How to Sell Ripple
Every day more people are trading cryptocurrencies in the world. Since 2016 the amount of crypto traders has grown exponentially thanks to the Bitcoin boom. But there is not only the Bitcoin in the blockchain world, there are also Ethereum, Litecoin and Ripple.
Ripple is the 4th most traded digital coin in 2021, with a value of almost $1 in June 2021. The popularity of this coin depends on its low price which attracts a lot of investors hoping to earn from a good speculative strategy. But after buying and generating a potential profit, how can you sell Ripple?
Let’s see the different solutions available.
How to Sell Ripple with a Wallet
Ripple owners are usually storing their coins with a Wallet. A cryptocurrency wallet is a software or hardware where a person can buy, store and sell all their crypto.
There are different types of Wallets:
- Hardware wallets
- Software wallets
- Paper Wallets
- Mobile Wallets
All different wallets have one common thing: they work on the blockchain system.
The blockchain is an encrypted and secure system which connects different computers across the planet and allows all users to exchange Ripple.
When 2 users want to trade Ripple coins, they just need to connect each other wallets into the internet and exchange an encrypted string of code. The receiver will receive this code, which represents the portion of Ripple coins transferred which will be added to his Wallet’s balance.
If a trader wants to sell Ripple, he will need to exchange the cryptocurrency into his local normal currency by using one of the different types of wallets existing.
Let’s see how it work for each of them.
How to Sell Ripple with a Hardware Wallet
A hardware wallet is an analogic tool where to store cryptocurrencies. It usually is in the form of a USB stick and it can be purchased by any of the many regulated online companies, such as Ledger or myhardwarewallet.co.uk.
Every USB wallet costs from $30 to $200.
Once you buy it to store Ripple or any other crypto, there are some things to do:
- Install the new Software onto a computer
- Connect the Wallet to it
- Store your Ripple coins
- Keep it always safe with you
A good advantage of an hardware wallet is that it doesn’t expire, it can be used only when needed and it can be kept safe. It is a one time purchase.
To sell Ripple you just connect the wallet to your computer. The program will give you the actual price of the coin so that you can decide to proceed with the transaction.
By proceeding you will receive real money in exchange, depending on the area where you are based you can receive American Dollars, Euros, British Pounds, Canadian Dollars, etc.
Sell XRP with a Paper Wallet
A paper wallet is also a very popular cryptocurrency Wallet solution to store Ripple. This type of wallet is a combination of a software installed into a computer, and a piece of paper where it is printed the secret key to log into the Wallet.
Secret Keys are QR codes. Every user has an unique QR code connected to his wallet, which can be generated with a free and open source software. Once the code has been generated, it can be printed on a piece of paper and kept safe by the owner.
One of the advantages of this type of Key is that even if the paper gets damaged, it can be printed as many times as the users need, and it can be stored safely anywhere.
How to sell Ripple with a Software Wallet
A software wallet is a program which can be installed into a computer, a tablet or a mobile phone. There is also the online version which is very popular among crypto users.
The main differences between the 4 are:
- Desktop Wallet: a desktop wallet is a software installed on your personal computer. You can download the software from the internet when you purchase it. The only thing to do is then install the software and configure it with a secret username and password to keep the Ripple coins store in it safe.
- Mobile Wallet: a mobile wallet is an App installed into your smartphone. The App is available for iOS and Android systems. A great advantage of a mobile Wallet is that it is very safe. Every mobile phone is usually accessible only by the mobile owner using a secret code or a fingerprint.
- Tablet Wallet: the tablet wallet works like the mobile one. Also, in this case the wallet is an App to install into a Tablet. It works for iOS and Android systems and it can also be purchased and downloaded directly from the App store in the tablet.
- Online Wallet: an online wallet is a wallet stored online. This means that to access to it, it is necessary to browse the website on Google and access it using the secret username and password. The good thing about this wallet is that it is accessible from anywhere in the world, you just need a computer and an internet connection to access it.
The most used software wallets to store and sell Ripple are Electrum and Exodus.
You can store all types of cryptocurrencies in a wallet.
If you want to sell Ripple, you just need to follow these steps:
- Log into your Wallet
- Select the cryptocurrency you want to sell, in our case Ripple
- Select the quantity of Coins to sell
- Get the conversion rate in your normal currency
- Proceed with the transaction
- Withdraw you real money from the Wallet into your personal bank account
How to Sell Ripple with CFDs
Finally, the last method to “sell” Ripple is by using CFDs in Online Trading.
Before entering into details we need to clarify what CFDs and Online trading are.
CFDs are Contract for Difference, which means they are a financial instrument which allows traders to speculate on a certain market price trend.
When doing online trading, a person doesn’t own any Ripple, but trades it through CFDs, which means “speculating” on their trend, so deciding if the price for the next days will grow or decrease.
On online trading every cryptocurrency is paired with another one or with a normal currency:
- Ripple/Ethereum (XRP/ETH)
- Ripple/Bitcoin (XRP/BTC)
- Ripple/Euro (XRP/EUR)
- Ripple/American Dollar (XRP/USD)
- Ripple/Pound (XRP/GBP)
When you sell Ripple with CFDs means that you are predicting that its price in comparison with another currency will go down.
If the price goes down, you will make a profit. If the price of Ripple increases you will have a loss.
- To sell Ripple on CFDs you just need to follow these steps:
- Log into your trading account
- Select the market including Ripple you want to trade (i.e. XRP/USD – Ripple/American Dollars)
- Decide the amount of money you want to invest
- Enter an eventual Take Profit or Stop Loss
- Submit your Sell order
- Close the position when you are satisfied with the result
If you want to learn more about Ripple, how to buy, sell and trade it please follow this link: https://tradingonlineguide.com/cryptocurrency-trading/investing-in-ripple/
Author of this article and founder of Tradingonlineguide.com
My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.
In my spare time I enjoy cooking and travelling.
Here you can learn more about our review methodology.