Binance is a great, trusted and secured wallet and it is as well a good trading platform for your xrp. You should check it out.
This is not true, custodial wallets are not the best of choices when you're looking for wallets to store your coins for the long run, quite a lot of things could go wrong along the way (system hacks is a possibility) and since you're not in control of the private keys, you could most probably lose your funds easily, or in another scenario have to wait for an 'unfriendly' support team to respond to you if any problem occurs; the best choice is to select secure non-custodial wallets, HW wallet being your best choice and be in control and free to use/spend your funds the way you deem fit.
I am new to Ripple coin(XRP) , as one of my friend told me that XRP is good for long term investment.
I cannot say it is a good long term investment when it still has a pending case with the SEC. Are you aware of that?This is prolly another thing to look out for if you haven't already, I know XRP is pumping at the moment, but it can also experience a sharp dump/plunge in price, it's lawsuit with the SEC is not over yet, and a negative verdict can mean a negative movement in it's price