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.
Top voices in the crypto industry have continued to criticize the US government and its approach toward regulation.
Ripple, an investor in Fortress, has stepped in to compensate Fortress customers for any incurred losses as part of the acquisition process.
Pantera Capital believes that the recent XRP ruling, possibility of a BlackRock ETF and the next Bitcoin halving will spike prices.
Amidst the legal battle and regulatory scrutiny, July 2023 witnessed a seismic shift in the narrative surrounding the case.
Gemini highlighted that XRP will be available for trading under several currency pairs including USD, GBP, EUR, CAD, SGD, HKD, and AUD.
Following the announcement by Judge Analisa, Jeremy Hogan, a partner at Hogan & Hogan, highlighted that the final judgment in the case will not be issued until at least late 2024.
The XRP market is heavily bolstered by the adoption of Ripple payment products including On-Demand Liquidity (ODL) and RipppeNet.
Ripple announced the recent ruling has pushed it to shift its approach to XRP market transparency, particularly on the escrow holdings.
Using Liquidity Strength as a key metric, the expert provided a detailed breakdown of her calculations before coming to her prediction.
Among the issues that Netting Manager aims to address are lack of transparency due to lack of centralization, payment date uncertainty, and unnecessary FX conversion and transaction costs.
According to Alderoty, Ripple will handle any appeal the SEC decides to initiate even though he is confident in the judge’s previous ruling.
Despite the recent SEC vs Ripple summary judgment that largely ruled that XRP is not a security, the SEC has shown intentions to appeal its case in the 2nd Circuit.
Despite the surge in the crypto market, Ripple’s legal victory does not guarantee smooth sailing for XRP or the broader altcoin sector.
Elon Musk announces changing Twitter’s logo to an ‘X’, sparking excitement and support from the XRP community.
The recent court ruling in the Ripple Labs and SEC case has prompted Bank of America to reiterate its differentiation between the trading of blockchain-native crypto tokens and tokenized traditional assets.