Ripple token or XRP is an independent digital asset, native to the Ripple Consensus Ledger. Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency (XRP).
Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Cardano’s Charles Hoskinson is cozying up to Ripple Labs in a likely push for partnership.
Ripple’s RLUSD stablecoin is now listed on global crypto exchanges. It aims to challenge dominant players like Tether’s USDT and Circle’s USDC.
With the planned debut of RLUSD on Tuesday and Bitcoin breaking above the $107K price level for the first time, XRP skyrocketed to $2.60 resistance and eyes $4.
RLUSD has sparked intense early demand with bids far exceeding its peg, while XRP gained 5% as excitement builds around the launch.
Unlike other stablecoins, Ripple promises monthly attestations of RLUSD’s reserve to is improve transparency within the crypto market.
Ripple’s CTO David Schwartz cautioned investors about potential volatility and a “supply shortage” following the launch of RLUSD.
A cryptocurrency trader turned $2,500 into $200,000 by leveraging 500x on XRP futures just before a 26% price gain following the NYDFS approval for Ripple stablecoin RLUSD.
Ripple has achieved a significant breakthrough with the New York Department of Financial Services (NYDFS) granting final approval for its RLUSD stablecoin, positioning the company as a major player in the regulated stablecoin market.
XRP recently broke out of a rare and powerful technical formation known as a bullish pennant, hinting at the potential for a massive rally with a theoretical price target near $200.
XRP price is down 13% from its peak of $2.75 last week but traders continue to remain bullish on the altcoin per its technical chart.
Ripple’s CEO criticized 60 Minutes for omitting Ripple’s legal victory and advocating clearer regulations.
XRP price has dropped 18% from its $2.75 peak earlier this week as Bitcoin makes a move to $104,000, setting an eye on 60% market dominance.
Ripple CLO believes that once the regulatory issues are resolved, Ripple could lead in enterprise crypto solutions.
For XRP Ledger, this decision to lower barriers for new users on the network also frees up funds it previously held in reserve.
XRP’s remarkable rally has propelled the growth of meme coins like ARMY on the XRP Ledger, but skepticism about long-term sustainability persists.