Ripple is a company that develops software solutions to enable financial institutions to transfer funds globally at low cost and high speed.
The company has created its own cryptocurrency called XRP (XRP) which is currently traded on several exchanges.
Ripple has developed a system that allows banks to send money across borders instantly and at very low costs.
This is done through the use of smart contracts. These contracts are programmed to automatically execute once certain conditions are met.
For example, if a bank wants to move $100 million from New York to London, they would create a contract that triggers once the sum reaches $100 million.
Once triggered, the contract will then start executing.
In this case, the contract will instruct the recipient bank to credit the sender’s account with 100 million XRP tokens.
The main purpose of Ripple’s blockchain technology is to provide an efficient way to transfer value between banks and other financial institutions.
It does so by using a distributed ledger known as xCurrent. This ledger is used to record transactions in real time.
The company also offers a service called xRapid.
This solution was designed to help countries like Mexico and Colombia where there is little access to banking services.
By using xRapid, banks can receive payments from their customers without having to wait for days or weeks to clear the transaction. Instead, it takes just seconds.
Keep on reading to find out how to sell XRP.
How Do I Purchase XRP?
Step 1: Go To Coinbase
Coinbase is one of the most popular crypto-exchanges around.
They allow you to buy Bitcoin, Ethereum, Litecoin, Ethereum Classic, Dash, Ripple, Golem, Augur REP and many others.
Step 2: Deposit Funds Into Your Account
You will need to deposit funds into your Coinbase account. Click on “Buy/Sell” in the top right corner of the page. Then select “Deposit”.
Step 3: Choose Currency And Amount
Choose USD, GBP or EUR. You can decide how much XRP you want to purchase. You can also select whether you want to pay all at once or in installments.
Step 4: Enter Payment Details
Enter the payment details such as your name, email address, phone number and postal code.
Make sure to double-check these details before hitting the confirm button.
Step 5: Confirm With Email & SMS
Once everything looks good, click on the blue “Confirm Order” button. You should now be taken back to your dashboard.
Step 6: Wait For Transaction To Complete
Once your order has been processed, you will get an email confirmation.
If you do not see this email within 10 minutes, make sure to check your spam folder.
Step 7: Buy XRP!
Congratulations! You have successfully purchased some XRP. Now let’s learn how to sell them.
How To Sell XRP On Coinbase
Step 1: Log Into Coinbase
Head over to Coinbase. Then, enter your email address and password when prompted.
Step 2: Select Your Wallet
Click on the three dots icon in the upper right-hand corner. A menu will pop up. Scroll down until you find your wallet.
Step 3: Send XRP From Your Wallet
Now that you are logged in, go back to the main screen. Next, click on the three dots icon again. Then select “Send Coins / Tokens”.
Select XRP and enter how many tokens you want to sell, then click the option to send to Coinbase pro.
Step 4: Go To Coinbase Pro
Open pro.coinbase.com in another tab whilst keeping coinbase.com open, and you will automatically be logged in to your Coinbase account.
Next, visit the appropriate marketplace (XRP/USD) and sell your XRP for USD (US dollars).
Selecting ‘market’ prior to selling will ensure that your XRP is sold at the current market price. This is the easiest way to sell your XRP.
Enter the amount that you want to sell for USD and confirm.
You will then be able to visit your USD wallet on Coinbase Pro and withdraw your money to a bank account of your choice.
Why Should I Sell XRP?
If you are looking to diversify your portfolio, selling XRP could be a great idea.
There are lots of different ways to invest in cryptocurrencies including buying coins directly through exchanges, mining, ICOs and investing in Initial Exchange Offerings (IEOs).
However, if you are looking to take advantage of the price rise, selling XRP might be a better option than waiting for the market to recover.
What Is The Best Time To Sell XRP?
The best time to sell XRP depends on what type of investment strategy you are using.
If you plan to hold onto your XRP for a long period of time, it would be wise to wait until the price begins to drop.
This is because there is no point in selling your XRP at a high price.
It makes more sense to wait until the price drops, so you can buy the same amount of XRP at a lower price.
However, if you are planning to use your XRP immediately, it may be wiser to sell them during their peak periods.
This means selling your XRP when they hit their highest prices.
Conclusion
To conclude, you can sell XRP by visiting platforms and exchanges like Coinbase and Binance.
These platforms allow you to buy and sell XRP with minimum hassle.
You should ensure that you are following the steps outlined above carefully and watching the market vigilantly in order to ensure that you are selling your XRP at the best possible price.
You should also try to avoid panic selling unless you are convinced that the market will not recover.
XRP has remained consistent throughout recent years and it is undoubtedly one of the most secure coins to invest aside from bitcoin and Ethereum.
We hope the information in this guide has helped you. Thanks for reading!
If you enjoyed this article, you might enjoy our post on ‘How Long Does Coinbase Verification Take?‘.
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