All concepts behind Ripple predate BTC by 4-5 years. In the year 2004, a computer programmer from Canada named Ryan Fugger developed RipplePay. It is a way of providing secure options of payments to an online community’s members through a worldwide network. Yet it will be another 6 years before XRP, the blockchain-based payment system along with its founding Fintech Company called Ripple, gets started.
Now XRP is at a legal battle center. It is between the firm and SEC. It alleged that this asset is one unregistered security that was sold by Ripple in federal law violation. The XRP Ledger is one open source and public blockchain. In 2011 it was first created by the developers David Schwartz, Jed McCaleb, and Arthur Britto. It was for solving all inefficiencies of cross-border payments and remittances in conventional banking. It serves as all rails on which this decentralized XRP crypto runs. Start your trading career at bitcoin trader.
This Ripple transaction protocol is distinct from this XRP asset. It is called RTXP and was launched officially in 2012. It was shortly followed by the company’s rebranding in 2013 to Ripple Labs. In 2015, that company’s name was changed again to Ripple. Ripple and XRP are related inherently. But they are separate entities on paper. The former is one centralized Fintech Company. It builds worldwide payment products. It developed the payment system of XRP that the firm described to be decentralized. XRP is one independent digital currency used for a few things such as online payments along with currency swaps. As of this March, $83 billion is its market cap. Still, XRP and its public blockchain are used by Ripple for powering its products.
The current market situation
Despite the current Ripple lawsuit, the community of XRP is still optimistic regarding the future of crypto. Few popular individuals in the crypto space such as Jimmy Vallee predicted that the price of XRP may be reaching as high as $35000. Also, others seen to believe that the price may be reaching $50000.
Such predictions were met with skepticism from few in this industry. Yet people defended them by pointing to the new ecosystem of payment. Some optimism regarding XRP was created. It was because there have been enhanced XML use cases. The launch of the first National Land Registry in Colombia was declared on the X RPL blockchain’s top by Peersyst Technology.
Developers of XRPL revealed that XRP Ledger has a testnet offering smart contracts now. The launch of this Hooks Testnet V2 took place some months ago. It can too be a reason for all optimism around the XRP now.
Recently Hooks Builder got revealed. It is mainly a development environment that is web-based. It allows developers to build, test, deploy, trigger, and debug Layer1 smart contracts on XEPL. Such new development comes with the ultimate aim to make XRP Ledger well compatible with smart contracts.
Currently, XRP is worth $0.319 after a drop of 5.79 percent in price on the last day. This crypto yet is up nearly 0.52 percent in the past week. The 24-hour trading volume of XRP is now up 75.82 percent. It is now at $1059735957. With respect to market cap, XRP is now at $15422387437.
XRP is governed and controlled by authorities. Most other coins are decentralized. They are mainly people’s cryptocurrencies. According to some people, such a description is perfect. Some people also believed that XRP was never true crypto. But one impostor never went down well with several observers, mainly the community of Ripple. The price of XRP got negatively impacted by many responses from different people in the crypto community. The price of XRP fell from $0.63 to $0.59. It dropped from a $30.1 billion market cap to $28.1 billion. It shed off $200 million. Already Ripple is grappling with its long suit with the SEC. Thus XRP caught all attention as an impostor. It is not helping the situation mainly when the crypto market is all jittery with a fall in prices and exchange restrictions. Now the price of XRP is $0.309724 with $909,112,869, a 24-hour trading volume. In the past 24 hours, it is down 4.98 per cent. Its present ranking is number 7 with a $14,972,995,413 live market cap. 48,343,101,197 is its circulating XRP coin supply. It has a maximum supply of 100,000,000,000 coins.