Connect with us

Blockchain

Top 3 Ways to Create Ripple XRP Wallet

Published

on

In this guide, we present the top 3 ways to create Ripple XRP wallet and use it to receive and send crypto. As top secure your XRP coins, we propose these wallets based on their intended use. Wallets included here are:

  • Gatehub XRP wallet
  • Exchange XRP wallet
  • Desktop/Hardware XRP wallet

Each of these has its own pros and cons, in terms of asset security, ease of use, and price tags.

Ripple XRP Wallet Specifics

There are few Ripple XRP wallet specifics to understand before you decide to purchase your first coins. Ripple does not enjoy nearly as much support as Bitcoin does. However, it grew in popularity over time, mostly through increased number of exchanges that accepted it.

Compared to other cryptos, Ripple’s network is centralized, as developers hold the supply reigns. Thus, you do not have mining but neither do you have any sort of requirements to purchase the crypto. On the side of XRP transfers, here are few wallet specifics to look at:

  • Standard fee of 0.00001 XRP
  • Transaction confirmations take about 5 seconds

Gatehub Ripple XRP Wallet

Gatehub Ripple XRP wallet is primarily an online payment getaway and storage. One can store and use the platform to pay or goods and services online. With offices located in the UK and Slovenia, Gatehub operates as European e-payment and wallet system.

However, Gatehub concentrates mostly on XRP, above fiat and other cryptocurrencies. The platform dubs itself as an institutions’ XRP payment getaway. Thus, users can get XRP by exchanging these currencies:

  • EUR
  • USD
  • BTC
  • ETH

As to accommodate AML/KYC policies, Gatehub implements ID verification, even for crypto-only accounts. Converting fiats to XRP and vice versa carry a 0.2% cost. It is also worthy to note that Gatehub accepts bank transfers only, including SEPA (for EUR) and wire (for USD) deposits.

Pros

– Accommodates both fiat and crypto exchange for XRP

– One of the largest XRP wallet providers in the market

Cons

– Only bank transfers are available for fiat deposits

– Identity verification is a must-do

Exchange Ripple XRP Wallets

Whereas Gatehub is essentially an e-payment system, online exchanges are a bit different XRP storage service providers. At exchange platforms, you can engage in exchange and trading (if available). They are easy to use but often lack serious security features. Here, we cover most popular Ripple XRP wallets, including:

  • Bitfinex
  • Poloniex
  • Bitstamp
  • Bittrex
  • Kraken
  • io

Bitfinex Ripple XRP Wallet

Bitfinex Ripple XRP wallet has numerous benefits for users to take advantage off. Firstly, it is one of the largest BTC trading centers, offering wallet services for over 30 fiat and cryptocurrencies. Additionally, it has both exchange and margin trade markets for XRP, both of which have favorable fee policies.

However, it is important to know that the platform experienced a hacking incident back in 2016. At the time, the company lost $60 million worth of bitcoins, causing a ripple effect across the crypto market. Now, Bitfinex is hell-bent on never having its security breached like before. Users now have numerous security measures that they can implement. At the same time, Bitfinex itself employs encryption and server safety measure that would counter cyber-attacks.

Pros

– Enhanced security following the hack attack

– Numerous trading pairs and currencies to exchange with XRP

Cons

– Deposits of less than $1,000 in value carry 0.1 XRP fee

– Identity verification is a must

Poloniex Ripple XRP Wallet

Poloniex Ripple XRP wallet is a quite interesting platform to put your coins in. Found in 2014 by Tristan D’Agosta, the company deals with crypto-to-crypto only transactions. In there, most of new cryptocurrencies would try their luck with the market. Traders from around the globe (US citizens now are limited in number of supported States) can purchase XRP using other cryptos.

You do not need any sort of verification to purchase, trade, and exchange XRP at this site. Additionally, apart from network fees, there are no additional costs regarding XRP deposits and withdrawals.

Pros

– Completely anonymous platform

– no transaction fees for XRP deposits/withdrawals

Cons

– US traders severely limited as few States are supported

Bitstamp Ripple XRP Wallet

Based in Slovenia, Bitstamp Ripple XRP wallet offers an easy way to gain and liquidate your cryptos. The platform accepts both wire and credit card purchases, rarely seen in other exchanges. Moreover, transaction fees are minimal, with deposits being completely free while withdrawals having a price tag of 0.02 XRP.

We do need to mention that Bitstamp was hacked in the past, resulting in a $5 million loss in crypto assets back in 2015. Since then, company did take measures to enhance its security.

Pros

– No fees connected with XRP deposits and withdrawals

– Credit cards allow instant XRP purchase

Cons

– Identity check at the account registration phase

Kraken Ripple XRP Wallet

If you are into exchange and trading with EUR fiat currency, Kraken Ripple XRP wallet would be a good place to start. The European exchange offers a plethora of cryptos, all swappable with Ripple XRP. Moreover, the coin has 5 trade pairs, including 4 fiats (EUR, USD, CAD, and JPY).

For beginners that do not have large investment funds, Kraken offers unverified accounts that have low purchase limits. For a bit more serious trading, ID verification is a must.

Pros

– No deposit or withdrawal fees for XRP

– Possibility to purchase and sash Ripple XRP without ID verification

Cons

– Verification can take a long time to finalize

CEX.io Ripple XRP Wallet

If you wish to purchase cryptos through credit cards, CEX.io Ripple XRP wallet should be within your radar. The exchange offers bank accounts and cards as well as deposit and withdrawal methods. Thus, it is possible to get Ripple and sell it instantly. However, you should also account for verification requirements that demand scanned ID from clients.

There are no fees for Ripple XRP transfers. Credit cards, on the other hand, carry a 2.99% cost. Lastly, although XRP is not part of the margin trading market, traders have four (EUR, USD, BTC, and GBP) XRP pairings at their disposal.

Pros

– Ability to get XRP instantly through credit card

– Exchange and trade with fiats possible

Cons

– Identity verification a must-do

Hardware and Desktop Ripple XRP Wallets

In terms of security, hardware and desktop Ripple XRP wallets reign supreme. Armed with the latest security features, hackers would find it quite hard to break through your defenses. However, they are not exactly easy to install and use, especially desktop Ripple wallets. Hardware devices might be a bit easier for beginners but do come with a price tag.

TREZOR Ripple XRP Wallet

TREZOR Ripple XRP wallet is a new service coming from the device manufacturer. Namely, you can store your XRP in a TREZOR Model T while the software involved is Trezor Beta Wallet. It is still going testing procedure for many cryptocurrencies, Ripple included. However, it already operates under full safety protocols, much like its parent version, TREZOR. You have PIN, recovery code, private keys, and physical button used for transaction confirmations.

The purchase price for the Trezor Model T is around $165 at the time of this writing, shipped anywhere in the world. It is advisable to purchase the wallet directly from the TREZOR.

Pros

– High-end security features and functions

– Ability to exchange other cryptos with XRP

Cons

– Not free like exchange or desktop wallets

Ledger Nano X Ripple XRP Wallet

The main difference between Ledger Nano X Ripple XRP wallet and TREZOR is basically in the software. Ledger works as a USB while TREZOR is a mini-computer, which can be switched off just like PC. Ledger, on the other hand, can be plugged in your computer or laptop.

On the side of security, most functions are the same, including private keys., The price tag is $69 for Ledger Nano S and can be shipped anywhere in the world.

Pros

– Very easy to use and install

– Top-notch security features

– Cheaper variant of hardware Ripple XRP wallets

Cons

– Still more expensive than free XRP wallets at exchanges

Toast Desktop Ripple XRP Wallet

Toast Desktop Ripple XRP wallet is open-source software that anyone can download and immediately use. It is free and holds most of the necessary features that cold storage wallets have, including passphrase, PIN, private keys, and other functions. Toast is downloadable on Microsoft, Mac, and Linux systems and there are app versions as well (Android and iOS).

Pros

– Free to install and use

– Available for mobile devices as well

Cons

– Backup and security functions might be a bit confusing for beginners

Which Ripple XRP Wallet to Use?

Taking into account all possible factors, which Ripple XRP wallet to use? Each of these wallets has its own set of advantages and disadvantages. Thus, depending on the situation, each wallet type is useful.

Trading and quick currency swaps – exchange Ripple XRP wallet is the best

  • Cold storage and HODLing – hardware and desktop Ripple XRP wallets are suitable
  • Large trade & OTC – hardware and desktop Ripple XRP wallets are suitable
  • Transfer between wallets and short-term HODL – Gatehub Ripple XRP wallet

The post Top 3 Ways to Create Ripple XRP Wallet appeared first on Cryptocoinzone.

Source: https://www.cryptocoinzone.com/bitcoin-wallet/top-3-ways-to-create-ripple-xrp-wallet/

Blockchain

Analyst Who Called Ethereum’s Parabolic Breakout Says XRP is Next

Published

on

XRP’s price action has been rather lackluster as of late, with buyers and sellers remaining deadlocked as they struggle to gain control of the cryptocurrency’s near-term trend.

This lack of momentum isn’t new for XRP, as the token has been stuck within a macro consolidation phase throughout the past few years against both its USD and BTC trading pairs.

This has caused its community to dry up, with the so-called “XRP Army” largely evaporating as they move on to other projects.

It is important to note that XRP still has growth potential, as many traders still view it as a short-term vehicle to provide gains due to its tendency to see parabolic moves.

One analyst is now pointing to some striking similarities between Ethereum’s price action before its recent parabolic move and XRP’s current price action.

This insinuates that it may see some serious upside that leads it up towards its resistance in the upper-$0.20 region.

XRP Continues Consolidating as Analysts Eye Upside

At the time of writing, XRP is trading up just under 1% at its current price of $0.255.

It has been ranging between lows of $0.24 and highs of $0.26 throughout the past week, with buyers and sellers struggling to gain any momentum.

If it fails to break above the upper boundary of this trading range, it may continue consolidating or drift back down towards its bedrock support within the lower-$0.20 region.

The buying pressure here is always decent and should remain steady so long as the wider market remains bullish.

Unless the XRP token begins gaining some greater utility via Ripple partnerships, any price pumps in the near-term will likely be fleeting due to only being backed by short-term traders.

Analyst Claims XRP is Setting Up for a Big Push Higher

While sharing his thoughts on the embattled cryptocurrency’s current outlook, one analyst explained that he expects it to see some short-term upside and follow in Ethereum’s footsteps.

“Basically xrp looks exactly like eth did before it broke out yesterday… easy scalp long imo,” he said while pointing to the similarities seen between the two assets’ charts.

XRP

Image Courtesy of @SmartContracter. ETHUSD and XRPUSD Charts via TradingView.

XRP’s recent inability to follow the market has been a somewhat grim sign and could indicate that further underperformance is imminent.

That being said, there’s a strong possibility that it will see a short-term upswing towards $0.30 in the days ahead.

Featured image from Unsplash.
Charts via TradingView.

Source: https://www.newsbtc.com/analysis/xrp/analyst-who-called-ethereums-parabolic-breakout-says-xrp-is-next/

Continue Reading

Blockchain

The Digital Age Is Here: Crypto And Fintech Companies Soar, While Bank Stocks Tank

Published

on

2020 has been so far a challenging year. Issues such as the Australian wildfires and the global COVID-19 pandemic have harmed the planet and its inhabitants. The financial world has also suffered, especially during the first several months.

The effects are evident within different sectors of the financial industry. While some have felt adverse consequences during these uncertain times, others have thrived and reached for the stars.

BNN Bloomberg’s senior anchor, Jon Erlichman, recently published some stocks’ price performances for banks and fintech companies and the two largest cryptocurrencies – Ethereum and Bitcoin.

CryptoPotato exemplified it with the graph below. It concludes that innovative fintech companies such as Square and PayPal have massively outperformed the old dogs – the banking sector. Bitcoin has also experienced a notable YTD price surge, while Ethereum has trumped them all with a substantial triple-digit surge.

YTD Price Performance Of Crypto, Fintech Companies, And Bank Stocks. Source: CryptoPotato
YTD Price Performance Of Crypto, Fintech Companies, And Bank Stocks. Source: CryptoPotato

YTD: Bank Stocks Haven’t Enjoyed 2020

The stocks of some of the world’s largest banks were on a roll since the previous financial crisis over a decade ago. Bank of America shares had increased approximately ten-fold since 2009 to their highs in February 2020 of about $35.

You Might Also Like:

In the same period, Citigroup stocks went from $15 to $80, JP Morgan Chase & Co (JPM) from $20 to $140, and Wells Fargo (WFC) surged from $11 to above $50.

However, the COVID-19-prompted crisis took the world by storm this year. March alone saw price slumps not seen in decades. Most of the aforementioned bank stocks lost about 50% of its value in merely days.

Although their shares have picked up from the March bottoms, the graph above demonstrates that their year-to-date performance is still in the red. JPM is down by 30%, Bank of America by 33%, Citigroup by 46%, and Wells Fargo has it the worst – 58% YTD dump.

Other financial service corporations, such as Western Union (-17%) and American Express (-19%), have also lost significant chunks of value since the start of the year.

It’s worth noting that one of the most old-school investors and biggest supporters of the banking sector, Warren Buffet, sold the majority of his bank stocks this year.

Financial Companies In The Green

Although the crisis reached all companies on the graph above, some have not only recovered but actually increased in the following months. MasterCard stocks plummeted from $345 to $203, while Visa’s nosedive started from $213 and ended at $135. Nevertheless, both companies’ shares are slightly in the green on a year-to-date basis.

Two other financial service companies, but primarily focusing on online endeavors, have marked substantially more impressive YTD results.

PayPal’s stocks (PYPL) started 2020 at $110 and have increased by 94% since then, despite the mid-March slump to $85. Jack Dorsey’s Square’s yearly gains have even seen triple-digit percentages. The 55% dump in March was only a brief obstacle in SQ’s way towards a 178% surge since January 2020.

Interestingly, both firms have embarked on cryptocurrency-related activities in recent months. Square purchased $50 million worth of Bitcoin, while PayPal announced that it will enable its US-based customers to buy, sell, and store several digital assets.

What About Bitcoin And Ethereum?

The cryptocurrency market was not exempt from the mid-March madness. Some alternative coins lost up to 80% of value in hours. The two most well-known representatives, namely Bitcoin and Ethereum, dipped to $3,700 and below $100, respectively.

Percentage-wise, those developments equaled about 50% of losses. However, the rest of the year has been significantly more positive for both. Bitcoin, regarded by some as a safe haven tool with similarities to gold, has overcome its massive slump.

Whether it’s the growing interest from institutional investors, the third halving, or giant companies buying BTC for its store of value characteristics, Bitcoin has surged by more than 80% YTD. Just a few days ago, the primary cryptocurrency charted a new yearly high of over $13,000.

Ethereum, on the other hand, has been widely utilized this year in the ongoing decentralized finance trend. Its blockchain operates as the underlying technology behind most DeFi projects.

This increased utilization led to some unfavorable consequences such as slow transactions and high fees and highlighted a few of the network’s weak points. Price-wise, though, none of that matter as ETH has been on a roll during most of the year, especially since the summer.

As a result, the second-largest cryptocurrency has become the best-performing asset from the ones mentioned above, with an increase of over 200%.

What Could All Of This Mean?

The world is undoubtedly going through changes, primarily prompted by the COVID-19 reality. Social distancing and people working from home have driven society into becoming even more digitally-focused.

The financial world won’t be left behind. People seek more online ventures, and digitally transferred funds will eventually become the new normal.

As such, the decline of traditional financial institutions like banks, and the rise of innovative technologies, including cryptocurrencies, could be just the start of the mass transition to the online world.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/the-digital-age-is-here-crypto-and-fintech-companies-soar-while-bank-stocks-tank/

Continue Reading

Blockchain

These Are Ripple’s Relocation Options if it Moves Out of the United States

Published

on

Ripple has expressed dissatisfaction over the regulatory uncertainty surrounding cryptocurrencies in the United States. Apart from this, the San Francisco-based firm has also decided to act. By moving out of its home turf. But where will Ripple move next? Here are the relocation options.

Ripple’s Asia Options: Japan, Singapore & the United Arab Emirates

When Ripple’s co-founder and Executive Chairman Chris Larsen threatened to move out of the United States over the federal government’s anachronistic attitude towards cryptocurrency regulation, the message was clear.

During a virtual interview with Fortune at the LA Blockchain Summit, Larsen dropped the ‘relocation bomb.’ The Ripple co-founder also added that the US is far behind in the cryptocurrency regulation game compared to its counterparts. To the point that it actually risks losing its financial innovation edge to China (in particular).

Continuing his commentary, Larsen said that the U.K. and Singapore are the most probable destinations for the company to relocate if it moves base out of the country.

However, yesterday, in an interview with Bloomberg, Ripple CEO Brad Garlinghouse added Japan and the United Arab Emirates too to the list of Asia options. Elucidating the reason for extending the list, he said:

You Might Also Like:

The common denominator between all of them is that their governments have created a clarity about how they would regulate different digital assets, different cryptocurrencies.

He reiterated Chirs Larsen’s stance about the United States’ uncertain regulatory roadmap. He also referred specifically to the conundrum of categorizing cryptocurrencies into a commodity, a currency, a property, or security.

Moving out of the US is more of a compulsion than a desire, Mr. Garlinghouse explained. Ripple would have continued to operate from their home turf if the cryptocurrency regulation scenario was not colloidal.

Ripple is definitely a proud US company and we’d like to stay in the US if that was possible, but we also need regulatory clarity in order for us to invest and grow the business.

Love For London And The United Kingdom

Apart from Asia, Ripple is also strongly considering the UK as an option. This became clear when in an interview with CNBC, the CEO applauded the clarity regarding XRP’s regulatory status in the country.

“What you see in the U.K. is a clear taxonomy, and the U.K.’s FCA took a leadership role in characterizing how we should think about these different assets and their use cases,” Garlinghouse said.

The outcome of that was clarity that XRP is not a security and is used as a currency. With that clarity, it would be advantageous for Ripple to operate in the U.K.”

This is clearly where the US is failing, Mr. Garlinghouse remarked. Although the U.S. Securities and Exchange Commission is clear on Bitcoin and Ethereum not being securities, when it comes to XRP, the authority has mostly stayed mum, which in turn has left the cryptocurrency’s status ‘shrouded in uncertainty.’

The clarification regarding XRP’s ‘security status’ is crucial for Ripple. Even though the company claims total disassociation from the XRP ledger and the token, it still owns 55 billion of the total 100 billion XRP supply.

Apart from the United Kingdom and the aforementioned countries in the Asian continent, Ripple has also shown interest in Switzerland for setting up its headquarters.

Ripple (XRP) price climbed up higher but not necessarily in response to Ripple’s decision to leave the US. The rally can be mostly attributed to bitcoin rushing for the stars with its explosive break past the $13,000 mark.

Will the cryptocurrency-based fintech firm be able to operate with total and unequivocal regulatory clarity in the above countries? It still remains to be seen.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).


Source: https://cryptopotato.com/these-are-ripples-relocation-options-if-it-moves-out-of-the-united-states/

Continue Reading

Trending