Ripple coin FAQs - Learn more about XRP
Everything you need to know about Ripple XRP inside of Exodus.
In this Article:
- Minimum Balance
- How can I reset my XRP account?
General Ripple Questions
How to access your Ripple (XRP) in another wallet
If you are ever stuck with not being able to use Ripple (XRP) inside Exodus for reasons like network issues, incorrect balance, missing deposits etc. you may want to be able to access your Ripple (XRP) from another wallet or move them out of Exodus
Please follow these instructions to access your Ripple (XRP) using another wallet:
- Visit this page.
- Click on the blue Change button.
- Click on use SecretKey.
- Open Exodus and copy your Ripple (XRP) Private Key from the Developer Menu, here is how.
- Paste the Private Key in that field. It will give you an error that this is an invalid key. Delete the two zeros (00) at the beginning of the key.
- Click Submit two times and then go to the Payments tab.
- Enter the address you want to send to and the whole balance, minus 20 XRP which is the reserved amount, and click Submit.
Ripple Minimum Balance Questions
Ripple's XRP is a special asset that has built-in rules on minimum balances held in XRP addresses, just like some bank accounts where you have to maintain a minimum balance. In order to activate and use XRP, you must first deposit no less than 20 XRP into your Exodus Ripple address.
Ripple's official stance
The XRP asset is unique in that, unlike other assets, Ripple enforces reserve requirements in order to protect the shared global ledger from growing excessively large as the result of spam or malicious usage.
The goal is to constrain the growth of the ledger to match improvements in technology so that a current commodity-level machine can always fit the current ledger in RAM and the full ledger history on disk.
To submit transactions, an address must hold a minimum amount of XRP in the shared global ledger. You cannot send this XRP to other addresses. To fund a new address, you must send enough XRP to meet the reserve requirement.
The current minimum reserve requirement is 20 XRP. This is the cost of an address that owns no other objects in the ledger.
Base Reserve and Owner Reserve
In addition to the default 20 XRP minimum, which is the Base Reserve for each address, there is also an Owner Reserve, which is 5 XRP for each object that an address owns.
So if you added two objects to your address, then the total reserve will be 30 XRP, which will be unspendable.
You can read more information on the Ripple reserve requirements in the official documentation.
How Exodus handles XRP minimum balances
Similar to how Exodus requires a minimum Ethereum balance to exchange ERC20 tokens, Exodus also requires a small amount of XRP to be stored in your wallet to remain in compliance with Ripple's enforced reserve requirements.
By default, a minimum balance of 20 XRP is required. If your XRP address in Exodus has less than this minimum balance, clicking on the "Receive" tab will display a modal (popup) with this warning to alert you of the situation:
Please note: that you will not be able to send XRP while the balance in your Exodus wallet remains below 20 XRP.
If your XRP address in Exodus contains less than 50 XRP, you will be alerted that your balance is low as a friendly reminder that transacting XRP may bring you below the minimum reserve requirement. This warning is displayed in the upper right-hand corner of Exodus when viewing your Ripple wallet.
Please note: If you see the "Low Balance" warning, you can still transact with XRP but cannot dip below 20 XRP.
Once your balance exceeds 50 XRP, all of these notifications will disappear from the Exodus UI.
When exchanging other assets for XRP, Exodus will always make sure that you will receive more than 50 XRP to ensure these account minimums are covered.
How can I reset my XRP account?
What does resetting my XRP account do?
Resetting your Ripple account means you can get back some of your locked XRP. Out of your locked 20 XRP, you are able to pay 5 XRP to get back 15 XRP.
When you reset your XRP account, you will need to send all of your XRP out of your wallet as it will no longer work without the minimum 20 XRP balance. Remember to check the Ripple address you are sending your XRP to is correct and if a destination tag is required. All blockchain transactions are irreversible in nature.
As this is a newer feature by the Ripple network, many exchanges do not yet recognize the "delete account" transactions on the blockchain. It is best to ensure the receiving wallet is a non-custodial wallet where you are in full control over your funds and support the XRP delete account transaction.
In the event you send the 15 XRP in a delete transaction to a centralized wallet, users need to write to the Support desk of the exchange or platform that they sent these XRP funds to.
Please note: It is suggested to only use this feature to move the 15 XRP to a self-hosted wallet. At this time, no centralized exchanges automatically accept these delete account transactions. Users have shared not recovering this 15 XRP when it is sent to any centralized exchange (Binance, or Nexo, for example).
How do I reset my account on Desktop?
- Open your XRP wallet on your desktop device.
- Click the three dots in the top right corner.
- Then, click on Reset Account.
- Enter the XRP address and destination tag you want to send all of your XRP to, then click Ok.
How do I reset my account on Mobile?
Please note: To reset your account on mobile, you will need to make sure you have between 20 XRP and 5 XRP, left inside of your Ripple wallet. If you have more 20 XRP then please send this out of your wallet first.
- Open your XRP wallet on mobile with between 5 and 20 XRP.
- Tap on the send icon.
- You will notice you cannot enter an amount, that is ok! Please now enter the Ripple address you want to move the remaining funds to.
- Now you can see that you are able to send your reserve amount of XRP by spending 5 XRP.
- Please remember to check if the address you are sending your XRP needs a destination tag.
- When all looks good tap Send.
- Confirm all the details are correct then just Slide to Transfer.