Ripple is without a doubt one of the most innovative and interesting cryptocurrency projects the world has ever seen. Thanks to its innovations, top-notch technology, the strong team behind it, and enough meaningful partnerships to put other crypto projects to shame, it’s really no surprise that Ripple now sits in 2nd place in terms of market capitalization, with only Bitcoin in front. As with all cryptocurrencies, predicting exactly how it will behave in the future might be a bit tricky which is exactly why you might feel the need that this is the best time to sell Ripple for something more useful such as the USD or Bitcoin.
How to sell Ripple for USD
We’ll start with a general guide on how to sell Ripple for USD. When it comes to selling your XRP for USD there are two main options: you can either do it through a crypto exchange that accepts XRP deposits and USD withdrawals, or you can trade your XRP for another cryptocurrency first, and then exchange that currency for USD on an exchange that accepts USD withdrawals.
As one can imagine, the first option is the simplest of the two, but it also limits your options a bit. Some of the best exchanges that allow you to deposit XRP and withdraw USD are Kraken, Bitfinex, Bitstamp, Exmo, Gatehub, Bitsane, and Exrates. For a complete list of exchanges that support this type of transaction visit Ripple’s dedicated Markets section on CoinMarketCap.
In order to sell your XRP on any of the aforementioned exchanges, you must follow somewhere along the lines of the following general guidelines:
1.Register an account, and confirm it through email;
2. Proceed forward with the verification process which will include completing an online form, providing the exchange with your phone number, email address, residential address various forms of valid, government-issued identification (passport, national ID card, driving license, residency card, employment card, etc.). In short, meeting all the KYC/AML requirements;
3. Deposit the XRP into the exchange’s account wallet. Usually, this process should be free. To do this, simply log into your account, find the relevant wallet address for XRP, and make sure the tokens you deposit are sent to that specific address;
4. Sell Ripple (XRP) and buy USD. Head over to the exchange’s trading page and search for the pair you want to trade (in your case XRP/USD);
5. Withdraw your freshly acquired USD. The final step of the process requires you to withdraw your fiat currency into your linked bank account (done before step 3). You should be looking for the “Withdraw” section or “Withdraw USD” button from your account’s main UI or dashboard.
How to sell XRP for Bitcoin
Even though XRP is a powerful token, it might make sense to sell it for Bitcoin since, for the time being at least, the latter is more valuable.
Just like before, you’ll first want to first find an exchange that lists XRP, more specifically, one that has the XRP/BTC pair. We recommend looking at the same Market section from CoinMarketCap.
Some of the top exchanges that support the XRP/BTC trading pair are ZB.COM, Binance, HitBTC, DigiFinex, Exrates, OKEx, Huobi, and BitMart. The process follows pretty much the following steps as before:
1. Create an account on the desired exchange;
2. Verify your account and go through all the required AML/KYC process;
3. Deposit your XRP into your account;
4. Sell Ripple (XRP) and buy BTC;
5. Transfer your new digital currency to a secure wallet
Trading Ripple for Bitcoin on Binance
For this particular guide, we will be using Binance as an example, since it is the world’s best
exchange, at least in terms of trading volume.
1. Head over to Binance’s official website, and register for an account, if you don’t already have one. You will be required to provide the service with your active email address, a password (and a confirmation of that password), a referral ID (optional), and to agree with Binance’s Terms of Use.
2. Once the account has been confirmed via the enclosed link sent by email, you can activate the two-factor authentication system (optional), or move forward with the verification system. If you’re not planning on trading daily, then a level 1 account should suffice. However, if you’re planning on trading daily, then a level 2 or 3 is more appropriate. To upgrade your account, you will be asked to provide Binance with various personal data such as full name, gender, country, passport ID, including a JPEG photo of your passport or national ID, or driver’s license.
3. Go to “Funds” on the upper toolbar (right side of the page) and select “Deposit.” Click the “select Deposits Coin” and select XRP from the drop-down menu. Once you see your balance and orders placed, you can move on the next step.
4. Fill in the deposit address and a deposit tag to deposit XRP to Binance (make sure you carefully enter the address and the tag accordingly).
5. Copy the currency deposit address displayed your XRP are stored and request a withdrawal or transfer to the address you copied. The XRP will be deposited after the network confirms it, which might take a while. You can check up on the progress by accessing “Funds” and by selecting “Transaction history.”
6. After the deposit is confirmed, head over to “Exchange” in the top toolbar (top left corner) and select Basic. In the search bar enter XRP, and select the XRP/BTC trading pair. Click “Sell XRP,” type in the desired amount and the price, then click the “Sell XRP” button.
Other important things to consider while selling XRP
Even though the process of selling XRP for either USD or Bitcoin is pretty much straightforward
(thanks to the user-friendly GUI of most exchanges), the process involves a lot more factors.
For example, trading fees are an important factor worth considering. Make sure you check out the exchange’s section for trading fees, withdrawal fees, and methods. Most exchanges have a limit on how much XRP can be sold in one transaction or one day. Make sure you know what are these limits, and what’s the maximum amount you can withdraw from your account.
When choosing an exchange for selling XRP, doing a bit of research on the exchange beforehand does not hurt. Read a few independent reviews and find out how is the exchange’s customer support and its overall security. Was the exchange subjected to breaches and hacks in the past? If so, how did the exchange handle the situation? Are the problems fixed now?
Final words
Ripple is currently one of the most secure investment opportunities available on the cryptomarket, as the project has just recently surpassed Ethereum on CoinMarketCap. However, there are still numerous reasons why one might want to sell XRP for other assets. If that’s the case, we hope this general guide will prove useful for you and your cause. If you are a Ripple fan, you can find the latest Ripple News from Coindoo.
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