The unique feature of Kraken is that users can select their preferred trading interface based on their experience. For instance, users can select between the regular Kraken and its Pro version. XRP is supported by a number of exchange networks, including Gemini, Kucoin, crypto.com, and Coinmama.
One of the most popular ways to sell XRP is using a reputable and trusted cryptocurrency exchange which is mostly safe and heavily licensed by relevant authorities are the world. The top platforms have deep liquidity, which means users can sell XRP at market prices that suit them. Transferring money from XRP to your bank account can be done through a variety of online exchanges and services. The process typically involves converting your XRP tokens into a fiat currency, such as dollars or euros, and then transferring the funds to your bank account. When selecting a platform to sell XRP, we recommend choosing one based on the supported payment methods, ease of use, fees, and liquidity. A recommended way to convert XRP to either another crypto or fiat currency based on our reviews is Binance.
Can I cash out my XRP on Coinbase?
You can however continue to send and receive XRP and store it in your Coinbase account. The entire procedure is as straightforward as sending money via wire transfer or utilizing Venmo. You presumably already understand you cannot trade or sell XRP on Coinbase if you have any Ripple currency that you purchased on the platform. The function of XRP is to act as a transitory settling tier value and as an intermediary exchange mechanism between two networks or currencies. The organization and network are referred to as Ripple, and the cryptocurrency token is called XRP. If you have any Ripple coins that you bought and started on Coinbase, you probably know that you cannot sell or trade XRP on Coinbase.
However, a newly updated tax form called Form 1040 seeks to clarify if investors have used crypto assets. For the bank account option, you can select the amount of XRP you want to convert and transfer it back to your bank account, which will usually arrive within 1 – 2 business days. For the debit card option, you will first need to link your debit card to Coinbase. When you set up an account on a cryptocurrency exchange, you will be able to deposit XRP from your wallet into the exchange.
- Each fiat currency comes with different payment methods, including bank transfers, SEPA, FedWire and ACH.
- Coinbase is also suspending the ability to deposit and withdraw XRP beginning at 11 a.
- When selecting a platform to sell XRP, we recommend choosing one based on the supported payment methods, ease of use, fees, and liquidity.
- Double check that the address is correct and click “Withdraw” to complete the process.
- An investor can choose to use a market, limit, stop or instant order to complete the transaction.
- For instance, in the USA the Internal Revenue Service (IRS) classifies digital assets as “property”.
For this tutorial, we will use our number one pick Binance as an example. XRP is one of the most popular cryptocurrencies and can be sold on various exchanges and brokers. Sifting through each option can be time-consuming, so we have listed and compared the best exchanges to convert XRP into cash. Our top reveals of where to sell XRP takes into account the verification process, trading fees, withdrawal fees and overall ease of use.
What exchange do I need to sell XRP?
That said, there is potential for significant gains as well, which is why many people invest. If you are considering investing in XRP, it is important to do your research and understand the asset. For example, make sure you understand how it works, the potential return and the risks before investing your money. Additionally, many smaller banks and financial institutions are starting to accept XRP. This has been made possible in part by Ripple, the company behind XRP, which is actively working to make it easier for financial institutions to pay and transfer funds with XRP. XRP is the world’s third-largest cryptocurrency and is accepted by some of the world’s largest and most reputable banks.
- However, you can still send and receive XRP and keep it in your account on Coinbase.
- If you are considering investing in XRP, it is important to do your research and understand the asset.
- When you set up an account on a cryptocurrency exchange, you will be able to deposit XRP from your wallet into the exchange.
Gate.io is one of the oldest crypto-to-crypto exchanges operating in the market. The platform started in China in 2013 before moving to the Cayman Islands following the mass exodus of crypto firms from China. If you haven’t been living under the rock, then you know that Coinbase is a platform for trading, transferring, and storing cryptocurrency. But because of the SEC lawsuit against Ripple, the company that created XRP, trading XRP is currently not allowed on Coinbase. However, you can still send and receive XRP and keep it in your account on Coinbase.
To sell Ripple is equally as easy as buying the coin on the platform. An investor must set a limit order for target sales or sell at the current market price. This would convert the digital asset automatically to any of the applicable fiat currencies.
How Many XRP Are There & How Many Are Left?
As of January 16th, 2021, the price of one XRP coin is approximately $0. 25 USD, meaning that $1000 would give you approximately 4000 XRP coins. The information provided on this page is for educational purposes only and is not intended as investment advice.
The platform was launched in 2011 and is one of the top crypto exchanges per trading volume. The digital asset hub is home to over 250 cryptocurrencies, including XRP. An investor has to first convert the asset to USDT via spot trading before transferring the funds to the P2P platform. While some investors might see this as a hassle and costly, we believe the major benefit of using this method is the variety of payment methods on the P2P. To begin, you’ll need to find a reliable exchange or cryptocurrency service that supports XRP to fiat conversions.
With most crypto services there are proportional charges accrued. The first is a network fee, and the second is the platform’s fees. Axiom is an easy-to-use and secure software wallet specially designed for XRP. Additionally, Exodus is a free, secure software wallet where XRP can be securely stored.
Transmit Your XRP To A Different Exchange
Traders can also get paid via Western Union, SEPA transfers, Skrill and many more options. Gate.io goes through a lengthy verification process before approving merchants on their platform. The exchange also runs a comprehensive risk control to avoid the transfer of illicit funds to traders. Moreover, trading on the Gate.io P2P platform is completely free to use. Yes, XRP is a fungible asset that can be sold into another crypto asset or converted into a fiat currency such as US Dollars.
Another option is Bitrue which is heavily focused on XRP trading pairs. Read our Bitrue review for more information on its pros and cons. Once the sell order has been filled and completed, the final step is to visit the Withdrawal page to initiate a transfer of the proceeds into a preferred payment method. The options will vary based on the user’s location and preferred currency. For an estimate of how long it takes to transfer XRP, read this article.
Do You Have to Pay Tax After Selling XRP?
Still, if you are doing this for the first time, always send a minimal amount first, so you don’t lose too much money if you accidentally make a mistake. Enter the amount of XRP you wish to withdraw and paste in your recipient’s wallet address. Double check that the address is correct and click “Withdraw” to complete the process.
Still, even with this, the whole process is not that complicated, but you will have to be careful, so your funds don’t end up in someone else’s wallet. To do this, you will first need to transfer your XRP to your Coinbase wallet. To do so, you will need to have your Coinbase wallet address to use for the transfer. Since XRP remains one of the most valuable assets, many prefer to hold it for the long term. However, some investors might feel it’s better to sell due to the current bearish streak and ongoing regulatory issues with the blockchain protocol.
From there, you will be able to convert the XRP into the currency you would like to receive the cash in, such as US dollars. Finally, you’ll need to withdraw your funds to either a bank account or a cryptocurrency wallet. Once the funds are transferred, you are finished cashing out your XRP. Once the funds are in your account, you can go to the “exchange” page and trade your XRP for another cryptocurrency or fiat currency, such as US dollars.
Coinbase has announced that it is suspending the XRP trading on its platform on January 19, 2021. S. Securities and Exchange Commission ‘s (SEC) lawsuit against Ripple, the company behind XRP, alleging that is was unlawfully selling unregistered securities. If not, you’ll need to buy or transfer XRP into your Coinbase wallet. However, since the price of cryptocurrencies such as XRP can fluctuate rapidly and unpredictably, this amount may vary in the future. Then, you can select the amount of XRP you want to convert, and it should be instantly transferred into your linked account.
After exchanging your XRP and converting it to cash, you can then withdraw the money to your bank account. Once the XRP funds have arrived and are confirmed on the blockchain, they will be visible in the ‘Spot Wallet’ section. Go to the Sell page, select XRP, and enter the number of tokens to liquidate. You probably already know that Coinbase is a platform for buying, selling, transferring, and storing cryptocurrencies if you haven’t been living under a rock. Global payments network Ripple has several renowned banks and monetary services organizations as clients. To enable speedy currency conversion between multiple currencies, XRP is used in its products.
