Last updated on January 1st, 2022
Nexo allows you to earn interest on a variety of cryptocurrencies.
One of them is XRP, and you may be wondering how you can send this cryptocurrency to Nexo.
Here’s what you need to know.
Can I send XRP to Nexo?
You are able to send XRP to Nexo via the native XRP network. Nexo does not accept XRP deposits via the BEP20 or SOL networks, so you may lose the XRP that you’ve sent through this method.
How to send XRP to Nexo
Here are 6 steps to send XRP to Nexo:
- Select a platform that enables XRP withdrawals via the native XRP network
- Go to ‘Top Up’ on Nexo
- Select XRP as the asset to deposit
- Copy the XRP deposit address
- Withdraw from the platform of your choice using the native XRP network
- Receive XRP on Nexo
And here is each step explained in-depth:
Select a platform that enables XRP withdrawals via the native XRP network
Since you are only able to send XRP via the native XRP network, you will need to buy XRP on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
In terms of XRP withdrawals, it seems that FTX has the lowest fees when you want to make a withdrawal.
Go to ‘Top Up’ on Nexo
After buying XRP on one of these exchanges, the next step will be to obtain the deposit address on Nexo.
You’ll need to go to the Nexo platform, and select the ‘+‘ icon in the middle.
Afterwards, select ‘Top Up‘.
Select XRP as the asset to deposit
This will bring you to the deposit page where you can top up different cryptocurrencies.
You will need to search for XRP to deposit it on the platform.
Copy the XRP deposit address
After selecting XRP, this will show you the deposit address that you’ll need to copy to the platform where you’ve bought your XRP on.
This is a native XRP address, and you should only use a platform that supports such withdrawals.
Moreover, the XRP deposit address on Nexo has a destination tag, which you will need to copy as well.
If you copy either of these details wrongly, you may lose your crypto forever!
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Withdraw from the platform of your choice using the native XRP network
The next step you’ll need to do would be to withdraw XRP from the platform that you’ve chosen to Nexo using the native XRP network.
There may be some platforms like Binance which allow you to withdraw XRP using the Binance Chain (BEP2) or the Binance Smart Chain (BEP20).
Meanwhile, there are other platforms like FTX which also allows XRP withdrawals via the Solana network.
It is important that you withdraw XRP using the native XRP network, and not other networks like SOL or BEP20. Nexo does not support other networks, and you may lose the XRP that you sent over!
Receive XRP on Nexo
After confirming the withdrawal on the platform of your choice, you will receive XRP on Nexo.
You are able to start earning interest on your funds, or even take a crypto-backed loan as well!
If you choose to earn your interest in NEXO, you may receive a higher interest rate which increases your returns. You can find out more about selling NEXO tokens back to USD if you wish to cash out your crypto.
When you are sending XRP to Nexo, it is important that you only do so via the native XRP network.
This is a similar process as sending ADA or BNB over to Nexo.
If you choose to send XRP via the Binance Smart Chain or Solana network, there may be a chance that your XRP may be lost forever!
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