Best Wallet For Ripple

If you are interested in buying Ripple (XRP) on an exchange and then store it in your own wallet you are probably wondering which is the best wallet for Ripple?

There are multiple options available for you and on this website we explain each one of them to enable you to pick the perfect Ripple wallet for you.

Best Wallet For Ripple

Since you are looking for a wallet for Ripple (XRP) I assume that you already know what Ripple (XRP) is and what a cryptocurrency wallet is.

So, if you do, then you can skip this next paragraph but if you don’t or you are not sure please make sure you read this next paragraph thoroughly.

Ripple (XRP) is currently one of the most valuable cryptocurrencies as measured in market capitalisation.

The market capitalisation of XRP (or of any other cryptocurrency) is simply calculated by multiplying the total number of issued XRP coins with their current market price (i.e. the price you have to pay on an exchange to buy XRP).

A cryptocurrency is basically software that generates coins (or tokens) and keeps track of ownership of those coins (or tokens) by allocating every coin to a specific account.

Each account on this software ledger is being identified by 2 numbers: a public key (similar to the account number of your bank account) and a private key (similar to a secret password).

This pair of 2 keys is referred to as a “wallet”.

I need to point out that whoever knows the private key to a wallet (or account) can spend all funds associated with that account. Therefore, the question of who controls the private key is of special importance.

There are different “types” of wallets available and they basically differ in the way the private key is being controlled.

To determine the best wallet for Ripple we need to look at the different types of wallets available for Ripple (XRP):

Desktop wallet,
Portable wallet,
Paper wallet.

Apart from storing your Ripple coins on an exchange (which we don’t recommend unless you need the coins to trade), you can basically choose between a software wallet that controls the private key and communicates with the XRP software for you and a paper wallet.

A desktop wallet and a portable wallet are both software that is either installed on your desktop or on a portable USB or flash drive.

The advantage of such a wallet is ease of use. The software controls your private key and the software communicates with the Ripple software if you want to spend some of your XRP coins.

The biggest advantage of a paper wallet is “safety”. You can print out your paper wallet and therefore keep it offline and out of reach for hackers.

Before deciding which is the best wallet for Ripple, you need to consider that both types of wallets also have disadvantages or weaknesses.

The desktop and the portable wallet both might encounter technical problems which might make a recovery of the private key difficult (or in an extreme case even impossible).

Furthermore, if you want to benefit from an airdrop, for example due to an XRP fork, it might be slightly complicated to extract the private key which you need to participate in such an airdrop.

Paper wallets on the other hand require more technical involvement both when setting them up as well as when you want to spend some of your XRP coins.

In addition, paper wallets bear the risk that your private key becomes known to others or lost if you lose the paper or it gets otherwise destroyed.

Let’s know look at our more detailed reviews to find you the Best Wallet For Ripple.