If you've dabbled in cryptocurrency and altcoins, XRP has likely appeared on your radar as an option for quick and low-cost transactions. Launched by Ripple Labs back in 2012, the token is commonly used for cross-border payments by individu
By Corey Barchat
Published on Aug 5, 2025
Last modified on Oct 17, 2025
If you've dabbled in cryptocurrency and altcoins, XRP has likely appeared on your radar as an option for quick and low-cost transactions. Launched by Ripple Labs back in 2012, the token is commonly used for cross-border payments by individuals and financial institutions alike.
But to securely manage, send, and receive XRP, you’ll need an XRP wallet. Like any crypto wallet, XRP wallets come in all shapes and sizes, catering to users with different needs and preferences when it comes to security, ease of access, and compatibility with devices.
So, which wallet is best for you, and how do you set one up?
In this guide, we cover the different types of XRP wallets, factors to consider when choosing one, and provide step-by-step instructions for setting up your wallet so you can confidently start your XRP journey.
Each type of XRP wallet offers unique features. Here’s an in-depth look at the most common types to help you make a more informed choice.
Hardware wallets are physical devices specifically designed for more secure cryptocurrency storage. These wallets are often small, USB-like devices that hold your XRP offline via "cold storage." Cold storage means that the wallet is not connected to the internet, which provides a higher level of protection from hackers, malware, and phishing attacks.
Hardware Wallet Pros:
Hardware Wallet Cons:
Popular hardware providers like Trezor and Ledger support XRP, as well as other cryptocurrencies such as Bitcoin and Ethereum. These devices require users to set up a PIN and backup a seed phrase during setup, for the purpose of wallet recovery (in case of device loss or damage).
Since hardware wallets are often called cold storage, then it will come as no surprise that there must also be hot storage. Here's the difference:
Like any crypto wallet decision, choosing online or offline wallets all boils down to how much you value convenience vs security.
Software wallets are digital applications that run on a computer, smartphone, or through a web browser. They offer the flexibility of managing XRP on the go, which makes them highly convenient, but they may not offer the same security level as hardware wallets.
Software wallets come in various formats to suit different user needs:
Paper wallets are a unique and highly secure method of storing XRP. By generating a paper wallet, you’re creating a physical copy of your public and private keys printed on paper. These keys allow you to access your XRP, even though your funds are technically stored on the blockchain.
Paper Wallet Pros:
Paper Wallet Cons:
When creating a paper wallet, it’s important to store the material in a secure location, like a safe or lockbox, to prevent accidental loss or damage.
Exchange wallets are wallets provided by centralized cryptocurrency exchanges, like Binance or Coinbase, that allow users to store XRP directly on the exchange platform. Many newcomers find exchange wallets convenient since they allow easy buying, selling, and storing of XRP in one place.
However, the private keys to exchange wallets belong to the exchange themselves, meaning that users are not truly in custody of their own crypto. They are also connected to the internet, leading to increased vulnerability to hacks and theft compared to offline storage options.
Exchange Wallet Pros:
Exchange Wallet Cons:
A critical distinction in the world of XRP wallets is custodial vs non-custodial.
Why it matters
In cryptocurrency, having control over your private keys is often equated with true ownership.
The choice between custodial and non-custodial wallets is about balancing convenience with custody and security. If you prefer easy access and are comfortable trusting in a third-party provider, custodial wallets can be a good option. However, if you value full ownership and responsibility for your XRP, non-custodial wallets give you that independence.
So, which is the best XRP wallet? Again, there's no one solution for all types of users. Selecting the right wallet to store XRP comes down to personal preferences:
When deciding on an XRP wallet, consider how frequently you plan to use it and prioritize a balance between security and convenience.
For instance, a hardware wallet is typically a more secure option to store XRP, but might be less convenient for frequent XRP transactions. On the other hand, a mobile wallet makes it easier to manage tokens on-the-go, but may be better suited for smaller amounts of XRP due to its online exposure.
Ensure the wallet you choose is compatible with your preferred device, whether it’s a mobile, desktop, or web-based application, to avoid compatibility issues. Additionally, many wallets now offer cross-platform compatibility, meaning you can download the same wallet across multiple devices. This can be particularly useful for users who prefer flexibility when it comes to managing assets in different settings.
Still not sure how to choose? Here are some common aspects to consider when selecting a wallet that fits your unique needs:
MoonPay makes it even easier to manage XRP tokens. You can buy XRP, track your tokens, sell, and swap, all in one app. Since MoonPay is a non-custodial platform, you're always in full control of your funds, whether you're new to crypto or a seasoned trader.
Plus, with 24/7 dedicated support and security certifications like ISO-27001 and 27018, you can trust that your funds and data are protected.
Let’s go through the step-by-step process to set up various types of XRP wallets.
A quick way to set up an XRP wallet is through MoonPay.
To begin, simply head to the app store on your preferred device and download the official MoonPay app:
After downloading the app and verifying your account, an XRP wallet will already be set up for you! It's that simple.
Tip: Try making a small test transaction using the new wallet address.
Now that your wallet is set up, here’s how to start using it.
To begin using your XRP wallet, you’ll need to add funds by transferring XRP from another wallet or purchasing XRP through an on-ramp like MoonPay.
Step 1: Go to your XRP wallet
Just click on the XRP icon in the MoonPay app to view your default XRP wallet.
Step 2: Buy XRP tokens
In your XRP account, click Buy to purchase XRP tokens using payment methods like credit/debit cards, bank transfer, PayPal, Venmo, Apple Pay, and more.
Enter the amount you'd like to buy, denominated in your preferred fiat currency or in XRP.
That's it! After a few minutes, you'll receive XRP tokens in your wallet.
For an even better XRP purchasing experience, you can top up your MoonPay balance using fiat currencies like USD and EUR. Enjoy cheaper transactions, higher approval rates, and zero-fee withdrawals when you cash out XRP to your bank account.
Make sure to double-check the wallet address before confirming any transaction to avoid sending funds to the wrong address, as crypto transactions are irreversible.
For added security, some wallets offer QR codes for easier and more accurate address sharing, which reduces the risk of errors during the transaction process.
Use your wallet’s interface to view your XRP balance, track recent transactions, and monitor your funds over time. Many wallets also provide customizable alerts or notifications, allowing you to stay updated on any significant balance changes or transactions.
Some wallets offer built-in exchange features that allow you to swap XRP for other cryptocurrencies, or sell to fiat. If you plan to trade frequently, consider wallets that integrate with exchanges for seamless swaps, or choose platforms like MoonPay with quick conversions and easy off-ramping features.
Regardless of user experience level, proper wallet management is essential for securing your XRP tokens and protecting your digital assets.
Having backups is a good idea to protect your assets if you lose or damage your hardware wallet or mobile wallet device. Always keep a physical copy of your recovery phrase in a secure location, such as a safe or lockbox, and avoid storing it digitally to minimize the risk of unauthorized access. Regularly verifying that your backup information is accurate can also save you from potential data loss in case of an emergency.
Protecting your wallet from threats like phishing attacks, malware, and other crypto scams is key to keeping your assets safe. Be cautious about sharing any sensitive wallet information, and only download wallet apps from official sources to avoid malicious attacks via software. Additionally, using a VPN can add an extra layer of protection when accessing your wallet.
Regular updates help protect your wallet against potential vulnerabilities by ensuring it has the latest security patches. If you use the wallet across multiple devices, you should keep each one updated to prevent potential security gaps and maintain compatibility. Remember that developers frequently improve wallet security and functionality, so staying up to date also enhances your wallet experience and protection level.
Yes, the Ripple network requires a minimum balance of 1 XRP in an XRP wallet to keep it active. This base reserve helps maintain network integrity by preventing the creation of inactive or “spam” accounts, so that your wallet is recognized as active on the XRP ledger. Previously, the base reserve on the XRP Ledger was 20 XRP, which was then reduced to 10 XRP, and then further lowered to 1 XRP in December 2024.
If your wallet is compromised, transfer your funds to a secure wallet immediately. You should also change any associated passwords, enable two-factor authentication if it wasn’t already, and contact the support team of your wallet provider for further assistance to prevent future risks.
For more security tips, view our article: Crypto security basics
Many wallet providers allow access across multiple devices, though there are some XRP wallets that are only accessible on certain types of platforms (such as desktop or mobile). Regardless, you should still ensure each device is secure and updated to avoid potential vulnerabilities.
Exchange wallets are convenient but generally less secure than non-custodial wallets. Exchanges and centralized custodians are frequent targets for hacks, and if they are compromised, then your funds could be at risk too.
For long-term storage, a non-custodial or hardware wallet is often a safer choice, as it keeps your XRP under your direct control and better protected from online attacks.
Ready to explore the XRP ecosystem? MoonPay offers a user-friendly way to onboard into XRP and start exploring all that it has to offer.
To begin, simply buy XRP in your preferred wallet or in the MoonPay app. Enter the amount in XRP or fiat that you wish to purchase, and follow the steps to complete your order.
When you decide it's time to cash out, you can easily sell XRP with MoonPay's handy off-ramp, and receive cash in your preferred fiat currency.
