Buy Digital Currency Ripple
The XRP cryptocurrency soared on Wednesday as investors grew hopeful that Ripple, a company closely associated with the token, would win its prolonged legal battle with the U.S. Securities and Exchange Commission.
The SEC accuses Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen of breaching U.S. securities laws by selling XRP without first registering it with the regulator. Ripple contests the SEC's allegations, maintaining the view that XRP should be considered a digital currency rather than a security.
Privately owned Ripple has not previously done any major deals. It was valued at around $15 billion following a private stock buyback in January, the company said, although industry valuations have fallen significantly during a cryptocurrency price crash over the past few months which helped topple Celsius and other cryptocurrency firms.
Ripple's total sales of its cryptocurrency XRP, net of purchases, were $408.9 million in the second quarter, compared with $273.27 million in the first quarter, according to a report the company put out in July.
Maria T. Vullo, Acting Superintendent of Financial Services, today announced that the New York State Department of Financial Services (DFS) has approved the application of XRP II, LLC, an affiliate of Ripple Labs, Inc., for a virtual currency license.
In May 2015, DFS granted the first charter to a New York virtual currency firm, itBit Trust Company. To date, DFS has received 26 BitLicense applications, and has approved four virtual currency firms for charters or licenses.
In addition, DFS recently denied two applications for a virtual currency license. The companies who received application denial letters ordering them to stop any New York operations are Snapcard Inc. and OKLink PTE. LTD.
XRP is a centralized cryptocurrency that uses a Federated Consensus protocol to validate transactions. That makes RippleNet and XRP Ledger faster at processing transactions than proof-of-work blockchains like Bitcoin.
At present time, Ripple Labs, developer of the Ripple Network, is embroiled in a lawsuit with the U.S. Securities and Exchange Commission. The SEC claims that Ripple executives used XRP tokens to raise funds in 2013, while the coin was an unregistered currency. The SEC claims these activities constituted illegal securities trades. Ripple Labs denies that claim.
Ripple provides one frictionless experience to send money globally using the power of blockchain technology. By joining Ripple's growing, global network RippleNet, financial institutions can process their customers' payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.
Through the On-Demand Liquidity (ODL) service, RippleNet leverages the digital asset XRP as a bridge between two currencies, allowing you to eliminate pre-funding of destination accounts, reduce operational costs and unlock capital.
The partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau. This could see the implementation of the world's first government-backed national stablecoin in the first half of 2022 for which Ripple would provide Palau with technical, business, design and policy support. Meanwhile, exploring a USD-backed stablecoin and associated use cases-such as a corporate registry-on the XRP Ledger could provide a viable alternative to central bank digital currencies (CBDCs) for countries like Palau.
'As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,' said President Surangel Whipps Jr. 'The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.'
Ripple, the leading provider of enterprise blockchain and crypto solutions for cross-border payments, today announced a collaboration with Bhutan's central bank, the Royal Monetary Authority, to pilot a central bank digital currency CBDC using Ripple's CBDC Private Ledger.
'Our collaboration with Ripple is testament to the potential of CBDCs to provide an alternative and sustainable digital payment instrument in Bhutan,' said Yangchen Tshogyel, deputy governor of the Royal Monetary Authority of Bhutan. 'Ripple's groundbreaking technology will allow for the experimentation of a CBDC with our existing payments infrastructure-while ensuring efficient and cost-effective cross-border transfers.'
Since the 2009 launch of Bitcoin, there has been an explosion of cryptocurrencies in the marketplace. Crypto buyers have plenty of choices for digital currencies they can use for trading. There are a few notable contenders for trading alongside Bitcoin, like Ethereum, Dogecoin, Ripple, and Monero. But many cryptocurrencies have also faded into obscurity or are limited to niche applications.
The problem is, Ripple isn't the easiest crypto currency to buy, and in 2020, the SEC filed charges against Ripple and two founders in regards to XRP. As a result of the this action, most centralized exchanges (like Coinbase) have suspended trading on XRP. See the SEC action here.
Ripple was originally (and still is) a payment processing platform that allows global transactions using it's coin, XRP. It's global payment network was started in 2012, and has continued to grow as companies have adopted it, and currency speculators have taken interest in Ripple.
It's important to note that Ripple has been called a \"Bitcoin-killer\" since at least 2014, but it's only in the last several years has gained real traction and momentum among crypto-currency enthusiasts.
Like any currency, there is a high degree of risk involved if you're considering investing in Ripple. However, given the low price point, it does have the possibility for a high return with low barrier to entry.
Currently the largest of any crypto project by market capitalization, the XRP cryptocurrency boasts a total market value of $26.73 billion at time of writing. A single unit of XRP is very cheap due to a high amount of coins in circulation (over 45 billion), and many investors hold some XRP in their portfolios. The relatively low price-per-coin when compared to the other top 10 projects in the space can be very appealing for investors.
Ripple Labs is a private enterprise software company that created the Ripple Protocol, an open-source protocol that includes the XRP ledger and RippleNet, a suite of payment solutions products aimed towards institutional usage (banks, non-financial institutions and digital currency exchanges).
XRP can be sent directly without any need for an intermediary, making it a convenient instrument in bridging two currencies quickly and efficiently. The main purpose of XRP is to be a mediator for currency exchange.
The XRP ledger uses distributed ledger technology (rather than blockchain technology) to support the transfer of tokens that represent fiat currency, cryptocurrency or any other unit of value. Since the protocol is completely open, anyone could access it without prior approval from Ripple Labs. This allows bank and non-bank actors to incorporate the Ripple protocol into their own systems.
Ripple (XRP) launched in 2012 with a bold mission to shake up international remittances by using cryptocurrency to help people move money around the world. XRP has a loyal following which helped it reach an all-time-high price of $3.40 in January 2018.
You can swap any cryptocurrency you already own for XRP using the \"swap\" or \"convert\" service on some platforms. This lets you instantly exchange one crypto for another even if there is no trading pair on the spot market.
At the turn of 2017 and 2018, XRP coin made a dizzying leap, briefly becoming the second most capitalized cryptocurrency in the world after Bitcoin. This growth was followed by a long and painful decline in the exchange rate and market capitalization of XRP. The drop turned out to be even deeper on average than the general sagging capitalization of cryptocurrencies.
XRP supports instant currency and asset conversion. The user does not need to worry about the type of currency on their balance: when making a transfer, the exchange will be carried out automatically. The ability to conduct exchanges in such a fast manner turns the system into a central hub for international settlements and interbank payments.
XRP is a cryptocurrency issued and managed by Ripple Labs Inc., the company behind the Ripple payment protocol, a real-time gross settlement system. However, people usually mistakenly employ the terms Ripple and XRP interchangeably to refer to cryptocurrency, which has led people to believe that both the cryptocurrency XRP and Ripple are the same thing.
Despite a few serious challenges on its journey, XRP remains a very popular cryptocurrency among both retail and institutional investors. It still gets analyzed and talked about quite often. Here are some expert XRP price forecasts.
XRP can be a good investment if it fits your portfolio. It has a lot of advantages over many other cryptocurrency projects as well as an already established community and platform. The Ripple Labs team seems to be extremely dedicated to their project and actively works on making it better and regularly upgrading it.
Thanks a lot for such clear explanation of xrp project! As we can see from the article almost all ripple price forecasts are optimistic, but IMHO we also should not forget about the worst case scenario.
Sophie, thank you so much for this article! I agree with others that now it is not a time time to talk about ripple long term price predictions, because it is not clear whether the company will exist or not.
XRP is a digital asset and is part of the wave of new cryptocurrencies that arrived after the invention of Bitcoin. The token takes its own approach to facilita