About Ripple (XRP)
Ripple (XRP) is a decentralized payment network that was built to replace the traditional money transfer network, SWIFT. Ripple is a uniquely designed blockchain that works on a consensus model in which all nodes given access to the system must validate transactions on the network. This model ensures that payments on the network are subject to considerable security measures without compromised efficiency. Transactions on Ripple are typically completed within four to five seconds, much faster than some on other independent blockchain networks that use different protocols. XRP price is updated live on Binance.
The Ripple network is powered by its native cryptocurrency, XRP. A fractional .00001 XRP is charged for every transaction processed on the underlying XRP Ledger (XRPL). Another interesting feature of XRP is that miners receive their validation fees from the aforementioned charge, as all XRP coins were placed into circulation when the network was first launched. This makes Ripple stand out in the cryptocurrency industry, and such factors can affect XRP price.
XRP also functions as an intermediary on the XRPL network, which is able to swap digital and fiat currencies through its network DeFi protocol. This means XRP is used in the processing of digital and fiat currency transfers on XRPL network. When XRPL was originally engineered in 2012 by Jed McCaleb, Arthur Britto and David Schwartz prior to the formation of the blockchain company, the idea was for Ripple to be a global payment network that would offer a better solution than the traditional banking and financial systems in place. Ripple Labs worked to enhance global payment capabilities, rather than to replace the old system.
In February 2023, XRP Ledger (XRPL) developers unveiled a proposal for a cross-chain bridge they believe would expand the blockchain's functionality. The live price of XRP is updated and available in real time on Binance.
SEC Vs Ripple Update: XRP Partially Wins Lawsuit Against SEC
In July 2023, Ripple achieved a partial victory in its legal battle against the U.S. Securities and Exchange Commission (SEC). The court determined that the sale of Ripple's XRP tokens through exchanges and algorithms did not qualify as investment contracts.Â
However, the court concluded that Ripple's institutional sales of XRP were indeed an unregistered securities offering. This ruling establishes a precedent that could impact other cryptocurrencies, including Solana (SOL), Cardano (ADA), Polygon (MATIC), and other tokens facing similar allegations of being unregistered securities.Â
The decision highlights the evolving regulatory landscape surrounding cryptocurrencies and the potential implications for their classification in the future.
Despite a suit brought about by the US Securities and Exchange Commission (SEC) in 2020, Ripple has maintained its position among the top 10 cryptocurrencies by volume.