Developed by Ripple, the XRP asset is a true Giant in the virtual crypto asset ecosystem; the token’s open-source blockchain technology, the XRP ledger, precedes the launch of ETH. As a result, XRP managed efficient across-the-global payments long before Buterin and the company were in the picture or even dreaming about the future of economies.
One of the first-ever options for BTC to be witnessed, XRP has also retained its position as one of the leading cryptos market cap. Ripple’s stability is a statement of its real-life adoption and integration in an environment where new is always better.
Regardless of its stability and growth, many concerns engulf this legacy blockchain protocol. XRP’s history is infested with misunderstandings and disagreements.
Ripple (XRP) Solutions
If you have ever attempted to send money or settle payments across borders, you will acknowledge the challenges XRP is trying to resolve. Cross-the-border payments via traditional or hard currency are a complete nightmare.
Over-the-seas payments take a very long period. In addition, intermediary financial institutions charge extraordinary fees, even when exchanging common currency such as the United States dollar and the Sterling Pound.
XRP develops this process by simplifying the whole method by making it easier and smooth to send XRP from one wallet to another, regardless of the jurisdiction, within three to five seconds. In addition, XRP transactional charges are almost non-existence or something close to zero. The company deducts an average charge of 0.0002 per transaction.
The Community behind the Ripple Development
Ripple innovation has been through several restructurings in its existence. Its first brand was known as RipplePay, which was established in 2004. The innovation was originally developed to extend credit boundaries between peers and family but needed to be challenged regarding adoption and implementation.
The innovation offered a stepping stone that encouraged Chris Larsen and Jed McCaleb to inherit Fugger’s system and consolidate a digital token and protocol of validators. They changed from RipplePay to OpenCoin over a decade ago and introduced the XRP crypto asset.
With the assistance of CTO David Schwartz, then the XRP ledger was introduced. After bringing in and securing an early boost from venture capitalists and angel investors, OpenCoin changed the brand from OpenCoin to Ripple Labs.
In 2015, the new brand brought on Brad Garlinghouse as the managing director and chief executive officer to push the company’s growth and increase revenue and sales. Finally, the final conversion was unleashed, consolidating the company under a singular, simple brand: Ripple.
Ripple Versus the SEC
Ripple is at the forefront of one of the virtual digital asset industry’s largest-ever legal disputes and battles in the federal courts. The Securities and Exchange Commission filed a case against the company and its officials in 2020, suggesting that they liquidated unregistered securities to traders and investors.
While the world is awaiting the verdict anticipated to be issued in the first half of this year, the dispute and struggle have devastated the representation and growth of Ripple and the XRP asset.
The case required virtual crypto-asset services providers such as Binance and Coinbase to remove Ripple from the list of assets being offered by the two companies, making it challenging for consumers to purchase the XRP token.
As a result, the small XRP value increased during the bullish market period. Moreover, the XRP token would have hit the best all-time high market capitalization if the company was not surrounded by all the disputes in the federal courts.