All time High
All time High
XRP is the native cryptocurrency of Ripple, a digital payment network and protocol used to settle payments, exchange assets, and transfer money. The Platform was created to serve as an intermediate exchange mechanism between two currencies or networks—as a temporary settlement layer denomination. XRP powers the underlying blockchain known as the “XRP Ledger.” Unlike other crypto blockchains, only pre-approved participants are allowed to contribute power and validate transactions on the XRP Ledger.
Ripple, a global payments network, works on an open-source and P2P decentralized platform that enables a seamless transfer of money in any form, whether it is dollars, euros, yen, or cryptocurrencies like litecoin or bitcoin. Ripple counts significant banks and financial services institutions as its customers. XRP is useful in its products to facilitate speedy conversion between diverse currencies.
The Ripple network does not operate on a proof-of-work (PoW) mechanism or a proof-of-stake (PoS) mechanism. Rather, transactions depend on a consensus protocol to validate account balances & transactions on the system. The consensus works to enhance the system’s integrity by deterring double-spending.
Ripple was initially started in 2004 by Ryan Fugger, who designed the foremost version of Ripple, known as RipplePay. In 2012, Fugger handed it over to Jed McCaleb and Chris Larsen, who co-founded OpenCoin. Later, In 2013, OpenCoin was renamed to Ripple Labs. Afterward, Ripple Labs rebranded itself to Ripple. Currently, Brad Garlinghouse is Ripple’s CEO.
Launched in 2021, the XRP Ledger (XRPL) is an open-source, permissionless, decentralized technology. Benefits of the XRP Ledger include its low-cost, speed, scalability, and inherently green features. The XRP Ledger also features the first decentralized exchange (DEX) and custom tokenization capacities built into the protocol. Since 2012, the XRP ledger has been functioning reliably, having completed 70 million ledgers.
Alongside XRP, developers use the XRP Ledger to develop solutions that solve inefficiencies, including remittance as well as asset tokenization. At present, the five principal applications of the XRP Ledger include payments, tokenization, DeFi, CBDCs, and stablecoins.
Unlike Bitcoin (BTC) or Ethereum (ETH), the XRPL employs a distinct Federated Consensus mechanism to validate transactions. Transactions are confirmed on the XRPL via a consensus protocol, wherein designated independent servers known as validators agree on the order and outcome of XRP transactions. All servers in the network process each transaction on the basis of the same set of rules, and any transaction that follows the protocol is confirmed instantly. All transactions are transparent and public, and anyone can operate a validator. There are more than 150 validators on the ledger. These are operating in universities, exchanges, businesses, and individuals worldwide.
All verified transactions can be processed through the Federated Consensus mechanism without a single point of failure, as no single participant makes a decision independently.
The creators of the XRP token, Ripple Labs, have been embroiling in a legal fight with the United States Securities and Exchange Commission. In this legal battle, the major question that arose was whether or not XRP is a security.
The SEC filed a lawsuit against Ripple Labs along with two of its executives in December 2020,alleging that they traded $1.3 billion in their XRP token as security without registering it with the commission. There have been arguments both in favour and against the lawsuit. However, Ripple has vigorously disputed the claims, claiming that the SEC has been partial in its assessment.
The SEC uses the “Howey test,” based on the Supreme Court ruling on SEC v. W.J. Howey Co. in 1946, to determine if a cryptocurrency is a security. While most companies targeted by the SEC in an identical matter decided to settle, Ripple chose to fight. The lawsuit’s outcome will undoubtedly have grave implications in the crypto industry. If Ripple wins, the SEC will likely lose some of its credibility, giving other crypto companies the confidence to revolt. On the contrary, if the SEC wins the case, it could upend the way crypto companies work and usher in a new tide of registration rules applicable to securities.
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XRP has a total supply of 100,000,000,000 XRP coins.
The architects of XRP Ledger gifted 80 billion XRP to Ripple to enable the company to build use cases which include its international payments network, RippleNet — around the digital asset.
If you want to buy XRP at the current rate, the top cryptocurrency exchanges for trading in XRP are Binance, MEXC, Bitforex, BTCEX, CoinW, DigiFinex, and OKX. Popular trading pairs for XRP include XRP/USD, XRP/GBP, XRP/INR, XRP/CAD, XRP/AUD, and XRP/PHP.
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