Even when the legal tender faces inflation, cryptocurrency would be unaffected. So, exchanging Ripple tokens for money would provide you with an extra source of income when you need it.

This article looks at how you can convert Ripple to fiat currency. All you need is your XRP balance to get started. The various methods for converting Ripples into Fiat currency are discussed below in detail.

1

Use Cryptocurrency Exchanges

This is one of the most common ways of converting Ripples to fiat currency. There are various cryptocurrency exchanges where you can exchange Ripple for fiat currency.

Usually, there are trading pairs on crypto exchanges, like an XRP/GBP or XRP/USD pair. You can opt for them to directly exchange your XRP for these respective currencies. 

If you use a centralized cryptocurrency exchange, like Binance or Kraken, you need to create an account on these platforms. First, furnish the necessary details to complete your account and fund your account with an XRP balance. Once you have XRP, you can easily exchange them for legal tender by following the instructions.

You don’t need an account if you use decentralized crypto exchanges like UniSwap or Curve. They can connect their crypto wallets and exchange them according to the cryptocurrency trading pair. 

Sell Ripple to Another Person
2

Sell Ripple to Another Person

This is another way to exchange your Ripple tokens for fiat currency. Sell your XRP to another person. You can use a decentralized crypto exchange to conduct such transactions because the broker is eliminated on those platforms. Or you could sell your XRP to someone you know, and they can buy it with fiat currency.

Use Ripple ATMs
3

Use Ripple ATMs

In 2019, Ripple announced that people would also be able to conduct Ripple transactions via ATMs. As a result, many cryptocurrency ATMs have been installed across the world, and you can use XRPArcade to view a worldwide map that shows the nearest XRP ATM near you. 

You have to select the ‘cash withdrawal’ option to withdraw fiat currency at these ATMs. Then, enter the XRP value you want to convert into fiat currency, and the ATM would dispense cash accordingly.

FAQ

What is fiat currency?

Fiat currency is the legal tender of a country. It is legally approved by the government and issued by a central authority body. 

Can I exchange Ripple for fiat currency?

Yes, you can exchange Ripple for fiat currency. It is similar to exchanging XRP for any other commodity.

How do cryptocurrency exchanges work?

Cryptocurrency exchange platforms allow you to convert your cryptocurrency to other commodities. These platforms offer a list of trading pairs, like XRP/dollars or XRP/BTC, which show the various currencies you can exchange your XRP for.

What are Ripple ATMs?

Ripple ATMs are similar to regular ATMs, except you can buy or sell XRP using those machines. As of now, there are around 3000 Ripple ATMs around the world.

Why is Ripple so popular?

Ripple uses financial institutions as peer nodes to send currency from one place to another. Since financial institutions are involved in the transactions, many people trust Ripple, hence its popularity.

What are decentralized cryptocurrency exchanges?

Decentralized crypto exchanges don’t use a central broker to facilitate transactions between two parties. Instead, you can directly buy or sell your XRP to someone else at them.

Also a question? Ask it here: