A wallet is software (or hardware) that manages keys and constructs XRPL transactions. The wallet does not "store" XRP on your device—the holds balances—but it controls access.
Self-custody
You hold a secret seed or private key. Loss of the seed generally means permanent loss of funds. Backups should be offline and resistant to phishing.
Custodial services
Exchanges and apps may hold XRP on your behalf. Convenience can come with counterparty risk, account freezes, or withdrawal limits. Read terms carefully.
Address formats and tags
Classic addresses and X-addresses encode destination information. Some services require destination tags; sending without them can delay crediting.
Summary
Choose wallets based on security practices you can maintain. Pair this guide with wallet security basics.