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XRP on Trezor Safe 5, Trezor Safe 3 and Trezor Model T

XRP Ledger, often also referred to as Ripple, is a real-time gross settlement system (RTGS), currency exchange and remittance network created by Ripple Labs Inc.
 

XRP is the native currency of this ecosystem.
 
TABLE OF CONTENTS
  • Overview
  • Base Reserve
  • Owner Reserve
  • Destination tag
 

Overview

XRP Ledger is based around a consensus process that facilitates payments, exchanges and remittance in a distributed process. The native token of the ledger is known as XRP.

 
XRP is supported on all Trezor Safe Family and Trezor Model T devices
 

With XRP Ledger, users make payments between each other by using cryptographically signed transactions denominated in either fiat currencies or internal tokens (XRP). For XRP-denominated transactions, XRP Ledger can make use of its internal ledger, while for payments denominated in other assets, the XRP Ledger only records the amounts owed, with assets represented as debt obligations. The mechanism of making payments by means a network of trusted associates is referred to as 'rippling.'

 

Base Reserve

The XRP Ledger applies reserve requirements for every address on the ledger. To activate an address and use it to send transactions, the address has to hold the minimum required amount of 1 XRP.

 
It is important to note that once you transfer the minimum reserve amount to a new address, you will not be able to move it elsewhere unless the account is deleted.
  

Owner Reserve

An owner reserve is set for each object that a particular address owns on the XRP Ledger. This is currently set to 2 XRP per item.
 

An XRP address requires 1 XRP to activate for basic transactions, but at least 2 XRP is needed for creating ledger objects like trust lines or offers, which are advanced features.

If you plan to only do simple XRP transactions, the Base Reserve of 1 XRP will be sufficient.
 

Destination tag

A destination tag is a unique identifier intended for the recipient of the transaction. Similar to the "Payment ID" used by Monero or a regular "payment reference" for bank transfers, this number is essential for identifying the origin of the transaction.
 
You must use the destination tag when sending XRP to exchanges or vendors which need to identify and pair your payment. In these cases, destination tag is provided by the receiving party.
 
Destination tags are not required for receiving XRP tokens in Trezor Suite.

When sending an XRP transaction, the destination tag can be included by clicking on the Destination tag button on the send page of your XRP account.


A text box will appear where you can type in or paste the destination tag given to you by the exchange or other payment recipient.


The image below shows an example of a destination tag being provided by the Bitstamp exchange to a user attempting to make an XRP deposit with them: