Showcasing the ultimate guide to XRP Ripple, this article dives into great detail to bring you in depth historical and news information about the XRP cryptocurrency. Carefully researched and taking into account information from a wide variety of crypto market and news sources, this XRP definitive guide will bring you answers to some of the most frequently asked questions on XRP Ripple.
XRP, commonly referred to as Ripple, is a cryptocurrency created by Ripple Labs. It operates on the Ripple Network, which is a decentralized blockchain technology designed to facilitate fast and cost-effective cross-border transactions and remittances for financial institutions. XRP has been a hotly debated subject in the crypto news community as of late as Ripple Labs is embroiled in a widely monitored legal battle with regulators, which could have deep and long lasting ramifications on the cryptocurrency and blockchain industries.
The below summary showcases several key events in XRP Ripple's timeline from its inception in 2012 to its recent ongoing legal battle with regulators.
XRP was founded in 2012 by American entrepreneurs and notable crypto figures Chris Larsen and Jed McCaleb. XRP operates on the Ripple Network and was designed to facilitate cost-effective and rapid cross-border payments and remittance payments for financial institutions.
In October 2015, Santander bank becomes an investor in Ripple Labs and takes part in the company's series A funding round.
In September 2016, 6 Global Banks create the Global Payments Group (GPSG) to offer guidance to Ripple and advice regarding payment infrastructure innovation. In the same month, Ripple adds 6 new banks to its payment network.
Brad Garlinghouse becomes the new CEO of Ripple in November 2016, replacing founder Chris Larsen who previously held this role. At this time, XRP was trading at around $0.01.
In late December 2017, XRP becomes available on over 50 cryptocurrency exchanges and the XRP token price hits the $1 mark with an overall market capitalization exceeding $45 billion.
In December 2020, SEC sues Ripple for an "illegal security offering". Shortly after, the crypto exchange Coinbase suspends the trading of XRP token on its platform.
XRP Ripple lawsuit against the SEC receives a judge ruling which is regarded as a partial win for Ripple by some and a partial win for the SEC by regulators. This is not the end of the XRP and SEC saga.
Functioning on the XRP Ledger, XRP is a cryptocurrency and digital asset introduced by Ripple Labs in 2012. Its core mission is to facilitate rapid and budget-friendly cross-border transactions and remittances for financial institutions, serving as a bridge currency to enhance smooth global money transfers.
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No, XRP and Bitcoin are not the same thing. XRP and Bitcoin are both cryptocurrencies. However, Bitcoin and XRP cater to different use cases, have distinct consensus mechanisms, and vary in terms of speed, scalability, and decentralization. Both cryptocurrencies have their unique strengths and weaknesses, and cater to completely different use cases.
Bitcoin and XRP are two distinct cryptocurrencies with different purposes and use cases. Bitcoin functions as a decentralized digital currency, aiming to be a medium of exchange. In contrast, XRP is specifically designed by Ripple Labs for fast cross-border payments and remittances, serving as a bridge currency between different fiat currencies. They differ in their consensus mechanisms, total supply, transaction speed, and level of centralization, making each of them unique with varied strengths and shortcomings in the cryptocurrency space.
Ripple operates an expansive international payments network, drawing major banks and financial services providers to its platform. Utilizing their cryptocurrency, XRP, within Ripple products enables seamless and swift currency conversions.
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