XRP is the native currency of the Ripple Network and it is one of the top 10 cryptocurrencies in the world. Being one of the most popular currencies among Bitcoin BTC and Ethereum ETH, there are millions of investors holding billions worth of XRP. If you are one of these XRP holders, do you ever wonder what is the best cold wallet to securely store your XRP in?
What is XRP Ripple?
Ripple is a payment settlement system and currency exchange network that processes transactions globally. It was essentially designed to be a replacement for the SWIFT system or to replace the settlement layer between major financial institutions.
It serves as a trusted agent between two parties in a transaction as the system can quickly confirm whether the exchange went through properly. Ripple can facilitate transactions and exchanges for many fiat currencies and cryptocurrencies like BTC.
Whenever users make a transaction using the Ripple network, a small amount of XRP is deducted by the system as a fee. The standard fee is set at 0.00001 XRP, which is a very small amount compared to the large fees charged by banks when conducting overseas cross-border payments. Currently, the Ripple network has been adopted by banks and services worldwide.
XRP is a cryptocurrency that runs on the XRP Ledger blockchain, its main function is to facilitate the operations of the Ripple Network. Anyone who operates on the Ripple Network needs to keep XRP to complete transactions and exchanges.
Because the way the XRP blockchain operates regarding its protocol is very different from other more class blockchains like Bitcoin, it has some notable advantages and disadvantages that investors should know before investing in XRP.
The XRP blockchain enjoys a very fast transaction time. It only needs 4-5 seconds for the XRP blockchain to complete the process. When we compare it with a standard cross-border bank wire transfer, it could take days. Even Bitcoin transactions take minutes to hours to complete. The fee is also very low at just 0.00001 XRP, while banks can charge you $30 or more for one transaction.
XRP is already adopted by large financial institutions such as Santander, Bank of America, and more. This shows that XRP does have real-world adoption on a large scale compared to other currencies.
Nonetheless, XRP and Ripple have come to fire regarding the fact that they are a bit too centralized for a cryptocurrency. This is because it has a default list of validators, which goes against the philosophy of decentralization of crypto.
Furthermore, there is already a large amount of XRP that has been pre-mined and not in circulation. This could be injected into the market anytime to greatly impact XRP's value.
Last but not least, there is an ongoing SEC lawsuit against Ripple which has somewhat affected XRP's value in the past.
Best Cold Wallet for XRP
After understanding what XRP is, it is not a surprise that many investors would like to hold more of this currency. However, when storing a large amount of XRP, it is very important to consider its security. Storing XRP on exchanges or hot wallets carries too much risk and it is best to use a cold wallet.
One of the best cold wallets that have supported both the XRP blockchain and XRP community for a long time is the ELLIPAL Titan cold wallet. Ever since ELLIPAL released its first generation device in 2018, XRP has always been there.
There are many advantages to the ELLIPAL cold wallet, it is both incredibly secure and very easy to use, and we will cover it here.
The ELLIPAL Titan is a completely air-gapped device. What this means is that it is fully offline at all times and there is no way for the device to connect to any networks or other devices, even if you try. Staying air-gapped allows the wallet to be protected against any form of online and remote attacks. While storing XRP inside the ELLIPAL, you do not need to worry about any online hacks.
Offline hacks can also be a threat to XRP, that's why the ELLIPAL also has an anti-tamper protection feature. What it does is it will delete every data on the wallet and make the wallet unusable whenever it detects a physical breach. This prevents the hacker to extract any data physically and also prevents the user from using any tampered device.
Apart from providing advanced security for your XRP, it also contains many useful utilities for XRP. You can buy or trade XRP directly on the ELLIPAL wallet. It is both secure and convenient whenever you wish to buy more XRP or trade it for other coins.
Learn more about how ELLIPAL can protect your XRP here: ELLIPAL Cold Wallet