Ripple 101

XRP to USD Trading

As the third largest cryptocurrency in the industry, Ripple has played and continues to play a vital role in facilitating cross-border transactions on the Ripple network. XRP can also be traded on a wide range of exchanges, but if you lack experience, working out how to convert XRP to USD safely and at a good rate can be quite challenging.

With a bit of luck, we can help. Read through this tutorial on selling XRP and other factors that you should consider before selling your holdings.

What is XRP to USD?

This involves converting a cryptocurrency (XRP) to fiat money (USD). You can sell the XRP directly for USD on an exchange that accepts XRP deposits and USD withdrawals, or you can trade your XRP for another cryptocurrency first, and then exchange that digital coin for USD on an exchange that accepts USD withdrawals.

Brief History of XRP’s Trading Volume

XRP has been in the market since 2 Feb 2013. It was first traded in a cryptocurrency exchange on 4 August 2013 at the price of $0.01. Below, you’ll find the complete XRP price history with historical market cap and trade volume. These charts can help you understand various things about how the coin’s price has changed over time. Also, the charts can help you determine whether to sell or buy XRP and at what time.

Ripple market cap history chart (USD)

Ripple trading volume history chart (USD)

These charts illustrate the complete Ripple price history. Also, they show what the value of XRP was in various periods of the past.

 Exchanges that offer XRP to USD or another cryptocurrency trading

The following exchanges allow you to deposit XRP and withdraw USD:

  • Kraken
  • Bitsane
  • Exmo
  • Bitfinex
  • Bitstamp
  • Gatehub

Fees and USD withdrawal methods

A step-by-step guide to selling XRP

There are two options with regards to selling XRP:

  • Selling XRP for fiat currency, such as USD
  • Selling XRP for another digital currency

The quickest way is to sell XRP to USD, especially if you’re a crypto trading novice. Nonetheless, we’ll take you through a step-by-step guide on how you can sell XRP for either fiat or cryptocurrency.

Selling XRP for USD

Step 1: Create an account on an exchange that lists XRP alongside USD. In case you want to trade your XRP on the same platform that you used to buy XRP, skip to step 2.

If you want to use a different exchange platform, first find a suitable exchange that lists XRP besides USD. Ensure you do your due diligence to know the best exchange for this particular transaction, before diving into it.

After choosing a suitable exchange, create an account using your email address and create a password. Depending on the platform you choose, you might be required to give your name, phone number, address and proof of ID to satisfy your known customer and anti-money laundering requirements (KYC/AML).

Also, ensure you activate the 2FA (2-factor authentication) on your account (if it’s available) before depositing any funds.

Step 2:  Deposit XRP in your account. To achieve this, you first need to log into your account, find the relevant wallet address for XRP, and make sure the tokens you deposit are sent to that address.

For instance, Kraken users will need to click on the “Wallets” tab and select their XRP wallet. Then, it’s a matter of clicking “Generate Deposit Address” and using the address provided as the destination for your XRP transfer.

Step 3: Sell XRP. With the XRP you want to trade now in your exchange wallet, go to your exchange’s trading page and search for XRP/USD. Specify the amount of XRP you want to sell and finalize your transaction.

For instance, if you’re using Bitstamp, click on “Sell XRP” and enter the amount of XRP you want to sell. An approximate amount of funds you’ll receive will be displayed. After pressing the “Sell XRP” button, the instant order will be executed immediately and the funds will be traded to your Bitstamp balance.

Step 4: Withdraw USD. This is the final step. It’s quite easy to find the “Withdraw” link once you’ve logged into your account, but remember to conduct your due diligence to know the fees, limits and processing times that apply.

Selling XRP for cryptocurrency

You can exchange XRP for another cryptocurrency through the following steps:

Step 1: register for an account. Then confirm your email address and click the link to log in. At this point, you’ll be asked to set up two-factor authentication, which we recommend you do.

Step 2: Deposit funds into your account. For instance on Binance, hover over “Funds” on the upper black bar (right side of the screen) and select “Deposit”. Then, click on the “Select Deposits Coin” window and select XRP from the drop-down menu. You’ll see your balance and orders placed.

Step 3: Sell XRP. The XRP should appear on your exchange wallet. After this, move to the trading section of your chosen platform. Search the cryptocurrency you want to trade, such as ETH/XRP, and then specify how much XRP you want to sell.

Things to consider before selling your XRP

Trading cryptocurrencies involves a lot of risks, just like trading stocks. As such, it’s crucial that your first understand all the risks involved before carrying out any transaction.

Before selling your XRP, some of the factors you should consider include:

  1. Type of platform- most platforms for trading cryptocurrencies are centralized. Thus easy and convenient. However, they are not safe compared to decentralized platforms which are considered the most secure in the industry.
  2. Withdrawal fees and methods- does the platform charge withdrawal fees? If so, how much? Also, you should consider the payment methods supported by a platform to allow you to withdraw your funds.
  3. Transaction fees- this is another vital factor you should consider before selling your XRP. How much do you need to pay when selling XRP? Is there a structure that entitles high-volume traders to lower commissions?
  4. Independent reviews
  5. Security features
  6. Transaction limits
coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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