If you have any Ripple coins that you bought and started on Coinbase, you probably know that you cannot sell or trade XRP on Coinbase. So how to get XRP out of Coinbase? If this is the question that is bothering you, don’t worry. We have the answer for you. Keep reading and find out.
You can get XRP out of Coinbase by transferring them to another wallet you own (digital or hard wallet) or sending it to another exchange that supports it. The whole process is as simple as wire transferring money or using a Venmo.
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In order to do the transaction correctly, you need to include the correct Destination Tag/Memo, or the funds may be lost. Still, even with this, the whole process is not that complicated, but you will have to be careful, so your funds don’t end up in someone else’s wallet. Here is how to get your XRP out of Coinbase.
If you haven’t been living under the rock, then you know that Coinbase is a platform for trading, transferring, and storing cryptocurrency. But because of the SEC lawsuit against Ripple, the company that created XRP, trading XRP is currently not allowed on Coinbase. However, you can still send and receive XRP and keep it in your account on Coinbase.
And even though you can not sell it on Coinbase, you can trade your XRP by using other platforms and wallets. If you wonder how to get XRP out of Coinbase, we have answers for you, so keep reading to find out more.
If you have XRP on Coinbase that you want to cash out, the best course of action would be to transfer your XRP to another wallet you own. If you don’t have a wallet, you can open up one that supports XRP exchange to USD, such as Exodus Wallet or Kucoin. The safest course of action is to store your XRP on hardware wallets such as Ledger Nano X or Trezor. Here is a step by step guide on how to transfer XRP to any wallet:
- Step 1 – Go on the Coinbase portfolio tab and find XRP on the list,
- Step 2 – Click XRP, and the button withdraw XRP will appear,
- Step 3 – Click on the option crypto address,
- Step 4 – Insert the XRP crypto address of your wallet (whether it’s hardware or software)
- Step 5 – Click on the button “use this address” (make sure you copy-paste the address, so no letter or number is missed),
- Step 6 – Insert the tag address ( Ledger wallet will not ask for a tag),
- Step 7 – Put the amount of XRP you want to transfer,
- Step 8 – Finish the authentication if you have any.
Another option you have is to send your XRP to another exchange and then trade them there for another crypto or fiat currency. The exchange networks that support XRP are Gemini, Kucoin, crypto.com, and Coinmama, among others. Here you can trade your XRP, and here is a step by step guide on how to do so:
|Create an account on an exchange that supports XRP
|Deposit XRP into your account
|Sell XRP for USD
What Is Minimal and Maximum Withrow Amount of XRP on Coinbase?
If you had a problem with XRP stored on your Coinbase, the reason could be in the amount of XRP you put in for withdrawal. According to the platform’s rules, the minimal amount of XRP you can withdraw is 22 XRP, while the maximum amount you can send to an external address is 1,000,000 XRP. Still, if you are doing this for the first time, always send a minimal amount first, so you don’t lose too much money if you accidentally make a mistake.
Probably the most important part for the secure transfer of your XRP is the destination tag memo. So what is a tag memo, and how to generate one? A Destination Tag/Memo is an additional address necessary for identifying your wallet’s correct address. Think of it as an address of the street and home number that specify your location. All wallets have a tag memo ID that is usually generated through a QR code, so if you are not sure how to find a Tag destination in your wallet, contact customer support.
Even though trading of XRP is frozen at the moment on Coinbase, the platform is stating that all XRP that are currently stored on Coinbase will remain there safely. As they promise, there will be no scenario where you will not be able to get to your funds. If this happened, they would lose a lot of customers and people’s trust.
Coinbase allows everyone to transfer their XRP – if you want to access your funds to use them for other investments, you can do that freely. The only reason why there are so many steps is that the technology that supports XRP and extra precautionary measures must be implemented. And this is for your safety.
So the choice is yours. If you need money now, you can easily transfer XRP right now. You can even still use Coinbase to receive XRPs as well. Just make sure you follow all the steps correctly so you don’t transfer money to someone else because Coinbase will not be able to retrieve them.