Additionally, because Alex stores his XRP at Bitstamp, you will also need his destination tag. What you will need in order to initiate the transfer is Alex’s XRP wallet address. Imagine you would like to send 20 XRP to a friend – we will call him Alex. Bitstamp, for instance, charges no fees at all for XRP deposits and just 0.02 XRP for withdrawals.Ĭlick here to buy Ripple with euro XRP/EURĬlick here to buy Ripple with dollar XRP/USD Example of an XRP transfer Before you register with a crypto exchange, you might want to check the fees they charge for crypto transfers. ![]() Some exchanges may charge additional fees to process transactions from their main address. 0.000001 XRP).īut things get trickier when sending money from an address held at an exchange. Currently, when sending XRP from an external wallet address, the transaction cost amounts to 10 drops, or 0.00001 XRP (a drop is a unit equal to one millionth of an XRP, i.e. Transaction cost refers to a small amount of XRP that has to be burned (destroyed) in order for any transaction in the XRP ledger to take place. ![]() Transaction costĪnother aspect to be taken into consideration before indulging in XRP transactions is the transaction cost. Without the correct destination tag, the transaction may be sent to the wrong user or, if no tag is specified, deposited directly into the exchange’s storage. Hence, a destination tag has to be provided to send XRP to an individual wallet. In fact, they are only important when it comes to wallet addresses held at exchanges that store all their users’ XRP at one main deposit address. Destination tags are not always required. Lastly, some XRP transfers require you to enter the recipient’s destination tag.Ī destination tag is an additional identifier unique to XRP wallets. Then, you have to enter the wallet address to which you would like to send the desired amount of XRP. Firstly, you have to enter the amount of XRP you would like to send. When sending XRP, two or three obligatory pieces of information have to be provided. Each transaction in the XRP ledger demands a transaction cost of 10 drops, which amounts to 0.00001 XRP.XRP transfers to wallet addresses held at exchanges require the sender to provide the recipient’s wallet address and, in the case of exchanges that have a main deposit address, the destination tag.XRP transfers to external wallet addresses only require the sender to provide the recipient’s wallet address.Failing to provide the correct destination tag, whenever it is required, may result in a permanent loss of the XRP transferred. When transferring XRP, destination tags play a vital role. In contrast, many exchange-operated wallets use the same address for all users, and need destination tags to separate individuals. ![]() External wallets don’t require destination tags, since each has their own, unique address. In a majority of cases, what differentiates these two types is the so-called destination tag. With XRP, transfers can be made to two types of wallet addresses, namely external wallet addresses and wallet addresses held at exchanges.
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