which ones are available to you.
The crypto space comes with a lot of risks and ultimately you are responsible for any decisions you undertake.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.