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How To Sell XRP To Cash

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

This guide will explain how to sell XRP, the different ways to cash out, and which crypto platforms are suitable to use. Here's a quick tutorial on how to sell your XRP:

  1. Compare and select a crypto exchange. Find and compare XRP exchanges that are available within the specific country and support the desired fiat currency. A good example based on our research is Binance.
  2. Register an account with the exchange. Create an account with a crypto exchange using a valid email address or mobile number. Before depositing fiat currency, exchanges have a mandatory Know Your Customer (KYC) process that will need to be completed.
  3. Deposit XRP tokens. Send XRP from an external wallet to the exchange wallet. Usually, the process should take a few minutes.
  4. Convert XRP To Fiat. Users can either trade XRP directly for fiat or use the Convert function to make instant currency conversions.
  5. Withdraw Funds. Once XRP has been sold to cash, withdraw the money to a bank account using the supported methods.

Can You Sell XRP?

Yes, XRP is a fungible asset that can be sold into another crypto asset or converted into a fiat currency such as US Dollars. One of the most popular ways to sell XRP is using a reputable and trusted cryptocurrency exchange which is mostly safe and heavily licensed by relevant authorities are the world. The top platforms have deep liquidity, which means users can sell XRP at market prices that suit them.

Moreover, XRP owners can make withdrawals or sales anytime because exchanges have order books containing purchases and sales. These platforms will offer a variety of withdrawal methods for each supported region. For example, Binance allows its users to withdraw using bank transfers, debit cards and e-wallet options. For those that do not have access to a crypto exchange, other ways to sell XRP include a P2P platform, using a Bitcoin ATM, or selling to a friend or colleague in exchange for fiat currency.

Where To Sell XRP For Cash

XRP is one of the most popular cryptocurrencies and can be sold on various exchanges and brokers. Sifting through each option can be time-consuming, so we have listed and compared the best exchanges to convert XRP into cash. Our top reveals of where to sell XRP take into account the verification process, trading fees, withdrawal fees and overall ease of use.

1. Binance

Binance is overall the best place to sell Ripple into cash. The platform is the world's largest crypto exchange by trading volume, supporting over 600 digital assets, including XRP. The exchange offers a variety of ways to liquidate XRP tokens, although the most common methods will be its XRP-to-crypto and XRP-to-fiat trading options.

To sell XRP for fiat on Binance, crypto traders can use the Sell feature on the platform to convert their digital assets to another crypto or any of the available fiat currencies. Binance supports the British Pounds, Australian Dollar, Euros and many others which is great for investors worldwide. The timelines and costs for withdrawals differ based on the currency and region. For instance, SWIFT transfers cost about $15 per transfer and take about three days to process.

Selling XRP to USDT on Binance
Selling XRP to USDT on Binance.

Another option is to sell XRP for another asset like the Tether coin (USDT) for direct trading on the Binance peer-to-peer (P2P) service. XRP can only be sold to Bitcoin, Tether, BUSD, Binance Coin, Ethereum and DAI. The Binance P2P service can be daunting at first glance, but it functions like any other P2P platform. Users can manually navigate the platform to filter merchants based on the crypto assets and payment method preferred. The Binance P2P marketplace supports Zelle, SWIFT, bank transfer and CashApp withdrawal options. A benefit is that XRP holders can choose the exact payment method and fiat currency to receive funds in after selling.

Once the transaction has been initiated, the XRP tokens are held in escrow until the cash equivalent is credited to the seller's selected bank account. There are no fees associated with using the Binance P2P service, and using the mobile app is similar to using the web version. To find out more on the benefits of the exchange, read our full review on Binance.

Binance Pros:

  • Reputable and trustworthy crypto exchange
  • Available worldwide in multiple countries
  • Zero fees for selling XRP on the P2P platform

Binance Cons:

  • Interface may not be suitable for first time users looking for a fast way to sell XRP

2. Bitstamp

Next on our list of the best platforms to sell XRP is Bitstamp which has been around since 2011. It is a pioneer in cryptocurrency trading, allowing users to buy and sell popular cryptocurrencies like XRP.

The benefit of cashing out on Bitstamp is the low trading fees that range from 0%-0.5%. Investors trading less than $10,000 are charged 0.5%, which reduces as the trader’s volume bumps up. The exchange offers several payment methods, including debit/credit card purchases – which are billed at 5%, and free ACH transfers. Moreover, Bistamp has a limited-time promotion to sell XRP into fiat currency with zero trading fees. There is a cap on the no fees up to a total trading volume of $1,000 for the last 30 days which is great for smaller XRP investors looking to sell their holdings.

Sell XRP with no fees on Bitstamp
Sell XRP with no fees on Bitstamp for a limited time.

Investors can sell XRP on Bitstamp using the Sell feature. Once the trader selects one of the trading pairs compatible with XRP, for instance, USD, they can initiate the transaction. A trading fee of 0.5% would be levied on this trade. An investor can choose to use a market, limit, stop or instant order to complete the transaction. Any of the options above would affect the selling price of the XRP. Once the digital asset is sold, the proceeds are deposited into the trader's wallet. The exchange supports USD, EUR, and GBP fiat currencies.

Traders can easily withdraw their earnings into their bank accounts. Depending on the user's chosen payment method, the funds can take anywhere from 1-5 business days before it reflects. Bitstamp supports SEPA, international wire transfer, automated clearing house (ACH), and FPS for UK investors. FPS transfers are processed within 24 hours, while the processing time for buying with ACH transfers is 2-5 business days.

A disadvantage with Bitstamp from our testing of the platform is the limited withdrawal options and low trading fees suit large investors only. Moreover, there isn't a P2P marketplace where XRP traders can visit to exchange their tokens and receive their funds in their preferred payment method.

Bitstamp Pros:

  • Reputable crypto provider in the industry
  • Variety of withdrawal options such as SEPA, ACH and Faster Payments
  • Good selling fees for large amounts of XRP

Bitstamp Cons:

  • Limited number of fiat currencies supported
  • Not the best option for countries outside of the USA and Europe
  • Does not have a P2P platform

3. Gate.io

Gate.io is one of the oldest crypto-to-crypto exchanges operating in the market. The platform started in China in 2013 before moving to the Cayman Islands following the mass exodus of crypto firms from China. The first thing an investor would notice is the interface. It's not exactly built for beginners, but like most altcoin exchanges, Gate.io is jammed with amazing features, including margin trading, strategy bots for automated trading, options and futures.

Gate.io website

The platform has the option to buy cryptocurrencies using debit cards and bank transfers from the platform but does not permit withdrawing fiat currency directly from the exchange. Traders have to use the Gate.io P2P platform to sell Ripple. Gate.io enables users to use its ‘P2P Trade' to sell XRP. Users can employ the ‘Quick Sell' to rapidly initiate their trade. They can browse through merchants' offers by clicking ‘Sell' on the dashboard. Most P2P platforms don’t support direct XRP sales, but there is a wide variety of withdrawal options.

An investor has to first convert the asset to USDT via spot trading before transferring the funds to the P2P platform. Gate.io charges a trading fee of 0.2% per transaction. While some investors might see this as a hassle and costly, we believe the major benefit of using this method is the variety of payment methods on the P2P.

Once the transaction is completed, crypto investors can convert their crypto to USD to get paid via bank transfer and PayPal. Traders can also get paid via Western Union, SEPA transfers, Skrill and many more options. Gate.io goes through a lengthy verification process before approving merchants on their platform. The exchange also runs a comprehensive risk control to avoid the transfer of illicit funds to traders. Moreover, trading on the Gate.io P2P platform is completely free to use.

Gate.io Pros:

  • Excellent altcoin exchange with good selection of XRP trading pairs
  • Straight-forward and easy to use
  • Withdraw funds via bank transfer, PayPal and others

Gate.io Cons:

  • XRP trading fees are a little higher than competing exchanges
  • P2P platform is not suitable for beginners

4. Kraken

Rounding up our list of best places to sell Ripple is Kraken. The platform was launched in 2011 and is one of the top crypto exchanges per trading volume. The digital asset hub is home to over 250 cryptocurrencies, including XRP.

Sell XRP to USD order form on Kraken
Sell XRP to USD order form on Kraken.

To sell Ripple is equally as easy as buying the coin on the platform. An investor must set a limit order for target sales or sell at the current market price. This would convert the digital asset automatically to any of the applicable fiat currencies. Kraken supports USD, EUR, and GBP withdrawals on the platform. Each fiat currency comes with different payment methods, including bank transfers, SEPA, FedWire and ACH. The minimum withdrawal amount is $1 for ACH transfers. The timelines for processing withdrawals depend on the payment method chosen. For instance, the exchange takes about five business days to process SWIFT payments.

Fees are charged based on the user's selected payment method, but the platform only offers free ACH withdrawals for US customers. ​​UK customers can also use Faster Payments for instant withdrawals. FPS has a minimum withdrawal amount of £5 at £1.95 per withdrawal

The unique feature of Kraken is that users can select their preferred trading interface based on their experience. For instance, users can select between the regular Kraken and its Pro version. Learn more about the platform in our Kraken review.

Kraken Pros:

  • Reputable exchange that is regulated in the United States
  • Low minimum withdrawal of $1
  • Wide selection of fiat currency withdrawal options

Kraken Cons:

  • User interface is outdated

Most Common Ways To Sell XRP

  • Exchanges. This is the most popular method users employ in selling XRP. It involves signing up on a reputable cryptocurrency exchange to sell Ripple. All the exchanges reviewed in our guide are reputable but have different features and processes. Most exchanges make it easy to convert XRP directly for fiat currencies. A good example of such a platform is Binance where investors can simply sell Ripple coins and withdraw them via available payment methods. Other platforms are more restrictive, as they offer limited withdrawal options and the alternative of using their peer-to-peer marketplace to facilitate their XRP sales.
  • P2P platforms. P2P trading is a financial transaction in which only two parties are involved in the transaction. This is founded on the principle of decentralization which aims to eliminate centralized or trusted entities from the transactions of individuals. With P2P, a user looking to sell XRP will visit a platform and browse through the merchants that want to purchase that asset. Then, the user will select any merchant that meets their preference and place an order. The buyer releases the required funds, and the seller confirms receiving the funds. After confirmation, the platform automatically unlocks the XRP tokens stored in its escrow account. Although many exchanges now mainly offer P2P for users to sell their assets for USD, P2P can be unsafe because there is no transparent framework for verifying merchants. However, platforms like the Binance P2P allow users to leave comments on merchants’ pages and rate their trading experience. This helps to cut down on possible fraudulent trades.
  • Crypto ATMs. Investors wondering how to sell XRP can use automated teller machines (ATMs). These machines allow users to buy or sell Ripple using their fiat currency. Some of the popular operators of crypto ATMs include the likes of Genesis Coin, Coinsource and General Bytes. Users can visit the ATMs at any convenience store to sell their XRP coins. From the ATM, an investor would be required to select the cryptocurrency to sell (XRP), the quantity and the payment method. Once this is done, the transaction would be processed, and the funds would become accessible, minus the network fees for facilitating the transaction.
  • Spend with Debit Card. Several crypto exchanges allow users to utilize their digital assets daily by offering them crypto debit cards. These cards are accepted anywhere digital assets can be used to make payments, meaning users can spend their XRP if they pre-fund their crypto debit card. Platforms like Coinbase, Binance and Crypto.com currently allow crypto investors to gain more utility from their digital holdings. Crypto.com's Visa Debit Card even offers a 5% cashback reward for crypto transactions settled with the card, while Binance offers 8% payable in BNB. One detail to note is to ensure the platform of choice supports XRP coins or can be converted to one of the supported cryptocurrencies.

Are There Fees to Sell XRP?

With most crypto services there are proportional charges accrued. When selling XRP users must be aware of two types of fees. The first is a network fee, and the second is the platform's fees.

  1. Blockchain fees. The protocol usually charges network fees for validating transactions. These fees are given to the validators on the Ripple blockchain. Network fees vary and depend on the transaction volume at the time.
  2. Exchange fees. The second fee is determined by the crypto platform for providing the service. A trade commission or fee is applied when XRP is sold. The fees will vary depending on various factors such as the amount sold, the order used to sell (e.g. market or limit), and the seller's location.

When Is the Best Time to Sell XRP?

There is no specific time frame for an investor to sell XRP or any other asset. The decision rests totally with the investor. In situations where an investor wants to take a profit after a bullish run in price is generally a good time to sell XRP. To help make this decision, users can set a sell limit order on an exchange like Binance at a specific price target. Once the digital asset hits that range, the exchange automatically initiates the selling order.

Additionally, users can decide to sell XRP in the event of strong bearish activity to prevent potential losses. Cryptocurrencies like XRP are highly volatile and often go through price swings since physical assets do not back them. In the event of sustained selling activity in the market, an investor can cash out of XRP to mitigate their losses on the asset or buy another promising crypto asset.

Do You Have to Pay Tax After Selling XRP?

Yes, although this depends on the user's location. For instance, in the USA the Internal Revenue Service (IRS) classifies digital assets as “property”. Therefore, any gains (or losses) from trading cryptocurrencies like XRP are taxable. This means users need to file their cryptocurrency transactions during the tax season. However, a newly updated tax form called Form 1040 seeks to clarify if investors have used crypto assets.

Furthermore, a crypto investor might be required to pay taxes if they received their XRP as payments for goods or services offered. These events are calculated as business income and would be taxed as regular capital gains tax.

Related: Best crypto tax software and tools.

How to Sell XRP To Cash – Full Tutorial

1. Compare and select a crypto exchange

The first step to sell XRP is to decide on what type of cryptocurrency services to use. There are several options which include fiat-to-crypto exchanges, trading platforms, decentralized exchanges and brokerages to choose from that will impact the withdrawal method and fees to be paid. For this tutorial, we will use our number one pick Binance as an example.

2. Register an account

To begin the sign-up process, tap on the ‘Get Started’ button and select the ‘Create an Individual Account’ to open up the registration form. Fill in the required personal details, including email address and mobile number.

Binance requires new users to complete the know-your-customer (KYC) to access its full services and to withdraw funds in fiat to a bank account. Tap on the profile icon and select the ‘Verify’ button. Upload a copy of a recent driver’s license and complete the face verification process. Once verification is complete, a green ticker will be attached to the user’s profile. Selling XRP to another fiat can be performed without ID verification, but there is a cap on the daily withdrawal amount (in BTC).

Related: How long is the Binance verification process?

3. Deposit XRP tokens

To deposit XRP on Binance, users can employ the crypto deposit option by tapping on the ‘Wallet' icon and selecting ‘Deposit'. Then, type ‘XRP' into the search bar and select the relevant blockchain network. Be careful because transferring XRP to the wrong wallet address permanently denies the user access. For ease of use, there is a unique wallet address that can be copied using the QR code.

4. Sell XRP to cash

Once the XRP funds have arrived and are confirmed on the blockchain, they will be visible in the ‘Spot Wallet' section. Go to the Sell page, select XRP, and enter the number of tokens to liquidate. When selling to fiat, choose the currency to be paid in.

5. Withdraw funds to bank account

Once the sell order has been filled and completed, the final step is to visit the Withdrawal page to initiate a transfer of the proceeds into a preferred payment method. The options will vary based on the user's location and preferred currency. For an estimate of how long it takes to transfer XRP, read this article.

Frequently Asked Questions

How do I sell my XRP for cash?

XRP can easily be swapped for fiat by selling it on a P2P platform. Select a verified merchant on the platform and fill out the amount of XRP to be sold. The buyer will transfer the funds using the chosen designated payment option.

Can I sell my XRP now?

This largely depends on an investor's situation. Since XRP remains one of the most valuable assets, many prefer to hold it for the long term. However, some investors might feel it's better to sell due to the current bearish streak and ongoing regulatory issues with the blockchain protocol.

What exchange do I need to sell XRP?

Several crypto exchanges allow investors to sell their XRP coins. However, our top pick is the Binance exchange because it comes with deep liquidity, low fees, and strong anti-scam protocols that ensure crypto users are not defrauded. Another option is Bitrue which is heavily focused on XRP trading pairs. Read our Bitrue review for more information on its pros and cons.

How do I cash out XRP on Coinbase?

XRP has been delisted on Coinbase, which means you can’t cash out your XRP from the exchange. Investors can transfer their coins to a reputable trading platform like Binance to cash out their Ripple tokens using the direct fiat sales option or to Gate.io to utilize their P2P marketplace.

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