Definition of XRP
XRP is the native cryptocurrency for products developed by Ripple Labs and it is native to the XRPL. Its products are used for payment settlement, asset exchange, and remittance systems like SWIFT, a service for international money and security transfers used by a network of banks and financial intermediaries.
XRP used in a sentence
‘’Many people say that XRP is not decentralized, the opposite is actually true.
‘’Have you seen XRP mooning yesterday? The court case against the SEC has been settled!’’
History of XRP
Jed McCaleb, an American programmer and entrepreneur who dropped out of UC Berkeley, originally conceived the idea for Ripple in 2011 and founded his company in 2012, initially calling it OpenCoin. He had previously created Mt. Gox, which he first envisioned as an exchange for Magic: The Gathering cards, but it evolved into an influential and notorious bitcoin exchange. McCaleb had co-developers Arthur Britto and David Schwartz ultimately engineer his vision for Ripple. And Britto and Schwartz eventually had Ryan Fugger bring their vision to fruition, as Fugger transformed his original OpenCoin system into Ripple.
By 2018, more than 100 banks had signed up to use Ripple, albeit with most using the infrastructure’s messaging capabilities rather than the XRP cryptocurrency itself.
Also in 2018, Ripple raised a class action lawsuit related to its unregistered sales of XRP tokens, amounting to millions of dollars in gains for Ripple. In 2020, as part of its legal proceedings against Ripple, the Securities and Exchange Commission (SEC) classified XRP as a security, not a commodity, and alleged Ripple’s leadership were allowing the sale of unregistered securities.
The jump in XRP’s value in April 2021 came despite the U.S. suing Ripple for raising over a billion dollars by selling XRP on allegedly unregistered securities offerings.