This Is How You Can Sell XRP To Cash

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This guide will explain how to sell XRP, the different ways to cash out, and which crypto platforms are suitable to use. Here's a quick tutorial on how to sell your XRP:

How to Sell XRP To Cash – Full Tutorial

1. Compare and select a crypto exchange

The first step to selling XRP is to decide on what type of cryptocurrency services to use. There are several options, which include fiat-to-crypto exchanges, trading platforms, decentralized exchanges, and brokerages to choose from that will impact the withdrawal method and fees to be paid. For this tutorial, we will use our number one pick, Binance, as an example.

2. Register an account

To begin the sign-up process, tap on the ‘Get Started’ button and select ‘Create an Individual Account’ to open up the registration form. Fill in the required personal details, including email address and mobile number.

Binance requires new users to complete the know-your-customer (KYC) to access its full services and to withdraw funds in fiat to a bank account. Tap on the profile icon and select the ‘Verify’ button. Upload a copy of a recent driver’s license and complete the face verification process. Once verification is complete, a green ticker will be attached to the user’s profile. Selling XRP to another fiat can be performed without ID verification, but there is a cap on the daily withdrawal amount (in BTC).

3. Deposit XRP tokens

To deposit XRP on Binance, users can employ the crypto deposit option by tapping on the ‘Wallet' icon and selecting ‘Deposit'. Then, type ‘XRP' into the search bar and select the relevant blockchain network. Be careful because transferring XRP to the wrong wallet address permanently denies the user access. For ease of use, there is a unique wallet address that can be copied using the QR code.

4. Sell XRP to cash

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. When selling to fiat, choose the currency to be paid in.

5. Withdraw funds to a bank account

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.

Yes, You Can Sell Your XRP Tokens

XRP is a fungible asset that can be sold into another crypto asset or converted into a fiat currency such as US Dollars. 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.

Moreover, XRP owners can make withdrawals or sales anytime because exchanges have order books containing purchases and sales. These platforms will offer a variety of withdrawal methods for each supported region. For example, Binance allows its users to withdraw using bank transfers, debit cards, and e-wallet options. For those who do not have access to a crypto exchange, other ways to sell XRP include a P2P platform, using a Bitcoin ATM, or selling to a friend or colleague in exchange for fiat currency.

Most Common Ways To Sell XRP

• Exchanges. This is the most popular method users employ in selling XRP. It involves signing up on a reputable cryptocurrency exchange to sell Ripple. All the exchanges reviewed in our guide are reputable but have different features and processes. Most exchanges make it easy to convert XRP directly for fiat currencies. A good example of such a platform is Binance where investors can simply sell Ripple coins and withdraw them via available payment methods. Other platforms are more restrictive, as they offer limited withdrawal options and the alternative of using their peer-to-peer marketplace to facilitate their XRP sales.
• P2P platforms. P2P trading is a financial transaction in which only two parties are involved in the transaction. This is founded on the principle of decentralization which aims to eliminate centralized or trusted entities from the transactions of individuals. With P2P, a user looking to sell XRP will visit a platform and browse through the merchants that want to purchase that asset. Then, the user will select any merchant that meets their preference and place an order. The buyer releases the required funds, and the seller confirms receiving the funds. After confirmation, the platform automatically unlocks the XRP tokens stored in its escrow account. Although many exchanges now mainly offer P2P for users to sell their assets for USD, P2P can be unsafe because there is no transparent framework for verifying merchants. However, platforms like Binance P2P allow users to leave comments on merchants’ pages and rate their trading experience. This helps to cut down on possible fraudulent trades.
• Crypto ATMs. Investors wondering how to sell XRP can use automated teller machines (ATMs). These machines allow users to buy or sell Ripple using their fiat currency. Some of the popular operators of crypto ATMs include the likes of Genesis Coin, Coinsource and General Bytes. Users can visit the ATMs at any convenience store to sell their XRP coins. From the ATM, an investor would be required to select the cryptocurrency to sell (XRP), the quantity and the payment method. Once this is done, the transaction would be processed, and the funds would become accessible, minus the network fees for facilitating the transaction.
• Spend with a Debit Card. Several crypto exchanges allow users to utilize their digital assets daily by offering them crypto debit cards. These cards are accepted anywhere digital assets can be used to make payments, meaning users can spend their XRP if they pre-fund their crypto debit card. Platforms like Coinbase, Binance, and Crypto.com currently allow crypto investors to gain more utility from their digital holdings. Crypto.com's Visa Debit Card even offers a 5% cashback reward for crypto transactions settled with the card, while Binance offers 8% payable in BNB. One detail to note is to ensure the platform of choice supports XRP coins or can be converted to one of the supported cryptocurrencies.

The Fees to Sell XRP

With most crypto services, proportional charges are accrued. When selling XRP, users must be aware of two types of fees: a network fee and the platform's fees.

1. Blockchain fees. The protocol usually charges network fees for validating transactions. These fees are given to the validators on the Ripple blockchain. Network fees vary and depend on the transaction volume at the time.
2. Exchange fees. The second fee is determined by the crypto platform for providing the service. A trade commission or fee is applied when XRP is sold. The fees will vary depending on various factors such as the amount sold, the order used to sell (e.g. market or limit), and the seller's location.

When To Sell XRP

There is no specific time frame for an investor to sell XRP or any other asset. The decision rests totally with the investor. In situations where an investor wants to take a profit after a bullish run in price is generally a good time to sell XRP. To help make this decision, users can set a sell limit order on an exchange like Binance at a specific price target. Once the digital asset hits that range, the exchange automatically initiates the selling order.

Additionally, users can decide to sell XRP in the event of strong bearish activity to prevent potential losses. Cryptocurrencies like XRP are highly volatile and often go through price swings since physical assets do not back them. In the event of sustained selling activity in the market, an investor can cash out of XRP to mitigate their losses on the asset or buy another promising crypto asset.