Introduction
Staking XRP can be an excellent choice for those looking to hold XRP while earning APY in a secure manner and supporting the network. The process may seem a bit overwhelming, particularly if it's your first time. That's why we've created this guide to assist you.
Step-by-Step Guide for South African Investors
1. Acquire XRP (XRP) Tokens
To stake XRP, you first need to acquire it. To obtain XRP, you'll need to buy it. You can select from these popular exchanges available in South Africa.
2. Select a XRP Wallet
Once you have XRP, you'll need to choose a XRP wallet to store your tokens securely. Here are some solid options to consider.
3. Delegate Your XRP
We recommend using a staking pool when staking XRP. It's simpler and quicker to get started. A staking pool is a collective of validators who combine their XRP, which increases their chances of validating transactions and earning rewards. You can manage this through your wallet's interface.
4. Start Validating
You'll need to wait for your deposit to be confirmed by your wallet. Once it's confirmed, you'll automatically validate transactions on the XRP network. You'll be rewarded with XRP for these validations.
What to Keep in Mind
There are transaction and staking pool fees you need to take into account. Additionally, there may be a waiting period before you begin earning rewards. The staking pool will need to generate blocks, and this process can take some time.
Latest Movements in the Market
XRP (XRP) is currently priced at US$8 with a 24-hour trading volume of US$5,17B. The market cap of XRP stands at US$131,18B, with 57,45B XRP in circulation. For those looking to buy or trade XRP, YouHodler offers avenues to do so securely and efficiently
- Market capitalisation
- US$131,18B
- 24-hour trading volume
- US$5,17B
- Circulating supply
- 57,45B XRP
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