What is Ripple?
Ripple is a blockchain real-time gross settlement Protocol developed by Ripple Labs Inc to facilitate cross-border transactions at a minimal cost and faster speed. XRP is a native token of the Ripple ecosystem and is built on top of XRP Ledger, also known as XRPL. One of the key advantages offered by XRP is its scalability. Two popular cryptocurrencies such as Bitcoin and Ethereum, are only capable of processing 4-5 and 10-13 transactions per second, respectively. While on the other hand, XRP is capable of handling up to 1,500 transactions per second.
Ripple: Non-Mineable Coin
Ripple Coin is a non-mining cryptocurrency which means that it cannot be minner. Binance Coin is also a non-mining cryptocurrency thanks to its unique Consensus mechanism known as Proof-of-Stake(PoS), where instead of mining, transactions are validated through a staking process. Ripple utilizes a unique Federated Consensus Mechanism, which allows a company to determine the issuance volume and distribution of XRP (Native token) through pre-announced agreement.
The maximum amount of issuance listed under the current agreement is 100 billion Ripple Coins. Of these, 47.2 billion Ripple Coins have already been issued and distributed. The core customer base of the Ripple Coin are not ordinary individuals but financial institutions such as banks across the world. It aims to minimize fees for foreign currency transactions from financial institutions.
Retirement of XRP Transmission Network Fees
What investors expect from Ripple in terms of price is the retirement of transmission network fees. Although valued at a modest amount, 0.00001 Ripple (XRPs) are automatically retired on the network each time they are sent. Recently, the number of retired Ripple exceeded 10 million due to transmission network fees.
With the increasing number of financial institutions using the Ripple networks, the amount of Ripple retired is on the rise. This is equivalent to an increase in the scarcity of Ripple coins. The recent situation has been speculated that this is also correlated with financial institutions buying a substantial amount of Ripple.
Who developed Ripple coin
Ripple was developed in 2013 by Jed McCaleb and Chris Larsen with the C++ language. They established OpenCoin in 2012 and designed a network to help financial institutions transfer real-time foreign currency. Subsequently, they developed a Ripple transaction protocol that combines Bitcoin‘s blockchain technology. Ripple transaction protocols completely compensate for the shortcomings of traditional slow foreign currency remittance systems.
Now, it is possible to transfer foreign currency in real-time, and the fee is also very low at less than one Ripple. From January 2017 to the present, Ripple’s CEO has been Brad Garlinghouse. In a recent interview, Brad Gallinghouse opened up about recording his biggest performance in the first quarter of 2021. RippleNet handled 3 million remittances and other transactions, signifying five times the throughput from 2019.
Ripple Latest News 2023
Ripple Labs, which issues Ripple, has been partially won in a lawsuit between the U.S. Securities and Exchange Commission (SEC). The New York District Court in the United States ruled on July 13, 2023, local time, that Ripple (XRP), which is traded on cryptocurrency exchanges, is not a security on its face. However, Ripple sold to institutional investors as an expectation of profit is considered a security transaction.
Brad Garlinghouse, CEO of Ripple Labs, called the ruling “a huge win for the cryptocurrency industry,” and SEC Chairman Gary Gensler expressed disappointment with the ruling. The cryptocurrency industry sees this ruling as a victory for Ripple Labs. However, the lawsuit is likely to continue as both Ripple Labs and the SEC are expected to appeal.
Previously, the SEC filed a lawsuit against Ripple Labs and two of the executives in 2020, claiming that offering $1.3 billion worth via sales of XRP was “illegal securities that did not properly go through the public offering procedure under the law.” In response, Ripple Labs opposed the allegation as “Ripple is a commodity, not a security.” A major issue was whether sales of XRP were subject to US federal securities laws.
Since this ruling, Ripple has soared about 100% from $0.47 to $0.94 on Binance. In addition, cryptocurrency exchanges such as Coinbase and Kraken immediately re-listed Ripple. Meanwhile, Cardano (ADA), Solana (SOL), and Polygon (MATIC), which the SEC alleged as unregistered securities, also surged in price.
Ripple Latest News 2022
Currently, Ripple has been through a variety of issues and events, despite the tremendous revitalization of the cryptocurrency market in 2021. The IIL (Issue Sensitivity) level of Ripple Coins measured by Coin Labs is the highest level, Class 1. In detail, IIL (Issue Sensitivity) Grade 1 is the situation in which a specific issue of cryptocurrency has the highest impact. This is also highly likely to cause significant price fluctuations as well.
Ripple News 1: U.S. Securities and Exchange Commission (SEC) request a summary trial on charges of “selling unregistered securities” – September 16th, 2022
There is a green light from the outlook of Ripple. This is because the trial of “selling unregistered securities” between Ripple’s issuer, Ripple Labs, and the U.S. Securities and Exchange Commission (SEC), which was dealt with in the Southern District Court of New York, could soon end with a summary trial.
Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have both asked the court for a summary trial. The reason why the request for a summary trial is important is due to the fact that there have been no further disputes between the parties in the trial between Ripple Labs and the U.S. Securities and Exchange Commission, and most of the issues presented have actually gone in favor of Ripple Labs.
The details that Ripple Labs and the SEC claim in the trial are regarding the violations of the federal securities law. The Securities and Exchange Commission claims that Ripple did not meet the sub-test requirements for determining the applicability of the securities law presented by the U.S. Supreme Court and sold unregistered securities called Ripple. Ripple Labs claims that it is not subject to the Securities Act because there was no specific investment contract at the time of issuing Ripple, and investors who bought Ripple through the exchange do not know who they are buying the tokens from.
|U.S. Securities and Exchange Commission (SEC)
|A financial security called Ripple does not meet the sub-test requirements presented by the U.S. Supreme Court for determining whether the securities law shall be applicable.
|Ripple is not subject to the Securities Act because there is no investment contract, it is not a joint business, and investors who invest in Ripple do not know who the seller is.
Ripple News 2: The U.S. Securities and Exchange Commission (SEC) is trying to indict “selling unregistered securities.”
In December 2020, the U.S. Securities and Exchange Commission (SEC) indicted Ripple Labs, which issues and operates Ripple Coin, on charges of “selling unregistered securities.” The SEC argued that Ripple (XRP) is a security, so it must be regulated by securities law and that Ripple Labs and Ripple Coin are not currently following the current regulations. As a result, the SEC has requested Ripple Labs to return all illegally acquired profits, prohibited the issuance of Ripple(XRP) by Ripple Labs, and ordered civil penalties.
In response, Ripple Labs submitted a response to the New York Court in January 2021 as follows. “Ripple (XRP) Coin serves as a medium of exchange, a cryptocurrency used in international transactions – moving value between jurisdictions and facilitating transactions. (skipped) …” Therefore, Ripple claims that the coin is not a security.
Currently, the UK, Japan, and Singapore have decided that Ripple Coin is an unsecured cryptocurrency. In other words, other developed countries are acting the opposite of the U.S. SEC. Regarding the current stance, Ripple has strongly criticized China’s move to dominate the global payment market, asserting that the U.S. Securities and Exchange Commission is actually helping.
The lawsuit, which has been going on for nearly a year, is said to have been viewed as excessive prosecution by the U.S. Securities and Exchange Commission (SEC), and Ripple is expected to receive favorable litigation results. Currently, evidence and witnesses from both sides are fighting in court, and Ripple CEO Brad Gallinghouse predicts that the results of the Ripple lawsuit will come out in the third quarter of 2022.
|The U.S. Securities and Exchange Commission (SEC) filed a lawsuit with the New York Federal Court.
|Response to the lawsuit claims submitted
|The SEC approved a request for documents related to the securities disclaimer of Bitcoin (BTC) and Ethereum (ETH)
|Submission of evidence and counterargument data from both parties
|Acceptance of request for extension of Discovery deadline until January 14, 2022
Ripple News 3: Decision to re-list on the exchange that was delisted due to prosecution
Against this backdrop, there was a situation in which prices soared with rumors that Coinbase CEO Brian Armstrong would make a major announcement on Ripple at an economic forum hosted by JP Morgan. As such, Ripple’s re-listing on the North American big exchange is a very strong issue for Ripple in that this could signify its recognition of its value in the United States once again.
Here are some factors that investors should consider before investing in Ripple.
|Publisher or Developers
|Headquarters (Registration Number)
|United States of America
|Published Date (CMC Registration)
Reliability Score of Ripple in 2024
These are indexes mesuring the investment reliability of Ripple conducted by Coin-Labs.com.
|Investment Reliability Rating Items
|Scores and Current Status
|Company Activation Rate
|9.9 / 10.0 CAR
|8.6 / 10.0 CR
|Technology Transparency Rate
|7.7 / 10.0 TTR
|Development Participation Rate
|8.7 / 10.0 DPR
|Listing Status on the World's Top 10 Exchanges
|Listed on 10 Exchanges
|Number of Available Pairs Worldwide
|Market Cap of the Cryptocurrency
|27,317,889,018 USD (Rank #6)
Here are the price and recent trading volume of Ripple. (Data of 2024-02-23 15:24:00)
|Price and Trading Volume of Ripple
|Price Change 24h
|Price Change 7d
|Trading Volume 24h
|Trading Volume Change 24h
You can check the development status and social media information of Ripple through the links in the table below.
|🌎 Official Website
|📖 White Paper
|🛰️ Source Code (GitHub)
|🎺 Message Board
Where to Buy Ripple
Here are the top ten world crypto exchanges where traders can buy Ripple in 2024.
Frequently Asked Questions
What is the current price of Ripple?
Ripple price today is 0.540 USD. Furthermore, the price of Ripple has fluctuated by -0.37% from 24 hours ago, and by -5.34% from a week ago.
Where is Ripple listed?
Currently, it is listed on a total of 10 among the world top 10 exchanges.
What is the market cap of Ripple now?
Currently, Ripple has a market cap of 27,317,889,018 USD, which is ranking 6 among cryptocurrencies worldwide.
How much is the trade volume of Ripple?
Currently, 54,558,598,490 XRP coins are circulating through 1,230 market pairs. As a result, in the last 24 hours, 1,091,412,279 USD of XRP coins were traded in the market.