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.
XRP price rally continues to $2.84 surging more than 100% over the past week amid strong whale activity with large holders scooping 160 million XRP worth $380 million over the past weekend.
The demand for XRP among institutional investors has seen several fund managers file for spot ETF approval amid the upcoming change of the US SEC administration.
The surge in whale activity is coming at a significant time in Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
The rise of XRP to a $140B altcoin is heavily influenced by the US political shift and notable development of the XRPL network.
With over $10 billion in client assets, Bitwise is reshaping institutional crypto investing, starting with the rebranded XRP ETP.
XRP Ledger has bagged a new update that can significantly improve scalability and overall performance.
XRP price has already retested the peak of the 2021 bull run and on-chain data shows that whale investors are relentlessly buying more.
During the time of Gensler, the SEC was generally perceived as being hostile to the crypto industry.
WisdomTree’s XRP ETP offers secure and cost-efficient investment, fully backed by XRP, with assets stored safely by regulated custodians.
Despite short-term price fluctuations, major XRP whale activity and rumors of a Ripple-Cardano collaboration have led to XRP’s recent 65% rally, reflecting heightened market interest.
The XRP community has been rejoicing the re-election of Donald Trump, who promised to fire current SEC Chair Gary Gensler on the first day of office next year.
SBI Holdings CEO Yoshitaka Kitao indicated that preparations for Ripple’s IPO can begin once its legal battle with the SEC concludes.
Ripple Labs has made strategic moves in the recent past to strengthen the mainstream adoption of XRP despite the legal hurdles emanating from the US SEC.
The studio hopes to use the documentary to enlighten more people about the SEC’s case against Ripple and its implications for the entire crypto sector.
Despite the overall stagnation in XRP price over recent months, there has been some upward movement in the past week.