If you just bought Ripple and you want to transfer it from the exchange to a wallet this guide is for you. I will show you how to move your XRP to a Ledger Nano S cryptocurrency hardware wallet.
First of all, you need a Ledger Nano S. Here it is the Ledger Nano S Complete Review.
For those new, to crypto, the weakest point for hacks are the exchanges. The next weak point is not securing your private keys. The last thing you want to do is keep your money on the exchanges because if you weren’t given a 24 keyword phrase you don’t own your keys.
When I refer to moving your coins on to your wallet, you’re actually moving them to your wallet address on the blockchain that is on the internet. The best analogy I can think of is when you log on to your Gmail online your email is the Google cloud just like your wallet your password for the email would be analogous to the private key if someone got your password to your email they can read all your email if someone got your 24 word passphrase they would have access to all your coins so if you were to lose your wallet you can just use this recovery phrase and get access back to your wallets on the Ledger Nano S.
Hardware wallets never transmit your private key so even if you connect your ledger to an infected computer at an internet café the lock system of a ledger will not accept any attacks and also you not to worry about keyloggers because the pin is on the device itself.
How to install Ripple on Ledger Nano S?
Unlike the Ledger Wallet Ethereum which is a Chrome extension, the Ledger Nano S Ripple is an app. First of all, you need to install the ledger app manager and the ripple wallet which is a separate app. Open the Ledger app manager, connect your ledger and unlock it. To install the Ledger Nano S Ripple app scroll down until you find XRP and click the install button.
Once the installation is completed you have 2 options: To create a new account or add an old one. Whichever you choose then you have the option to send or receive ripple.
Another way would be also installing the Ledger Live software. Then go to the app’s list and choose Ripple. That’s it.
To withdraw funds from an exchange click receive on your ripple wallet and copy the address. Now go to the exchange and use this address to withdraw the funds.
Again never let your cryptocurrencies on exchanges, the best way is to store them on cryptocurrency hardware wallets like Ledger Nano S, Trezor or KeepKey.
Make sure that you don’t keep those ripples on the exchange and definitely get them off and put them on a hardware wallet offline because if you don’t own those 24-word pass key phrases or that private key, you don’t own your Ripple.