Rippex Guide for storing Ripple (XRP)

Knowledgebase Forum - May 16th 2017

  1. evo

    evo Admin

    Joined:
    Apr 2017
    From:
    Seattle
    Crypto:
    BTC/ETH/XRP
    This is a how to guide for using Rippex for storing Ripple (XRP). I'm writing this guide for those who are very new to cryptocurrency, and I will take the time to expand on each step that is happening throughout the process.

    Rippex is a desktop wallet solution allowing you to maintain your own Ripple wallet. You can install Rippex on Windows, Mac, and Linux. Download here, and install.
    • Make sure you're in a safe place, where somebody cannot see your display.
    • Make sure you're in an environment where somebody is not using a camera to view your display.
    • Rippex is only as secure as your computer is. Make sure your anti-virus and anti-malware software are updated.
    Step 1 - Create New Rippex Account

    After you've installed Rippex, open the Ripple Wallet application, and choose 'Create New Account'.

    [​IMG]
    From here, choose 'Create an empty account' and the application will ask you where to store/save your "wallet" file. You can accept the default location or choose where you want to save this account file.

    [​IMG]
    Rippex will now ask you to encrypt your wallet account file with a password. Use a mix of letters, numbers, and symbols. Protect and safeguard this password in a safe place. After you've verified your password, choose 'Encrypt account'.

    [​IMG]
    Of all these steps, this is the most important. Rippex will display your password, Ripple wallet address, and your Secret Key. This Secret Key needs to be stored somewhere private and safe, because access to this key provides full access to your Ripple wallet.

    If you lose access to your computer, you can still access your Ripple wallet as long as you still have access to your Secret Key. Again, it's very important that you save this information, and make sure it's protected and safeguarded.

    [​IMG]
    After you've saved your Secret Key, confirm by choosing the 'Yes, I saved my secret key' button and your Ripple desktop wallet is setup and ready to go.

    Step 2 - Deposit XRP to your Rippex Account

    2.1 - Activate your Ripple Wallet

    Your newly created Ripple wallet doesn't become active until you've sent a minimum of 20 XRP to your wallet address. Ripple requires this 20 XRP to reserve your wallet address, and this is a one time requirement.

    2.2 - Deposit XRP to your Ripple Wallet

    Sending XRP from one Ripple wallet to another Ripple wallet is super easy, however there is absolutely zero room for error. I cannot stress this enough.

    Of equal importance, make sure the wallets you're sending/receiving XRP are both associated with Ripple (XRP). You can only send XRP to a Ripple wallet. Again, there is no room for error here.

    From one Ripple account, you're sending XRP or making a withdrawal. From the other Ripple account, you're receiving XRP or making a deposit. Those Ripple accounts are identified by unique wallet addresses, which is a long series of alpha-numeric characters. Your Ripple wallet address must be 100% correct, otherwise you've lost the XRP you're trying to send.

    If you prefer, feel free to send a small amount at first to see the transaction go through successfully, and follow it with a larger amount once you feel comfortable. There's a very small fee charged every time you send XRP, but it's incredibly small.

    To receive Ripple to your Rippex wallet, you're going to need the wallet address to send it to. You'll see your wallet address displayed in the upper right, and clicking on it will automatically copy it, so it's ready to paste.

    2.3 - Sending XRP from Poloniex to Rippex

    Login to your Poloniex account to send XRP to your Ripple wallet address. Within Poloniex, go to your Deposits & Withdrawals page, where you'll see a list of your wallets and positions. To send Ripple, go to your XRP (Ripple) wallet and click Withdraw, which will expand allowing you to send Ripple.

    For the Address field, enter your Gatehub Ripple wallet address. Leave the 'Destination Tag' empty. For the amount, choose how much Ripple you want to send from your Poloniex wallet to your Rippex wallet.

    Verify the Rippex wallet address is 100% correct, and click Withdraw. Poloniex will ask for your 2 Factor Authentication and verify the withdrawal via email to complete the transaction. Poloniex will charge a very small fee to send the Ripple.

    [​IMG]
    You can see the status of your withdrawal by going to your Withdrawal History page. If you do not have 2 Factor Authentication and Email Verification enabled, Poloniex may review the withdrawal transaction and create a Poloniex support ticket to have you manually verify, therefore I recommend setting these things up so withdrawals from Poloniex complete within minutes.

    2.4 - Sending XRP from Gatehub to Rippex

    Login to your Gatehub account, go to your Wallet page, and in the upper left will be a link to Send Payment, which will bring up a module allowing you to send funds. Choose the 'Instant' option on the far left, and here you can paste in your Rippex wallet address and the amount of XRP you want to send.

    [​IMG]

    Verify your Rippex address is 100% correct and click Confirm. Gatehub will charge a very small fee to send the Ripple.

    [​IMG]

    You can see the status of your withdrawal by clicking the Recent Activity column in the far right. The transfer from Gatehub to Rippex should be a quick process.

    Step 3 - Viewing your Rippex Account

    Rippex does not need an Internet connection to be installed. It does require an Internet connection to access Ripple's servers to view your Ripple wallet on the Overview page.

    When you first install Rippex, the settings are automatically defaulted to offline mode. To bring Rippex online, click the gear icon in the upper right and go to the Settings page. Choose the 'Network Settings' in the left column and check the box for Online mode.

    [​IMG]
    Notice the Server settings on this same page, where it shows the Ripple's server addresses. The application will be required to access these servers to interact with Ripple's network. If you have a firewall or anti-virus software blocking network access, I would recommend whitelisting *.ripple.com to allow access to Ripple's servers.

    Once your XRP has been sent to your wallet address, it's automatically been added to your wallet. Rippex won't know this unless it's in Online mode. Assuming its online, Rippex will automatically alert you with a red notification in the upper right and your Balance page will automatically represent your newly deposited XRP.

    [​IMG]
    To see your complete transaction history, go to the History tab. Here, you can see all XRP you've sent and received over any time period.

    [​IMG]
    3.1 - Simple method for viewing your Ripple wallet

    Here's a very simple way to view your XRP balance, without logging into your Rippex account. When you first load Rippex, choose the 'Cold Wallet' option and copy your Ripple wallet address and choose 'Open Account'. This will access the Ripple network and simply show you how much XRP is stored on your Ripple wallet address.

    [​IMG]
    Alternatively, you can also copy/paste any Ripple address you have into this option, and Rippex will access the Ripple network to show you how much Ripple is being stored at this address. If you use your Gatehub wallet address, it should show you the same total amount of XRP that Gatehub shows. Warning about your Poloniex wallet address though, because exchange wallets only report the minimum 20 XRP requirement, because they are not part of the Ripple network and store XRP differently.

    3.2 - Sending XRP from Rippex to another Ripple wallet

    To send XRP from Rippex to Poloniex, Gatehub, or any Ripple wallet, open Rippex and go to the Send section.

    For the 'Receipient' field, enter the Ripple wallet address that you want to send XRP to. Disregard the Destination Tag and Invoice ID. For the amount, input how much Ripple you want to withdraw/send from your Rippex wallet. Verify the wallet address is 100% correct, and click 'Send XRP'.

    [​IMG]
    The Rippex application will charge a very small fee to send the Ripple. Within the application settings, under the Network Settings section, you can choose a Maximum network fee. The default is set to .20 XRP, and I changed this to .15 XRP, which is consistent with what Poloniex and Gatehub charge.

    Questions

    For questions, comments, feedback, or general thoughts, post up a reply within this thread, and I'll respond as I read them.
     
    Last edited: May 16th 2017
    crunchvictims likes this.
  2. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Some systems (like Mac OS) have default settings that won't allow you to open "unauthorized" programs or applications downloaded from the internet. It may also be a function of particular internet browsers. If you receive such an error message when trying to open up Rippex, simply Control (or Right) click the Rippex icon and click open from there.
     
    evo likes this.
  3. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Also, general wait time to receive XRP from another wallet to your Rippex wallet is between 1-5 minutes. Your initial deposit into Rippex could take longer than subsequent deposits.
     
  4. evo

    evo Admin

    Joined:
    Apr 2017
    From:
    Seattle
    Crypto:
    BTC/ETH/XRP
    When you hold your mouse over the green online indicator at the top of Rippex, you'll notice a popup that says you're connected to the Ripple network, along with a fee amount. This fee represents what the network is currently demanding to send an XRP transaction, as seen here:

    [​IMG]
    On the Network Settings page in Options, you'll see an option for Maximum Network Fee, which has a default value of .20 XRP. I changed my settings within Rippex to .15 XRP, which is the same fee that Poloniex charges to withdrawal Ripple.

    [​IMG]
    There has only been one time, where the Ripple network was extremely busy, and Rippex notified me that my fee was too low to send the transaction and to try again later. I change the Maximum Network Fee back to .20 XRP and the transaction went through successfully. Having the popup notification at the top is a great indicator to see what's the current cost to send XRP at that given moment.
     
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  5. Nickoli1983

    Nickoli1983

    Joined:
    May 2017
    From:
    Denver
    Great walkthrough! Just Setup my wallet and bought my first Ripple with zero problems. Thanks!
     
    V4Vendetta and evo like this.
  6. evo

    evo Admin

    Joined:
    Apr 2017
    From:
    Seattle
    Crypto:
    BTC/ETH/XRP
    Awesome. If you need any help with anything else, let me know. And would love to have you join the Cryptocurrency discussions.
     
  7. crunchvictims

    crunchvictims

    Joined:
    Jul 2017
    From:
    London
    Crypto:
    XRP
    Another great set of instructions Evo. Thank you very much!
    I setup my Rippex account and transfered 20XRP from Bitstamp and it worked perfectly. It was quick as well.

    Under Security Settings there is a Regular Key, what is that and do I need to generate a regular key? Mine is currently not set.
     
    evo likes this.
  8. evo

    evo Admin

    Joined:
    Apr 2017
    From:
    Seattle
    Crypto:
    BTC/ETH/XRP
    I have never used a Regular Key, as safeguarding and protecting the Wallet Address, Password, and Secret Key is all I'm concerned about.

    You should never ever share your secret keys with anyone since it grants total control over your account, because Secret Keys (that your see in your wallets starting with an "s") are seeds that are used to generate your master key.

    Fortunately, Ripple accounts can use "Regular Keys". Regular keys can be created and revoked, and they allow Ripple users to use their accounts without exposing their master keys.

    Generate a Regular Key to your account and use it on your daily operations. Whenever you think it is necessary (you suspect your account was compromised, or security routine, etc), you can revoke it using your master key and the Regular Key will be powerless, and you recovered the exclusive control over your account.

    To create a Regular Key open your Ripple Account and go to "Settings/Security Settings" and click on "Generate Regular Key".
     
  9. Gargoil

    Gargoil

    Joined:
    Jul 2017
    From:
    Thailand
    I have downloaded the Ripple Wallet, set it up and made transfers to it. Thanks for the guidance page, it was very helpful. But to clarify, Do I understand this correctly, you can use your Regular Key in place of your public key for withdrawals Trades etc? For example if I didn't want someone to see my Public Key? Slightly confused as to its purpose. Could you expand on the above post?

    Thanks in advance.
     
  10. Gargoil

    Gargoil

    Joined:
    Jul 2017
    From:
    Thailand
    It's OK I get it.
     
  11. crunchvictims

    crunchvictims

    Joined:
    Jul 2017
    From:
    London
    Crypto:
    XRP
    I am slightly confused with the Rippex wallet and buying / selling XRP in Bitstamp.
    I have bought XRP/USD as a trade in Bistamp. I have N XRP and 1.64 USD in my account balance.
    My Rippex Wallet has a 20+ XRP's in it. In order to get more XRP into the wallet;
    1. I would have to withdraw some XRP, which will subtract it from my XRP/USD trade account balance?
    2. Why would anyone sell XRP in Bitstamp if they can just withdraw it?
    3. If I sell my XRP in Bitstamp, will it get converted back into USD, in which case how do I get it into my Rippex Wallet? Or is that answered in question 1.
     

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