The XRP price has seen quite a bit of negative momentum as of late. That is not entirely surprising, considering all currencies and assets lost value. The recent Bitcoin price drop is not doing the markets any favors. However, exchange users make life easier for market manipulators by keeping coins on online platforms. Stagnant coins can also create leverage for market traders, which needs to be avoided.
Get Your XRP Balances Off Exchanges
Although it may not seem like it, there are decent XRP wallets out there. Storing funds in an exchange is the most convenient option. However, Ledger enabled hardware wallet support for XRP. Anyone who wants to be a long-term XRP investor needs to move funds to a wallet they control themselves. An exchange or online wallet simply isn’t worth it.
More specifically, so many people keeping funds in exchange wallets create more opportunities for margin traders. It is of the utmost importance the coin supply across exchanges is reduced to a minimum. XRP is not your average cryptocurrency investment by any means. It will not double in value overnight, nor should it.
Storing funds offline has proven to be challenging for XRP holders. The Ledger Nano S is perhaps the best solution out there, although it is not free. There is also the official Ripple paper wallet website, which could be useful to some. Never keep any asset or currency in an exchange whatsoever, as it only leads to more price volatility. Moreover, panic selling ensues when too many people keep funds on an exchange as well.
Everyone who wants to trade XRP on a frequent basis should keep it on an exchange. However, these people will facilitate volatility as well, which needs to be taken into account. Your funds is not your sole property when it is kept on an exchange. Moreover, you have no control over the money if you’re not the only one controlling the private key. Everyone needs to keep this in mind at all times.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.