This article dives into great detail to provide a comprehensive guide to XRP Ripple, the cryptocurrency created by Ripple Labs. Drawing from a wide range of crypto market and news sources, this guide answers some of the most commonly asked questions about XRP.
XRP is designed to facilitate fast and cost-efficient cross-border transactions and remittances for financial institutions. It has been a highly debated topic in the crypto news world due to the ongoing legal battle between Ripple Labs and regulators.
The following timeline summarises some of the key events in XRP Ripple’s history:
• In 2012, XRP was founded by American entrepreneurs Chris Larsen and Jed McCaleb.
• In October 2015, Santander Bank invested in Ripple Labs’ Series A funding round.
• In September 2016, six global banks created the Global Payments Group (GPSG) to provide advice on payment infrastructure innovation. Ripple also added six new banks to its payment network.
• In November 2016, Brad Garlinghouse became the new CEO of Ripple, replacing Chris Larsen. XRP was trading at around $0.01 at this time.
• In December 2017, XRP exceeded the $1 mark with a market capitalization of over $45 billion and became available on over 50 cryptocurrency exchanges.
• In December 2020, the SEC sued Ripple for an “illegal security offering”. Shortly after, crypto exchange Coinbase suspended the trading of XRP tokens on its platform.
• The XRP and SEC saga continues as a judge recently ruled in a partial win for Ripple and a partial win for the SEC.
What is XRP Ripple?
XRP is a cryptocurrency and digital asset built on the XRP Ledger. It was introduced by Ripple Labs in 2012 with the intention of helping financial institutions carry out rapid and cost-effective cross-border payments and remittances.
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Is XRP the same as Bitcoin?
No, XRP and Bitcoin are not the same. Though both are cryptocurrencies, they cater to different use cases, have distinct consensus mechanisms, and vary in terms of speed, scalability, and decentralization.
Is XRP better than Bitcoin?
Both Bitcoin and XRP have their own unique strengths and weaknesses and serve different purposes. Bitcoin is a decentralized digital currency designed to be a medium of exchange, while XRP is tailored by Ripple Labs for fast cross-border payments and remittances. They differ in regards to their consensus mechanisms, total supply, transaction velocity, and level of centralization.
What is XRP being used for?
Ripple operates an international payments network, inviting major banks and financial services providers to its platform. Using their cryptocurrency, XRP, within Ripple products allows for seamless and quick currency conversions.
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