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XRP surged in the weeks following its October 2023 decision to drop the lawsuit against Ripple. The investment watchdog said Ripple's CEO Brad Garlinghouse and co-founder Chris Larsen were in 2015. , in the form of 1.3 billion dollars in XRP.
Ripple is the project behind XRP, but the way it works and functions is very different from other currencies like Bitcoin and Litecoin.
It does not rely on energy-intensive mining to operate or create new currency.
Instead, the company that created it once created the currency called XRP, and the people behind Ripple will gradually sell it when they need it.
It's also focused on developing a way for banks and other financial institutions to move money quickly and without fees, rather than a way for people to buy goods and services.
Did you know this?
Some people in the Ripple community refer to the smaller part of Ripple as ‘Jed' after Jed Calab, one of the company's founders.
Who created it?
Ripple and its XRP currency index as we know it today were first developed in 2004 by web developer Ryan Fugger.
But it wasn't until 2012 – and the work of Jade Caleb and Chris Larson – that led to what we now know as XRP.
A short story
– 💳 2004 – Ryan Fuger created Ripplepay in 2004 – a secure payment service
2011 – Jed McCaleb, Arthur Britto, and David Schwartz begin work on a new currency system inspired by Bitcoin.
-*💱2012 – Jed McCaleb, Chris Larson and their collaborators merged their ideas with Fugger leading to the creation of OpenCoin.
🏗️ 2013 – Jade released OpenCoin and the company changed its name to Ripple Labs
🏦 2014 – The first bank started using it to transfer money
-💸 2017 – In December, XRP became the world's second largest cryptocurrency with a value of $73 billion.
-2020 -XRPL Foundation launched.
2020 – SEC vs Ripple: The US Securities and Exchange Commission charges Ripple with selling unregulated securities worth $1.3 billion in XRP sales.
2023: The SEC dropped the above claim against Ripple
What is so special about XRP?
There are two parts to Ripple: Ripple as a cryptocurrency (XRP), and Ripple as a company designed to help banks move money faster and cheaper.
🏦 It's a banking service – It's been helping banks connect through the network. 💱 Connects crypto-crypto and traditional banking – using its own currency to exchange dollars and pounds into cryptocurrencies. 💨 It's very fast to move money. It only takes 3.5 seconds to verify funds and can process 1,000 transactions per second, the same rate as Visa. Bitcoin, by comparison, can only process 7 transactions per second. 💸 It's much cheaper to move money – It's much cheaper to move money using Ripple than banks using existing technology. ⚡Uses less energy – more energy efficient because no mining is done 🎯 It's decentralized – peer-to-peer.
How is it produced?
Ripple does not involve miners and nodes in the same way as other currencies. Instead, he created 100 billion Ripples at startup and is constantly selling them every month to raise money.
How to get Ripple?
You can go to an exchange and buy XRP in dollars, pounds or euros.
What can you do with Ripple?
It is not seen as a tool to buy goods and services like Bitcoin or Litecoin. However, there are a few places that allow you to purchase goods using Ripple's XRP currency.
Did you know this?
15 of the 50 largest banks use Ripple to move money around the world.
in the future
Ripple wants to help the banking industry make sending money as fast and easy as sending someone an email.
The company's focus is to bring all the world's largest banks to the platform.
Meanwhile, the future of XRP is uncertain, but if Ripple is a platform for banks to operate online, the currency will be tied for success.
This article was first published in It was in 2019 and was updated on November 6, 2023.
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