To make a digital currency payment from your CoinJar:
- Sign in and select the Payments tab.
- Select the account you would like to send from.
- Enter your receiving Ripple addresses under 'send to'.
- If required, please ensure you include a destination tag. CoinJar cannot retrieve XRP funds once they've been sent.
- Enter the amount you wish to send and select 'Review and Confirm'.
If you're sending from an account other than your Ripple account, a currency conversion rate will be presented to you when confirming the payment. To prevent any confusion when sending currencies of one type to another, a 'to' and 'from' currency symbol will be displayed.
When sending XRP, CoinJar supports destination tags that are 1 - 9 characters in length.
XRP address reserves
In order for XRP addresses to be able to receive payments, they must first hold a minimum amount of 20 XRP in reserve. Ripple (the company behind XRP) has designed XRP addresses this way in order to prevent unnecessary wallets from being created, as per their website:
The XRP Ledger applies reserve requirements, in XRP, 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.
The reserve requirement is divided into two parts:
- The Base Reserve is a minimum amount of XRP that is required for every address in the ledger. Currently, this is 20 XRP (
- The Owner Reserve is an increase to the reserve requirement for each object that the address owns in the ledger. Currently, this is 5 XRP (
5000000drops) per item.
When sending an XRP payment to a brand new XRP address, please ensure you're sending at least the minimum reserve amount at the time, or the payment will not be successful.
Further details regarding reserves can be found on Ripple's website.
Updated: 9 Jul 2018 (AS)
Reviewed: 9 Jul 2018 (AS)