Rippex Guide for storing Ripple (XRP)

Knowledgebase Forum - May 16th 2017

  1. Poe

    Poe

    Joined:
    Sep 2017
    From:
    Milan
    Hey Evo, great article and very instructive for newbies as usual... I have a question for you here, I recently bought some ripples on Bitstamp and i was planning to send them to my Rippex wallet, my question here is: Can i also use my rippex wallet even if i log in from another computer? Am i gonna still able to see my XRP balance and send them to other platforms in case i want to sell some?

    Thanks in advanced.
     
  2. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    You should just be able to download the Rippex wallet on a different computer, then instead of creating a new wallet just click on Read Only Mode, type in your Ripple address from the previous wallet you created and view your balance from there. If you want to send Ripple out of Rippex just copy your Rippex wallet address, go to whatever exchange you want to send it to, find the XRP wallet on that exchange and deposit the Ripple there. Rippex is primarily for cold storage, so if you're more interested in trading XRP in the short term you may not want to leave it all in Rippex; instead just the amount you want to keep for long term storage.
     
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  3. Poe

    Poe

    Joined:
    Sep 2017
    From:
    Milan
    Yo V, much appreciated your answer... My plan is let them sleep for a couple of years, altho i think xrp will have a boost soon, the company is working along many big sharks and institutions to implement the technology and help people, so i can see the price going up real soon... at least i hope so :)
     
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  4. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    I think we should see a price increase following the "lock up" at the end of this year. Also, over time XRP should become more valuable because of its deflationary nature (meaning with every transaction a small amount of XRP is destroyed). Supply and demand.
     
    Poe likes this.
  5. RebelRe

    RebelRe

    Joined:
    Oct 2017
    From:
    Italy
    Hi evo,
    thanks for your guide, very helpful.
    I'm a newbie in this world; bought some ripple and storend in my desktop wallet ( on windows sistem ).
    I ask to you how can I create a copy of my wallet? ( You know, in case of breakage of the hdd, pc, or other ).
    Thanks, can you help me?
     
  6. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    What's great about Rippex is that once you have your Secret Key, Passphrase (aka password), and Wallet Address in your possession (preferably printed out and stored in a safe place or a few safe places), you don't actually need to worry about what happens to your computer. You can delete the application from your computer and it won't change your wallet. If something goes wrong with your computer or you want to change to a new computer simply re-download the Rippex wallet application and follow the instructions here (https://rippex.zendesk.com/hc/en-us/categories/200294024-Ripple-Wallet) under "Migrating and existing account to the desktop wallet."
     
    zenkert likes this.
  7. RebelRe

    RebelRe

    Joined:
    Oct 2017
    From:
    Italy
    Thank you sooo much mate; very appreciated :))))))
     
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  8. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    No problem. Happy investing!
     
  9. zenkert

    zenkert

    Joined:
    Sep 2017
    From:
    Sweden
    I have commented here before, as it a very Good Read, Evo :love:

    I have a suggestion, Evo.
    Why not make a PDF-file to download?
    With some addings that are of Value in this Thread.
    Because there are some, that are indeed valuable.

    Cheers
     
    evo likes this.
  10. brownbag

    brownbag

    Joined:
    Oct 2017
    From:
    Geelong
    Hi Evo,
    I've set up a cold wallet on Rippex and want to send it to my Ledger device. How do I send from a cold wallet. I know with electrum (for bitcoin), I had to create a transaction in an online read-only wallet, transfer a file to my cold wallet to sign it, then transfer a signed file back to the online reading wallet and broadcast it. What's the equivalent process for Rippex?
    Thanks.
     
  11. hadoob024

    hadoob024

    Joined:
    Dec 2017
    From:
    atlanta
    Awesome read evo! VERY thorough and helpful!

    A quick follow-up. I purchased XRP on Bitstamp and transferred my balance to Rippex per your instructions. Everything's fine, however, except now I want to empty my Rippex wallet and transfer everything to my Ledger Nano S. I'm running into issues though where Rippex doesn't seem to want me to empty my wallet. Any ideas on what I'm doing wrong here? I've sent a couple of messages to their support team, but haven't heard back as of yet. I can't imagine that I'm going to be forced to maintain a balance in my Rippex wallet, right?

    Thanks!
     
  12. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Define "Empty my Rippex wallet." Remember, Ripple requires a minimum balance of 25 XRP (20 base reserve and 5 owner reserve) when an account is opened. As far as I've seen those reserves can never be recouped; essentially that is the cost of opening an account. The exception as far as holding XRP would be on an exchange, because it is hosted, thus they are holding the reserve on the account for you enabling you to move your total listed balance on or off the exchange.
     
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  13. MoCrypto

    MoCrypto

    Joined:
    Dec 2017
    From:
    Kenya
  14. hadoob024

    hadoob024

    Joined:
    Dec 2017
    From:
    atlanta
    Wow! OK. So it's 20 for the base reserver, and another 5 owner reserve? I had never heard of the owner reserve before.

    Basically, that I wanted to close the desktop wallet account completely, and transfer the remaining 26 XRP that I have to my Ledger Nano S. But you're making it sound like I'll have to keep 25 XRP in my Rippex desktop wallet permanently, right?
     
  15. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Yeah, it explains it in the hyperlink from my last response. I think they do it as part of the burning process, so the more accounts that are set up, the more the total supply shrinks, thus the more the value would go up over time (aka deflationary). So yeah, I think you can take out everything excluding the base reserve which is 20 XRP (it may not let you take out the user reserve either, I can't remember now). If anything give it a try and see how much you can get out, but as always, with every transaction there is a fee. Best approach to Ripple in my opinion is either 1) buy a large amount, but it somewhere safe like Ledger, Rippex, etc, and don't touch it for years, or 2) use Ripple as a currency to play market swings on the exchanges because, A) Ripple is one of the most stable currencies out there with consistently high volume, and B) you don't have to worry about the account reserve when leaving XRP on an exchange so you can go all in and all out of it.
     
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