What are the steps to send your XRP to Escrow using Reservoir Lite?
Sending XRP to escrow couldn’t be easier now that we have created Reservoir Lite. This simple process only takes a couple of minutes and we only charge a 0.25% fee for processing the transaction.
The first step in the process of sending your XRP into escrow on the XRP Ledger is to fill out the form on our site. This form prepares our system to receive your XRP and process it into escrow. At this time we only support wallets that do not require a destination tag such as Toast and Rippex, as none of the exchange wallets we tested have the capability to use an Invoice ID during the send process.
The Destination address can be any address you choose to have the funds sent after escrow. This could be your wallet or this could be someone else’s.
You must provide an email address for us to send you the information necessary to process the transaction. If you are concerned about privacy, we recommend opening a new email account that isn’t associated with your identity to receive these emails.
Pick a date when you would like for your escrow to be released. Choose wisely as this it is impossible to modify the date after the XRP has been escrowed.
Pick the time of day you would like for your XRP to be released. Once again, this process is irreversible once the transaction has been processed.
After you submit the form, you will receive an email from us with 2 crucial pieces of information. Your Invoice ID and Our Servers XRP Wallet address. It is now time to open your desktop wallet and complete the transaction. Once you’ve logged into your wallet, click the Send tab and enter the appropriate information.
Ensure you enter our servers XRP wallet address in this field. This address is listed in the email we sent to you after filling out the online form. We do not hold your funds here, we simply use this wallet to process your XRP into escrow.
You MUST include the Invoice ID when sending your XRP to escrow. Omitting this information will result in any funds being instantly returned to you. The invoice ID is how we determine your desired expiration date and destination wallet.
Enter the amount of XRP you want to send to Escrow. Please note that we will collect our 0.25% fee and your owner reserve from this total. The fee is non-refundable but the owner reserve will be returned when you retrieve your funds from escrow. XRP’s mandatory owner reserve is currently 5XRP
That’s it! Once you have completed the above steps, your funds are safely stored in escrow. You will receive a final email that has the information necessary to retrieve your funds once the escrow expiration date has passed. Store this information in a safe place as we do NOT keep a copy of your private information and the escrow cannot be unlocked without it.
How do I release my XRP from Escrow? It’s Simple!
Releasing your funds is even easier than sending them to escrow and the process is FREE. Simply filling out the form on our Release Escrow page instantly sends the funds to the destination address you designated when initiating the escrow process. You will need to consult the Escrow Confirmation email sent to you when you completed the initial escrow transaction. Within that email you will find your Fulfillment ID and your Transaction Hash. Both are necessary to retrieve your funds.
This is the email address where we will send a confirmation of your escrow release transaction. This does not necessarily need to match the email address you used to send your XRP to escrow.
The fulfillment ID must be placed in this field for the transaction to process. This ID can be found in the final email sent when initially processing the escrow.
The transaction hash was also included in the last email we sent to you when submitting your funds to escrow. Place your transaction hash in this field and click the Release Escrow button.
That’s it! Clicking Release Escrow will send your information to our servers and within 10 seconds your XRP will be deposited to the destination address you specified when placing your XRP into escrow. You will receive 2 deposits. The first will be the 5 XRP owner reserve being returned to you, the second will be the funds you placed into escrow.