XRP Price Chart
- XRP
(XRP) - Price $0.441
- Market Cap$24.59 B
What is XRP?
XRP is the native digital currency of the XRP Ledger (XRPL), a distributed ledger technology designed for fast and efficient transactions. This public ledger can theoretically handle about 1,500 transactions every second.
XRPL was created by Ripple Labs, a blockchain-based financial technology company that allows the transfer of digital and fiat currencies globally. It uses the XRP coin to facilitate fast and low-cost transactions on its network.
A Brief History of XRP
The California-based financial technology company Ripple Labs, formerly known as Opencoin, was co-founded by Chris Larsen and Jed McCaleb in September 2012. OpenCoin officially changed its name to Ripple Labs, Inc. in September 2013.
Ripple’s developers were concerned about Bitcoin’s high energy usage and scalability limitations. They created XRPL, a distributed ledger specifically designed to overcome these issues.
One of XRPL’s primary features is its use of a unique consensus mechanism to validate transactions. Unlike traditional blockchain, XRPL relies on a pre-selected group of entities called validators. These validators work together and agree on the validity of transactions based on a set of fixed rules. This method allows the XRP Ledger to handle a high volume of transactions.
On May 5, 2015, the Financial Crimes Enforcement Network (FinCEN) fined Ripple Labs Inc. $700,000 for violating the Bank Secrecy Act (BSA). About five months after the fine, Ripple Labs Inc. changed its name to Ripple.
Despite regulatory challenges and legal battles, Ripple’s steadfast commitment to innovation has set in motion XRP’s evolution into a resourceful digital asset. Nonetheless, its legal hurdles add a layer of uncertainty to XRP’s future.
Latest News About XRP
Ripple CEO Sets the Record Straight on XRP Lawsuit Misinformation
Elendu Benedict | June 23, 2024
Ripple Completes Standard Custody Acquisition Amid U.S. Expansion
Mishael Nwani | June 11, 2024
Ripple Dumps 150M XRP as Market Fear Rises
Mishael Nwani | June 7, 2024
Top Five Cryptocurrencies to Watch: BTC, ETH , BNB, SOL, XRP
Gideon Geoffery | May 28, 2024
Ripple Opposes SEC’s $2B Fine, Argues for $10M Penalty
Elendu Benedict | April 23, 2024
Ripple CTO Responds to Investor Who Claimed to Hold XRP for Seven Years Without Profit
Wilfred Michael | April 22, 2024