What is Ripple?
Ripple is the currency used by RippleNet, a digital payment platform. RippleNet is recorded on a distributed ledger database called the XRP ledger. Therefore, Ripple is recorded in their distributed ledger database, not in a payment system made up of blockchain. This signifies that it is a cryptocurrency that has lost its decentralization, transparency, and security features that are the key characteristics of the blockchain. Subsequently, due to the lack of such key characteristics, Ripple has received much criticism by the public. RippleNet use their Ripple Protocol Consensus Algorithm. The global Ripple community is in charge of the network ledger and universities, developers, and financial institutions conduct transaction verifications to form a network system similar to blockchain.
Ripple: Non-Mineable Coin
Ripple Coin is a non-mining cryptocurrency that cannot be mined. Binance Coin is also a non-mining cryptocurrency. The company that issues the Ripple Coin determines the issuance volume and the distribution volume, which is determined through a 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 service is not ordinary individuals, but financial institutions such as banks in each country. It aims to minimize fees from foreign currency transactions from financial institutions in each country.
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.
Developers of Ripple
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 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 Labs||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 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.
|December 2020||The U.S. Securities and Exchange Commission (SEC) filed a lawsuit with the New York Federal Court|
|January 2021||Response to the lawsuit claims submitted|
|March 2021||The SEC approved a request for documents related to securities disclaimer of Bitcoin (BTC) Ethereum (ETH)|
|~||Submission of evidence and counterargument data from both parties|
|October 2021||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
Ripple Coin has been delisted on major exchanges such as Coinbase, Kraken, and Binance US due to uncertainties stemming from the indictment from the U.S. Securities and Exchange Commission.
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 for its value in the United States once again.
The primary characteristics of Ripple are as follows.
|Cryptocurrency Features||Ripple (XRP)|
|Publisher or Developers||Ripple Labs|
|Jurisdiction of Incorporation (Registration Number)||United States of America|
|Published Date (CMC Registration)||2013-08-04|
|Max Supply||100,000,000,000 XRP|
Investment Suitability of Ripple in 2022
The results of the Ripple investment suitability evaluation conducted by Coin-Labs are as follows.
|Investment Suitability Rating Items||Scores and Current Status|
|Company Activation Rate||9.9 / 10.0 CAR|
|Communication Rate||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 Top 4 Exchanges in Korea||Listed on 4 Exchanges|
|Listing Status on the World's Top 10 Exchanges||Listed on 9 Exchanges|
|Number of Available Pairs Worldwide||849 Pairs|
|Market Cap of the Cryptocurrency||26,302,984,395,738 KRW (Rank #7)|
The price and recent trading volume of Ripple are as follows. (Data of 2022-12-01 11:48:23)
|Price Items||Price and Trading Volume of Ripple|
|Ripple Price||523.026 KRW|
|Price Change 24h||-0.96%|
|Price Change 7d||5.16%|
|Trading Volume 24h||1,127,799,982,533 KRW|
|Trading Volume Change 24h||-13.71%|
You can check the development status and social media information of Ripple through the links in the table below.
|🌎 Official Website||https://xrpl.org/|
|📖 White Paper||https://ripple.com/files/ripple_consensus_whitepaper.pdf|
|🛰️ Source Code (GitHub)||https://github.com/ripple/rippled|
|🎺 Message Board||http://www.xrpchat.com/|
Korean Crypto Exchanges where Ripple is Listed
Korean crypto exchanges where Ripple is listed in 2022 are as follows.
|Top4 Exchanges||Listed Status||Page URL|
World Crypto Exchanges where Ripple is Listed
World crypto exchanges where Ripple is listed in 2022 are as follows.
|Top10 Exchanges||Listed Status||Page URL|
Frequently Asked Questions
What is the current price of Ripple?
Ripple price today is 523.026 KRW. Furthermore, the price of Ripple has fluctuated by -0.96% from 24 hours ago, and by 5.16% from a week ago.
Where is Ripple listed?
Currently, it is listed on a total of 4 among the 4 largest exchanges in Korea, and is listed on a total of 9 among the world top 10 exchanges.
What is the market cap of Ripple now?
Currently, Ripple has a market cap of 26,302,984,395,738 KRW, which is ranking 7 among cryptocurrencies worldwide.
How much is the trade volume of Ripple?
Currently, 50,290,028,663 XRP coins are circulating through 849 market pairs. As a result, in the last 24 hours, 1,127,799,982,533 KRW of XRP coins were traded in the market.