News Rippex Gateway Closure

Apr 2017
Texas
#1
According to an official announcement on the Rippex blog, Rippex will be closing its gateway by April 2nd, 2018. They are advising anyone who has funds in their Rippex account to withdraw them before this date. However, according to this post, the Rippex Desktop Wallet will not be affected by the closure of Rippex itself. This is because, as they explain, it is a localized gateway to the Ripple network and is based on open source code that you can still access through GitHub. However, the ability to download the wallet was already removed from their site on Feb 28th. According to their post, other communities have expressed interest in hosting the wallet download, but as of yet there is no specific information on who will provide this option. Thus, if you are worried that your computer may be corrupted or lost between now and whenever someone else decides to host the download, you may want to transfer any XRP you may have to another wallet. For instructions on how to move your XRP to a Ledger wallet you can check out this video. To get to your funds on Rippex simply log into your wallet, and send them XRP, minus the 20 XRP base reserve, to whatever XRP wallet you wish to. If you have the Rippex desktop wallet, log into the wallet, click on the Send tab, paste in the address of where you want to send it, enter the amount you want to send, minus the 20XRP base reserve, and then Confirm the send. It should go through in a matter of seconds.
 
#2
so then what happens to the 20 ripple in the reserve was that all for nothing? and if you were to transfer to say KUCOIN will you have to pay another 20 ripple to move to that wallet??
 
Apr 2017
Texas
#3
so then what happens to the 20 ripple in the reserve was that all for nothing? and if you were to transfer to say KUCOIN will you have to pay another 20 ripple to move to that wallet??
The base reserve is unusable at that point. Generally on exchanges, because you don’t control your private keys, they’re holding the XRP for you, so on the users end you can withdraw all your XRP when you want. I’m not 100% sure what they do on their end in terms of the base reserve. They may incorporate the base reserve fee if/when people transfer XRP or or out of the exchange. They may also be granted a master account for all XRP on their exchange and your exchange XRP addresses are internal gateways rather than individual accounts. As far as I know exchange’s have never made that clear, so one can guess. But what’s for sure, if you want to control your own XRP wallet, you’ll never be able to use the base reserve again. However, in the long run that’s not a bad thing because technically all base reserves shouldn’t be counted in the circulating supply, and since every transaction fee amount is burned, the supply will keep shrinking. Less supply = higher price.
 

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