Ripple’s XRP recently overtook Ethereum’s ETH to be the world’s second largest Cryptocurrency at market capitalization dimension. Although this figure is highly volatile and can barely last 24hrs in its numbers, the fact still remains that most Cryptocurrency enthusiasts prefer investing in XRP more than all Cryptocurrencies except Bitcoin (BTC) that remains a leader at over 54% market dominance.
Therefore, it is almost certain that you have heard about Ripple’s native Cryptocurrency’ XRP having a huge potential to surge like the legendary Bitcoin in 2017. Furthermore, the liquidity of XRP is the cornerstone of its adoption and it is becoming more likely than ever before that there are many ways to sell this strong Cryptocurrency for USD or Bitcoin. The strategies are classified into respective platforms.
1. SBI MoneyTap App
In September 2018, Ripple and SBI Japan unveiled a program dubbed as SBI Ripple Asia. This joint venture aims to create a Ripple-powered banking platform that will be offering mobile money solutions within the year 2018.
The venture gave rise to the MoneyTap platform that facilitates peer to peer money transfers but under the control of the SBI banking protocols and ecosystem. This app can be downloaded and installed on Android and iOS devices.
Hence if you are in Japan, MoneyTap app by SBI Ripple Asia is the best platform where you can buy, sell, or transfer XRP against currencies such as BTC and USD. The network is so efficient and convenient as it is directly linked to the bank itself and other Crypto exchanges. Therefore, it enables enabling all clients to exchange Ripple for either USD or bitcoin.
Bitstamp is a Crypto exchange platform that is based in London, Luxembourg, and Slovenia. In order to meet the rigid EU standards of safety, KYC, AML, and other legal compliances, the platform is designed to the best standards and efficiencies. Also, it has a global scope.
Although it offers Cryptocurrency trading solutions for BTC, LTC, ETH, XRP, and BCH, Bitstamp is considered as the leading platform for Ripple enthusiasts who require utmost liquidity and safety in their XRP transactions.
Bitstamp uses the Single Euro Payments Area protocol to facilitate interbank transfers services between the various bank accounts of its users. This system, therefore, allows all users to directly deposit XRP and withdraw either BTC on their Bitstamp wallet or USD or any other fiat currency on their EU-based bank accounts in institutions such as the Deutsche Bank America, BBVA, Bank of America, etc.
3. Bitfinex Cryptocurrency Exchange
Bitfinex is one of the leading Crypto exchange solutions that is declared safe in all countries except some US states. However, it is projected that by the end of 2018, Bitfinex will be certified to operate.
The platform offers unique chart features for leading Cryptocurrencies such as Tether, Bitcoin, Ethereum, and Ripple. Moreover, when a user intends to be selling Ripple for USD or Bitcoin, the investor has to sign up on the KYC form which is an Anti-Money Laundering Strategy. After this compliance, the Crypto investors is then able to withdraw the USD to a personal account. Additionally, the user can also exchange XRP with BTC and withdraw Bitcoin to a secure wallet.
4. Skrill XRP Support
Skrill is an internet money transfer network that is safe secure and efficient. It is a multicurrency platform that does not only offer leading Cryptocurrencies such as XRP, BTC, ETH, LTC, and BCH but also supports a big number of leading fiat currencies such as EUR, USD, GBP, Japanese Yen, Korean Won, Chinese Yuan, etc.
The biggest advantage of Skrill is that it offers a fully-fledged and elaborate trading platform that can even facilitate arbing. Secondly, users can buy XRP after directly debiting their accounts with XRP from external wallets such as Binance, and Bitfinex, and then withdrawing their earnings as US Dollar denominated money. The expenditure can be on the terms of wire transfers, visa card swiping at points of purchase, etc.
Additionally, XRP/BTC trading option is available if you are a Bitcoin enthusiast.
5. Binance XRP Trading
Binance is a leading Cryptocurrency exchange that offers many trading pairs but most significantly the XRP/BTC pair. However, it does not offer USD withdrawing options.
The significance of Binance in the selling and buying of Ripple is outstanding as Binance is the largest Crypto exchange platform in the world and considered the issuer of the most secure Cryptocurrency wallet. For this reason, you can deposit XRP on your Binance account, strategically withdraw your Digital Assets as BTC. Further, if you need to convert your Bitcoin to US Dollars, you can transfer your funds from Binance by pasting the recipient code of scanning the QR code. Ensure that your recipient address supports a timely withdrawal of USD through a convenient mode.
Factors To Consider As You Sell Your Ripple For BTC or USD
o The Future Prospects Of XRP
Ripple is currently the most promising Cryptocurrency and Distributed Ledger Technology Platform. This is because its centralized nature under the management of RippleNet is very popular among financial institutions that are seeking to deploy DLT solutions while retaining a form of control. Hence, you should consider these factors extensively as it is always difficult to predict the volatile market.
o Withdrawal Fees
Binance, for instance, charges 0.2% for USD or BTC withdrawal. Therefore, you should ensure that the channels you are using have low or zero fees, commissions, or any other hidden charges.
o Time Frame
Confirmation time for some USD or BTC withdrawals is determined by the hash rate of a Blockchain network and its ability to confirm transactions. Ensure that you always select a medium that will meet your time expectations.
o Security
Although Ripple is the most secure and smartest investment opportunity, withdrawal destinations can be prone to security breaches. Therefore, always select the most secure wallets to withdraw your USD or BTC after an XRP transaction.