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.
The partnership between Ripple and MoneyGram has been described as symbiotic by most analysts. The latter has been experiencing difficulties in making profits and the XRP incentives have significantly helped it close the debt gap.
The US SEC has accused Ripple of selling $1.3 billion worth of XRP as unregistered securities during its 2013 ICO. The Ripple lawyers say that the allegations are completely baseless and XRP is not an “investment contract”.
The US Securities and Exchange Commission (SEC) has been revealed to be on the verge of suing Ripple Labs for illegal sales of securities. This put them in the same bracket as companies that suffered a similar fate like Kik Interactive Inc.
According to a report, the price of XRP currently has three major resistance which are 2818 SAT, 3600 SAT, and 4200 SAT.
Ripple has offloaded 2,264,113 MGI shares i.e. 33% of its stake as per the latest filing with the US SEC. The blockchain startup hasn’t given any specific reason for this decision.
In order to support its price, Ripple decided to stop selling XRP and embark on buying back the tokens in the second and third quarters this year.
Ripple has oftentimes been embroiled in a regulatory impasse with US authorities particularly the Securities and Exchange Commission (SEC) as it relates with the XRP coin which is closely associated with the company.
Despite RippleNet general manager’s belief that Bitcoin maximalism is over, the king coin has been pulling in continuous jump.
The rally in the crypto-market undergoes as Bitcoin is only a few hundred dollars away from hitting its all time high. Bitcoin dominance is dropping drastically since November 18 providing enough space and volumes for the boost of altcoins. This week only Bitcoin dominance is down to 3.35%.
Bitcoin and XRP are not the only currencies whose price has shown such performance. Other altcoins like Ethereum (ETH), Chainlink (LINK) are on a steady rise as well.
Bitcoin crossed $18,000 as it points towards an all-time high of $20,000. The last time Bitcoin traded a $20,000 was in December 2017. Altcoins have started following BTC on its way to new record levels.
In a massive rally, XRP has moved past all technical barriers to hits its new 2020-high above $0.70 surging more than 100% in less than a week’s time.
Amid the growing concerns about relocating its corporate headquarters due to regulatory concerns, Ripple Labs has filed a new trademark PayString.
Ripple has so far purchased around $45 million worth of XRP with more assurance from the company executives that they may continue to purchase more to support a healthy market.
In Q3 2020, Ripple pulled in $35.84 million in total XRP sales. This is more than a $3 million increase over the $32.55 million made in Q2.