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Using proven crypto and blockchain technology honed over a decade, Ripple’s enterprise-grade solutions are faster, more transparent, and more cost-effective than traditional financial services. Our customers use these solutions to source crypto, facilitate instant payments, empower their treasury, engage new audiences, lower capital requirements, and drive new revenue.
Founded in 2012, Ripple's vision is to enable a world where value moves as seamlessly as information flows today—an Internet of Value. Ripple is the only enterprise blockchain company today with products in commercial use. Ripple’s global payments network includes over 300 customers across 40+ countries and  six continents.

Ripple

ripple

XRPL NFTs to become part of a massive event that is projected to attract 28 million people

Ripple Exec on SBI Initiative: "This Is Going to Be Huge"

Ripple&#x27;s chief legal officer (CLO) Stuart Alderoty says the payments company is taking action in response to a court filing submitted by the U.S. Securities and Exchange Commission (SEC) last month.

Ripple To File Response to SEC’s $2,000,000,000 Penalty Request Within a Week, Says the Payments Firm’s CLO - The Daily Hodl

After undergoing a significant decline, breaching multiple crucial support levels, Ripple&#x27;s price has found stability near the important $0.5 mark.

Ripple Price Analysis: What's Next for XRP Following the Recent Crash?

Ripple (XRP) struggles to surpass its crucial $0.50 threshold yet again, marking the fourth consecutive day of unsuccessful attempts to breach and sustain resistance.

Ripple Vs. SEC Update: XRP Facing Challenges For Recovery Amid Lingering Ripple Lawsuit, Warns Former SEC Litigator - Forex News by FX Leaders

Ripple (XRP) price hovers below key resistance at $0.50, on Thursday.

XRP fails to break above $0.50 as former SEC litigator predicts Ripple case could reach Supreme Court

While Ripple is widely viewed as “a payments-first company” providing a blockchain-based payment solution to solve economic and financial friction, recent developments are broadening its appeal to both TradFi and decentralized finance (DeFi) players.

Tokenized asset market could hit $16T on public blockchains — RippleX VP

Amidst regulatory challenges and court disputes, Ripple Labs Inc. continues its legal battle with the U.S. Securities and Exchange Commission (SEC), a

Ripple vs. SEC Lawsuit Update: Preparing for April 22nd as Supreme Court Showdown Looms - Coinpedia Fintech News

XRP’s slight decline follows Ripple’s stark SEC clarification, stirring market uncertainty amid ongoing legal battles and price volatility.

XRP News Today: Ripple’s Chief Legal Officer Douses Settlement Hopes in SEC Case | FXEmpire

TLDR Experts&#x27; predictions have consistently projected a price rise for Ripple (XRP); another such projection expects XRP to reach $10. Rebel Satoshi

Analyst on X Posts Optimistic Forecasts for Ripple (XRP) as Investors Deploy More Capital for Final Minutes of Rebel Satoshi ($RBLZ) Presale - Coinpedia Fintech News

The SEC was granted an extension to the deadline to file remedies-related discovery documents submitted by Ripple.

Judge grants SEC’s deadline extension on Ripple case

A senior contributor at Forbes believes accelerating institutional adoption could catapult digital assets like Bitcoin and Ripple (XRP).

Forbes Predicts Ripple (XRP) Price If Bitcoin Reaches $150,000

This conclusion stems from his belief that XRP, used in Ripple’s payments network, “only exists as a token printing scheme to enrich

Prominent Pundit Asserts XRP Will Stagnate At $0.59 Even When Bitcoin Rockets To $250,000 ⋆ ZyCrypto

Delve into the Ripple (XRP) price prediction, XRP potential growth, and the factors that could shape its journey in the coming years.

Ripple price prediction for 2024: will XRP rise?

While the wider cryptocurrency market is having to contend with high volatility and widespread uncertainty, XRP appears to be thriving. With the SEC dropping its long-standing appeal against Ripple, could it finally live up to its potential? The Securities and Exchange Commission first opened its lawsuit against Ripple in December 2020 before XRP reached a low of $0.16 on January 2, 2021. By January 18, 2025, XRP was trading at $2.63, and with the SEC ending its interest in the coin, there’s plenty of optimism for Ripple to rally higher. “Today marks a historic victory—for Ripple, our employees and customers, and for the entire crypto industry,” said Brad Garlinghouse, Ripple CEO in a statement. “After more than four years of litigation, the SEC will drop its appeal against Ripple, concluding the SEC’s 4+ year long lawsuit. This is subject to Commission vote and approval.” Much has been made of Ripple’s impressive technical attributes. Notably, its Ripple Protocol Consensus Algorithm, which validates transactions through designated servers until they reach a supermajority agreement. It’s this algorithm that’s helped to make Ripple far more functional than other major cryptocurrencies like Bitcoin and has paved the way for transactions to be processed in just three to five seconds while handling up to 1,500 transactions per second. Crucially, it’s this high-speed blockchain network that gives Ripple plenty of potential use cases as cryptocurrency continues its emergence into mainstream adoption. But could removing the shackles of SEC scrutiny just be the beginning of Ripple’s journey? Let’s take a deeper look at the coin’s prospects for 2025 and beyond: Functionality is Ripple’s USP Not many cryptocurrencies that were launched in 2012 possess blockchains that are flexible enough to transform the fintech landscape, but Ripple is an excellent asset when it comes to fast cross-border payments. When institutions use Ripple to make a payment overseas, XRP acts as a bridge currency to optimize currency transfers in a fast and low-cost manner. Whether this means performing a direct currency exchange or using XRP as an intermediary, the flexibility Ripple provides can actively help reduce transaction costs without the need for appointing middlemen to handle the task. Many forecasters suggest that cryptocurrency will become increasingly integrated into mainstream usage thanks to more regulatory clarity from the SEC’s new acting director Mark Uyeda, Ripple could be one of the key beneficiaries of the many functional cryptocurrencies throughout the ecosystem. In fact, LMAX Group recently incorporated XRP into its institutional trading infrastructure, intending to offer institutions better access to highly liquid assets throughout markets. LMAX, which provides institutional execution venues for forex and digital assets trading, also acquired FX HedgePool, an institutional swaps matching service, and appears to have highlighted Ripple as an effective resource for boosting efficiency. “Ripple’s utility in lowering transaction costs for international payments makes it a potential leader in financial systems and fintech,” explains Maxim Manturov, head of investment advice at Freedom24. “If Ripple's global partnerships continue to expand, the price of XRP could reach $5-$8.” Growth Isn’t Assured Despite a strong start to 2025 and a flow of good news, XRP is showing signs of strain amid more widespread bearish market sentiment. Worryingly, some cryptocurrency analysts believe that market pressures could push Ripple below $2 if support barriers are retested amid an increasingly volatile outlook for crypto. One of the challenges of crypto’s emergence into mainstream adoption is that the landscape is more vulnerable to Wall Street price movements, and wider macroeconomic pressures could stunt XRP’s growth in 2025 as investment banks like Goldman Sachs cut their S&P 500 forecasts for the year ahead. It’s also worth looking at a decline in XRP funding rates, which have been mostly negative in recent weeks as traders open short positions following more widespread crypto market challenges. Funding rates refer to the periodic payments between traders holding long and short positions to keep the price of perpetual futures contracts linked to the underlying asset they’re tracking. However, a cause for optimism is that XRP’s bearish sentiment of late is far less pronounced than the likes of other popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), indicating that an upturn in sentiment could see Ripple outperform the wider market. Adoption Ahead Whether Ripple goes parabolic in 2025 or not will likely depend more on the state of the wider economic outlook in the United States and beyond. However, evidence of the incorporation of cryptocurrencies into the mainstream financial sector is likely to be a catalyst for growth for functional assets like XRP. Crypto’s push towards the mainstream will transform the industry and can help to provide more exposure to its brightest projects. In terms of payment efficiency, an emboldened Ripple that’s free from the SEC’s shackles could form a formidable force. The future is difficult to predict amid wider crypto market volatility, but it’s difficult to think of a more exciting prospect in the cryptocurrency space right now than a resurgent Ripple. While the wider cryptocurrency market is having to contend with high volatility and widespread uncertainty, XRP appears to be thriving. With the SEC dropping its long-standing appeal against Ripple, could it finally live up to its potential? The Securities and Exchange Commission first opened its lawsuit against Ripple in December 2020 before XRP reached a low of $0.16 on January 2, 2021. By January 18, 2025, XRP was trading at $2.63, and with the SEC ending its interest in the coin, there’s plenty of optimism for Ripple to rally higher. “Today marks a historic victory—for Ripple, our employees and customers, and for the entire crypto industry,” said Brad Garlinghouse , Ripple CEO in a statement. “After more than four years of litigation, the SEC will drop its appeal against Ripple, concluding the SEC’s 4+ year long lawsuit. This is subject to Commission vote and approval.” said Brad Garlinghouse said Brad Garlinghouse Much has been made of Ripple’s impressive technical attributes. Notably, its Ripple Protocol Consensus Algorithm, which validates transactions through designated servers until they reach a supermajority agreement. It’s this algorithm that’s helped to make Ripple far more functional than other major cryptocurrencies like Bitcoin and has paved the way for transactions to be processed in just three to five seconds while handling up to 1,500 transactions per second. Crucially, it’s this high-speed blockchain network that gives Ripple plenty of potential use cases as cryptocurrency continues its emergence into mainstream adoption. But could removing the shackles of SEC scrutiny just be the beginning of Ripple’s journey? Let’s take a deeper look at the coin’s prospects for 2025 and beyond: Functionality is Ripple’s USP Not many cryptocurrencies that were launched in 2012 possess blockchains that are flexible enough to transform the fintech landscape, but Ripple is an excellent asset when it comes to fast cross-border payments. When institutions use Ripple to make a payment overseas, XRP acts as a bridge currency to optimize currency transfers in a fast and low-cost manner. Whether this means performing a direct currency exchange or using XRP as an intermediary, the flexibility Ripple provides can actively help reduce transaction costs without the need for appointing middlemen to handle the task. bridge currency bridge currency Many forecasters suggest that cryptocurrency will become increasingly integrated into mainstream usage thanks to more regulatory clarity from the SEC’s new acting director Mark Uyeda, Ripple could be one of the key beneficiaries of the many functional cryptocurrencies throughout the ecosystem. increasingly integrated increasingly integrated In fact, LMAX Group recently incorporated XRP into its institutional trading infrastructure, intending to offer institutions better access to highly liquid assets throughout markets. better access better access LMAX, which provides institutional execution venues for forex and digital assets trading, also acquired FX HedgePool, an institutional swaps matching service, and appears to have highlighted Ripple as an effective resource for boosting efficiency. “Ripple’s utility in lowering transaction costs for international payments makes it a potential leader in financial systems and fintech,” explains Maxim Manturov, head of investment advice at Freedom24. “If Ripple's global partnerships continue to expand, the price of XRP could reach $5-$8.” Growth Isn’t Assured Despite a strong start to 2025 and a flow of good news, XRP is showing signs of strain amid more widespread bearish market sentiment. Worryingly, some cryptocurrency analysts believe that market pressures could push Ripple below $2 if support barriers are retested amid an increasingly volatile outlook for crypto. cryptocurrency analysts cryptocurrency analysts One of the challenges of crypto’s emergence into mainstream adoption is that the landscape is more vulnerable to Wall Street price movements, and wider macroeconomic pressures could stunt XRP’s growth in 2025 as investment banks like Goldman Sachs cut their S&P 500 forecasts for the year ahead. cut their S&P 500 forecasts cut their S&P 500 forecasts It’s also worth looking at a decline in XRP funding rates, which have been mostly negative in recent weeks as traders open short positions following more widespread crypto market challenges. mostly negative mostly negative Funding rates refer to the periodic payments between traders holding long and short positions to keep the price of perpetual futures contracts linked to the underlying asset they’re tracking. However, a cause for optimism is that XRP’s bearish sentiment of late is far less pronounced than the likes of other popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), indicating that an upturn in sentiment could see Ripple outperform the wider market. Adoption Ahead Whether Ripple goes parabolic in 2025 or not will likely depend more on the state of the wider economic outlook in the United States and beyond. However, evidence of the incorporation of cryptocurrencies into the mainstream financial sector is likely to be a catalyst for growth for functional assets like XRP. Crypto’s push towards the mainstream will transform the industry and can help to provide more exposure to its brightest projects. In terms of payment efficiency, an emboldened Ripple that’s free from the SEC’s shackles could form a formidable force. The future is difficult to predict amid wider crypto market volatility, but it’s difficult to think of a more exciting prospect in the cryptocurrency space right now than a resurgent Ripple.

Ripple in Time: Is XRP About to Go Parabolic in 2025?

Ripple във времето: XRP е на път да отиде параболен през 2025 г.?

Ripple in Time: Bude XRP v roce 2025 parabolické?

Ripple in Time: Wird XRP 2025 Parabolic werden?

Ripple in Time: ¿XRP está a punto de volverse parabólico en 2025?

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Ripple dans le temps: Est-ce que XRP est sur le point d'aller parabolic en 2025?

Ripple in Time: XRP sta per diventare parabolico nel 2025?

Ripple in de tijd: Is XRP op het punt om parabolisch te gaan in 2025?

Ripple in Time: Czy XRP osiągnie parabolę w 2025 roku?

Ripple in Time: XRP está prestes a ser parabolizado em 2025?

Ripple în timp: XRP este pe cale să meargă parabolic în 2025?

Ripple in Time: Bude XRP v roku 2025 parabolické?

A few days ago, Ripple (the company that issues XRP) announced its plans for a new USD-backed stablecoin. In an interview, Ripple’s CEO Brad Garlinghouse said that the stablecoin would be launched this year. It will be backed by dollar deposits, short-term government bonds and cash equivalents. The new stablecoin will be launched on XRP (no surprise) and ETH blockchains (no surprise; Ripple chose the “industry standard” and ignored direct competitors). Ripple will later announce which exchanges will list the new stablecoin. The stablecoin market is rapidly growing amid rising interest for crypto markets. Tether (USDT) remains the main issuer of stablecoins with a market cap approaching $107 billion. Circle’s USDC has started to recover from the blow dealt by the U.S. regional banks crisis in early 2023. Its market cap has already settled above the $32 billion level. Other competitors are far behind USDT and USDC. Interestingly, PayPal’s stablecoin, which was launched back in August 2023, failed to gain traction despite the company’s large user base. Currently, PYUSD market cap does not exceed $200 million. The key reason for the failure is the lack of a clear use case and strategy. It looks that PayPal’s user base was the only idea behind the creation of the company’s stablecoin. Ripple’s stablecoin has better potential as the company understands crypto markets. However, the stablecoin must capture significant market share to be viable in the long term. It should be noted that the new stablecoin would not be a direct competitor to USDT as it will be under strict control of U.S. regulators. Those who want to see that stablecoin’s reserves are fully inside the U.S. financial circuit choose the world’s second largest stablecoin, USDC. XRP must prove that its product is better than the established USDC. Most likely, we’ll see more stablecoins launched this year. This trend is driven by two catalysts — high U.S. government bond yields (that’s how issuers make profits) and rising interest for crypto. However, there’s no threat to the dominance of USDT, which remains a unique product. A few days ago, Ripple (the company that issues XRP) announced its plans for a new USD-backed stablecoin. A few days ago, Ripple (the company that issues XRP) announced its plans for a new USD-backed stablecoin. announced In an interview, Ripple’s CEO Brad Garlinghouse said that the stablecoin would be launched this year. It will be backed by dollar deposits, short-term government bonds and cash equivalents. The new stablecoin will be launched on XRP (no surprise) and ETH blockchains (no surprise; Ripple chose the “industry standard” and ignored direct competitors). Ripple will later announce which exchanges will list the new stablecoin. The stablecoin market is rapidly growing amid rising interest for crypto markets. Tether (USDT) remains the main issuer of stablecoins with a market cap approaching $107 billion. Circle’s USDC has started to recover from the blow dealt by the U.S. regional banks crisis in early 2023. Its market cap has already settled above the $32 billion level. Other competitors are far behind USDT and USDC. Interestingly, PayPal’s stablecoin, which was launched back in August 2023, failed to gain traction despite the company’s large user base. Currently, PYUSD market cap does not exceed $200 million. launched launched The key reason for the failure is the lack of a clear use case and strategy. It looks that PayPal’s user base was the only idea behind the creation of the company’s stablecoin. Ripple’s stablecoin has better potential as the company understands crypto markets. However, the stablecoin must capture significant market share to be viable in the long term. It should be noted that the new stablecoin would not be a direct competitor to USDT as it will be under strict control of U.S. regulators. Those who want to see that stablecoin’s reserves are fully inside the U.S. financial circuit choose the world’s second largest stablecoin, USDC. XRP must prove that its product is better than the established USDC. Most likely, we’ll see more stablecoins launched this year. This trend is driven by two catalysts — high U.S. government bond yields (that’s how issuers make profits) and rising interest for crypto. However, there’s no threat to the dominance of USDT, which remains a unique product.

Ripple’s Stablecoin: a Competitor to USDT?

Let's learn about via these 23 free stories. They are ordered by most time reading created on HackerNoon. Visit the to find the most read stories about any technology. Ripple /Learn Repo 1. Ripple Is Orders Of Magnitude Better Than SWIFT GPI and Correspondent Banking Protocols ripple vs sec might go on for a few months or years but there is no denying the wonder that is the ripple infrastructure in comparison to swift gpi 2. What are the differences between Bitcoin and XRP? Bitcoin's maximum supply is 21 million and XRP's maximum supply is 100 billion. The difference is that all XRP were created on the first day... 3. Pixelated Cryptocurrency GIFs: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) Hacker Noon has a new Giphy account. Our first 30 GIFs have created over 2.2 million views. Our first three cryptocurrency GIFs are the three coins with the highest market cap: 4. NFT Marketplace Entrepreneurs Seek to Cut Out the Middleman Right now, NFTs are at the peak of hype: Bored Ape #8585 just sold for $2.7 million, the NFT NYC conference was attended by Quentin Tarantino and Busta Rhymes, 5. Blockchain Developers' Report Q2 2020 An in-depth analysis of developer data revealing a year of meteoric rises and falls 6. The XRP Crisis Is A Reminder Of The Bitconnect Days 7. Crypto research of the July 2019 cryptocurrency activity Corindex July 2019 crypto report is comprised of parsed data on key cryptocurrency exchanges. Indicators, specifically designed by this crypto analytic platform, are calculated past the analysis of the blockchain network of various crypto assets. To best approximate the overall state of the cryptocurrency market, the report shows data only on the top cryptocurrencies with the largest capitalizations, and, occasionally, currencies that showed biggest relative changes by one indicator or another over the analyzed period. The report contains nine chapters, each of which encompasses the changes to its designated indicator over the analyzed period. 8. Only XRP and Bitcoin will be Safe if Ripple Wins SEC lawsuit In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, leading to a chain of events that threatens XRP and Bitcoin. 9. Coupling: The One and Only Software Designing Problem A root cause analysis of all failures of our software will find a single culprit with multiple costumes. The enemy is always there. Many times disguised as laziness, sometimes simplification, and very frequently with the optimization outfit. 10. How Does Ripple (XRP) Fare Against The Rising Tide Of Stablecoins? Once Ripple was identified as the incumbent to a brave new world of practical cryptocurrencies. Speculation was rife that Ripple’s XRP coin had the potential to overtake Bitcoin in terms of usage and utilise its swift and cost-effective transaction framework to take the world into the future of practical digital currency. 11. Know These Things Before Investing In XRP Before investing in XRP, you should know these things. XRP at 100 dollars can be possible but it would take several years. You can invest in the other cryptos. [12. XRP and ETN: Two approaches to helping people in developing countries](https://hackernoon.com/xrp-and-etn-two-approaches-to-helping-people-in-developing-countries-h76wo3zxb) Cryptocurrencies saw their inception just over 10 years ago after the creation of Bitcoin so in reality, digital currencies are still at their very early stages. Many cryptocurrency experts believe it will take another ten years before this form of currency goes mainstream. 13. Where and How To Buy Ripple (XRP)? It is XRPL that makes it possible to validate Ripple transactions in an average of three to five seconds. 14. Introduction to Ripple: The Story Behind XRP The company’s name behind the XRP crypto – Ripple – is often used to describe the digital currency XRP. 15. My Thoughts on Ripple (XRP) and Its Run-in With The US SEC Is XRP centralized? Yes, it is. Does that matter? YES, IT DOES! 16. How Metcalfe's Law Influences Blockchain Adoption And Innovation The Metcalfe effect has a substantial impact on the blockchain industry, shaping the adoption and expansion of blockchain technology. 17. The Battle Between Private and Public Blockchains Computers, Internet, and Mobile Phones The earliest known citation on the Internet is dated to 1986. It was attributed to Thomas J. Watson and posted in the signature of a poster from Convex Computer Corporation saying — “I think there is a world market for about five computers”. “Baloney. Do our computer pundits lack all common sense? The truth is no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works” — argued by Clifford Stoll, computer scientist in a featured article titled “The Internet? Bah!” published in Newsweek magazine. The go-to mobile business plan of Vodafone projected could sell only 1 million phones. All these prove that there is a tendency to underestimate the real impact and commercial potential of technologies as there are no existing realistic use cases developed, or the technology is not mature yet to unleash it’s true potential. 18. 2021 will be the year when DeFi and banks finally learn to work together The 2020 version of DeFi looked like a radical and frankly weird alternative to legacy banking. But in 2021, we might start moving to DeFi v.2 – one that banks and corporations can embrace. However, it will be very different from the sushi swaps and yield farming crazes that we've seen so far, with bank-friendly projects like Cryptoenter taking the lead. 19. Alternatives To The Bitcoin Blockchain Attempting To Answer The Scalability Question The battle for the place of the most scalable cryptocurrency has been going on for a long time – this is an eternal competition in the world of cryptocurrencies. 20. GAME of CRYPTOS [Chapter 3] — New CryptoKingdoms are born. It is the year of the Lord of 2013. 21. A Brief Look Into Ripple (XRP): Banks, Pre-mines, and Lawsuits tldr; This post is a brief look into the different aspects (good, bad, and ugly) of the XRP token and Ripple Labs, the company. It is important to separate the two while also investigating the indisputable overlap between the token and the company. 22. Should You Buy Ripple (XRP) in 2021? Compared to Bitcoin, XRP (also known as Ripple, its parent company) is not as well-known to the average person. 23. Distributed Ledger Technology and Blockchain When Combined With No-Code Abstracting away the technical complexity of blockchain components, Joget DX empowers non-coders to rapidly build decentralized applications (DApps). Thank you for checking out the 23 most read stories about Ripple on HackerNoon. to find the most read stories about any technology. Visit the /Learn Repo

23 Stories To Learn About Ripple

*Note: a SWOT analysis is an evaluation of the fundamental, operational, technical, social, economic, and even to some degree administrative elements of a project. This is not a model to be used for trading purposes. (NFA, DYOR) Composed of four elements, and , a SWOT analysis framework provides excellent insight for establishing a high-level understanding of the state of a project’s well-being through the lens of a birds-eye view. Strengths, Weaknesses, Opportunities, Threats It can help formulate decisions around which areas require more attention, set performance goals, and organize a foundational understanding of where a project is headed. Rarely (if ever) used in crypto, it is time to apply this timeless method of evaluation to the digital asset space. Today, the most controversial OG crypto project, full of legal shenanigans, enterprise-grade technology, and die-hard community members, will get a SWOT. Ripple ( ) XRP , 💪 Strengths (Internal) (Helpful) 1. XRPL (Ledger) is Non-Turing Complete The Ledger used by Ripple is actually structurally reminiscent of Bitcoin and diametrically different from Ethereum. The XRPL is not able to support arbitrary computations or smart contracts; this was a design choice deliberately made by Ripple Labs in order to guarantee a higher level of stability and security for the network. By laser-purposing XRPL for a specific type of transaction (payments), the inherent negative externalities and uncertainties around smart contracts are avoided. 2. Deterministic Fees Something very unusual in the crypto landscape is stability; be it price, fees, user count, or any other metric, crypto is notorious for its volatility. Ripple’s ledger is the first of its kind to offer a model for fees that are set at 10 “drops” which translates to (1/100,000) of an XRP. With a predictable fee structure, a much more effective payment system can be built and a higher degree of transaction confidence would be experienced by users. This is in stark contrast to the tranny of Etheruem’s gas fees which are ridiculously hard to calculate and have historically spiked upwards into the hundreds of dollars. 3. Transaction Burn Mechanism Every single transaction on XRPL demands that a tiny portion of the token supply is burned. While the exact amount can vary, the base requirement is 10 drops or 0.00001 XRP, which has so far averaged out to somewhere between 5,000–10,000 XRP being burned per day (with massive outlier spikes, of course). The presence of the Burn mechanism exudes constant delayed pressure on upkeeping the token’s value as well as deterring network spam. Thus far, >11,000,000 XRP has been burned since inception; which is insignificant when considering how long it has been and how much more tokens still need to make it into circulation. 4. Supply Distribution Mechanism Another novel design around the token’s economics from Ripple labs. Set at a 100 Billion XRP max supply and with ~54% already in circulation, there are another >~46 Billion tokens that need to make their way to market; how this happens is arguably balanced. The non-circulating supply is locked in an escrow account that cannot be forced open; every month, 1 Billion tokens are unlocked/vested to the Ripple foundation, and the foundation has to distribute those tokens within the month. If they do not, the excess tokens are returned back to the escrow wallet, and the cycle repeats itself. This will happen indefinitely until all tokens are in circulation. 5. XLS-20 In October of 2022, Ripple released the XLS-20 standard framework, which brought NFTs to the XRPL ecosystem. Given that the overall potential market size of NFTs eclipses that of fungible assets, new vectors of value creation/retention and innovation are now possible on XRP. Since launch, a multitude of new communities has arrived on-chain, bringing with them an activity that has (proportionately) outperformed all other network metrics in 2023. 6. Built-in CLOB Any financial/monetary system requires the presence of a venue to conduct trade; within the world of crypto, these venues are DEXs. XRPL has a CLOB (Central Limit Order Book) decentralized exchange built in that facilities trade of cryptos, tokens, and NFTs. The CLOB model is much more appealing to large traditional financial institutions (than the crypto industry’s more common AMM) because it is what they have been using historically. The CLOB is also a single point that aggregates all liquidity, providing a higher degree of depth and lower slippage with high control over the order types and their granularity. 7. Technological Developments Ripple is constantly developing reliable, enterprise-grade technologies that keep up with the standards floating around the crypto industry, as well as those that are demanded/required by large traditional organizations and governments to operate. Currently, there is a pipeline of innovation as follows: an AMM being developed as per the XLS-30, Hooks system that will allow for semi-smart contract programmability (similar to the conditional scripts currently being used in the Bitcoin ecosystem), a Multi-chain ecosystem that leverages a variety of scaling solutions including the use of the EVM and sidechains, new identity solutions, XLS standards for off-chain transactions and improvements in the programming language used, among other things. 😞 Weaknesses (Internal) (Harmful) 1. Destination Tag System While this is a novel design that does have its merits within legacy financial circles, and it is not present in other crypto projects, it’s not one that is highly regarded by crypto natives. XRP utilizes a tracking/ownership account system where a single address has tags that allow it to manage funds on behalf of other people. Imagine a centralized exchange that has one address on XRPL and that one address receives/manages all the XRP balances of other users. Where on Bitcoin or Ethereum, every user has their own address, on Ripple’s Ledger, one address can become a bank that manages the XRP funds of other people, creating micro-hierarchies/federations within the network itself. This is potentially a positive for users that do not want to deal with the headaches associated with self-sovereignty but a red flag for the freedom maximalists. 2. PoA (Proof-of-Association) Using their own consensus model that does not have transactional or block reward incentives arouses suspicion, what does somebody have to gain by joining? Part of the argument here is that the burning mechanism will ultimately drive the value accrual for the nodes. This might prove to be a valid model that appeals to a grade of market participants who have a radically more developed psychological understanding than I might; however, from the lens of a crypto native, this does not seem appealing to newer/less capitalized actors and would translate to another model where the elites are able to secure ownership while users must just blindly trust their associations. 🧐 Opportunities (External) (Helpful) 1. SEC Court Case Everybody in the industry has heard about the recent outcome of the ruling by U.S. District Judge Analisa Torres. Obviously, this is far from winning any war, but this has become the first signal of intellectual clarity from a regulatory entity. Granted, her ruling is very minute and only addresses the transactions pertaining to XRP taking place between retail investors on exchange venues, still leaving a legal gap around the sales of XRP from Ripple to private investors through the use of contracts as security transactions. Nevertheless, when looking over the long term, if Ripple does manage to pull this one off, survive the legal bashing, and continue its existence, this will be an anchoring precedent for not just XRP but for the entire crypto industry. By bolstering the industry from the legal side, XRP will become a household name and forever be honored as a maverick. 2. Support from Many Other Projects When launched, Ripple was like an ugly duckling that constantly caught heat from crypto maxis and projects about its centralization. After a decade (yes, Ripple has been around for more than 10 years now), that clamor has been more-or-less shut down, and everybody has rallied behind Ripple in support of them overcoming the legal issues they are so bravely fighting. 3. Working with ~20 Countries on CBDCs While CBDCs are the antithesis of crypto, their arrival into the world economy is neigh but inevitable. Here we see the power of Ripple’s brand and legendary team putting in the footwork and developing relationships with a multitude of nations to leverage XRPL for the issuance of their CBDCs. Some of the known countries include Palau, Colombia, and Montenegro. 😳 Threats (External) (Harmful) 1. SEC Court Case This element is both an opportunity if won and also a constant looming threat if things go really undesirably. In the event that XRP completely loses its court case (even though this is unlikely given the legal system’s ability to appeal basically indefinitely) that would cause crippling damage to both XRP and the industry as a whole. While this does only pertain to the jurisdictions of the US (a project as intelligent and well-resourced as Ripple, would likely find a way to continue existing outside of US oversight); having the US market is an enormous/outsized portion of the world’s money. Takeaway: Ripple is an absolute Powerhouse. They are a beacon of quality and the center of attention for all those watching the regulatory developments around crypto within the US. The project is obviously ultra-high quality and the people working behind it are world class. The technology of the project and the finesse with which it is developed (in regard to the overall finance and technology sectors) is something that many new-age projects should be learning from. Had there been no legal issues facing Ripple, it would be feasible to consider that it would have been much further along; at the same time, seeing its relentless development (business and technology) while juggling the obnoxious legal system gives them the right to own a permanent place in the digital industry (which they already have secured). Conclusion: I was actually one of the anti-ripple people back when I first got involved in crypto. Much of it was my own immaturity, lack of understanding, and desire to virtue signal my moral alignment with decentralization. Since then, and especially in light of the XRP vs SEC combat that began in 2020, my stance has changed. First and foremost, the very meaning of decentralization and its application to crypto/finance has now become much more concrete; projects don't have to be decentralized; the industry does; by virtue of allowing anybody to propose anything, decentralization is present; shutting out another participant because their system is “centralized” is unwise; freedom of choice is what we seek. Ripple will be a name that becomes synonymous with legacy giga-corporations such as Blackrock, Microsoft, and the such (I'm not saying they are the same type of companies; I'm just saying they will be equally important in their own right). Would I invest in XRP? Sheesh. Let me put it this way; Right now, today, No. I believe there is one more strong selloff ahead for the overall industry, and the recent price action is just overhyped money sloshing around (not new money coming in). However, at the right price point (maybe ~$0.50, yes, absolutely, I’d grab another bag). Something in the 1%–3% range of a crypto portfolio allocation is not out of the picture. If you know something that I don’t or feel as though I might have missed anything worth noting, please do share, I would tremendously appreciate some feedback. Thank you so much for reading, I hope this serves you well on your journey. Live long and prosper 🥂 Also published here

The Ripple (XRP) SWOT Analysis

দ্য রিপল (XRP) SWOT বিশ্লেষণ

Die SWOT-Analyse von Ripple (XRP).

El análisis DAFO de Ripple (XRP)

Analyse SWOT de l'ondulation (XRP)

रिपल (एक्सआरपी) एसडब्ल्यूओटी विश्लेषण

リップル (XRP) SWOT 分析

리플(XRP) SWOT 분석

O Ripple (XRP) Análise SWOT

Dalgalanma (XRP) SWOT Analizi

Phân tích SWOT của Ripple (XRP)

瑞波币 (XRP) SWOT 分析

I recently sat down with Harris Bricken Attorney and web3 legal expert, , for a discussion about the controversial . (This interview has been abridged for the ease of the readers) .Read on! Jonathan Bench SEC V Ripple case It's good to once again sit down with you for a discussion about cryptocurrency and other related matters affecting the industry. I would like you to tell us about the background story of the SEC V Ripple case. I have been in the crypto space for a couple of years now. I came as an international transactions lawyer kind of understanding where things are coming from. So my my perspective is pretty broad. This decision on Ripple is what everyone had been waiting for a long time. Ever since I have been paying attention to the industry very closely, I've been waiting to see, you know, how the kind of attack the SEC would take against Ripple and what the court would agree to. And you got to keep in mind that this is a low-level court decision. There's still a Court of Appeals, Second Circuit, and this covers all of the financial headquarters, but what we think in the US so very significant in terms of the geography of the decision. And there's also a lot a long way to go from here. So the background is simple. For those of you that don't know a lot about it or at least have been following it kind of tangentially like I was from the early days, it's a pretty typical scenario where we have founders who took the Bitcoin code, wanted to improve it and kind of replace Bitcoin and make it more functional. So they developed, they developed the token, they have a smart contract Ledger and they kept about 20% of the minted tokens for themselves and then contributed that 80% of the remaining tokens to Ripple Labs entity to develop software to help manage the international payment transactions. It's pretty typical from what I'm seeing in the crypto space. A lot of companies have been issuing tokens that compete with Bitcoin in some way and there's really not a lot of functionality. You know that's kind of where we're sitting in terms of understanding where this case sits in the precedent and this is a very early project, right? They started doing this around 2012. So in terms of the US legal system, ten years is a long time for a project to be out running before getting any kind of legal action against, and of course it's taking a couple of years for the court to really come down with this decision. We have a free-floating token competing with Bitcoin and a lot of adoption. The market cap for XRP's is fairly insane in terms of overall value. So that's kind of where I'm seeing this in terms of where it fits in the industry. https://youtu.be/Q-nNSG8zNT8?embedable=true Do you consider the SEC’s action to be grandstanding or scapegoating? I have a little bit of background on this. I have worked for a summer during law school for FINRA and FINRA is kind of the principal's office for the securities industry. So anybody with a trading license, all the firms you'll get regulated by FINRA, and FINRA has the same kind of mandate to you know their mandate is investor protection, market integrity. And so I feel like that's the mantra that we're talking about here is how close, how close to these cases hue to that ethos of making sure the market is as clear and open as possible, that investors are protected, know what they're getting into. And I feel like there is some overreaching by the SEC in terms of not being willing to engage very deeply and looking at tokens beyond those tokens that are trying to act as pure currencies. So like I said here with XRP, it seems to be very much focused on cryptocurrency. So from my perspective, the way that the SEC came down, the way the court decided this, I felt like it was fairly consistent with my understanding of how I thought it would come down where we are just dealing with something that looks like a traditional currency. You know, a lot of projects between then and now have tried to add a lot more functionality. We have a lot more utility tokens. We have things that could be classified as security tokens, but there are a lot more complicated than traditional security tokens we have. We have this 4th prong of the Howie test where it's really interesting. You know this case is fairly consistent with the way I've been advising my clients and others who I have  been talking to along the way. This looks and feels like security to a large degree to me. And of course, the court didn't get to all of the nuances that we want. The court’s holding is limited to the actual facts of the case and so if you read the footnotes you'll see kind of read them as I did and feel a little unsatisfied because we want the court to give us opinions on them. How Has XRP as a cryptocurrency failed the Howey Test? The Howie test is an old Supreme Court case that looks at what an investment contract is. That's kind of standard in the US parlance when we're talking about securities. When we're talking about investment contracts traditionally,  they kind of get pushed together. And so we have 4 prongs. It has to be an investment of money or other consideration in a common enterprise with the expectation of profits derived solely from the efforts of others. So typically I look at the fourth prong. What is being done in terms of the effort? If I give you a pile of money or crypto and you have a project that seems pretty clear I'm relying on you to do all of the work. The difference in the decentralized world is we have protocols that allow input in all kinds of different ways and so we don't have that guidance yet in terms of where the lines were and how much effort.  You know is it a 50-50 effort. If I'm doing less than 5% of the overall effort for the organization or the project, does that mean that I'm primarily relying on someone else's efforts or how much do I have to contribute? So I think about this in the context of DAO, especially because DAOs have 1000 members but everyone votes on every decision through the smart contract protocol. To me, that looks like everyone's participating. You know there are a lot of traditional companies where people will just have passive investor seed or a board observer seat, maybe they won't even vote or they will have a voting interest on the board and it's a shareholder going to have a vote anyway. So there are a lot of different nuances for this and so I think. Is it a great illustration for when this digital world that we're in and we're building an intersection of in a very bad way, very unsatisfying way with legal precedent that's been around for decades. Utah has done a great job and Rob Lam is a close friend of mine and mentor in this space. Yeah, and he was instrumental. I could see his hands in in the Utah DAO legislation that was passed earlier this year and will go into effect on January 1, 2024. So I see that as some of the most forward-looking legislation that I've read across the world. A lot of the current virtual asset service provider regimes for instance in the Caymans. They provide the framework and kind of general guidance. But I see the Utah DAO Act is really diving deep into the issues that matter. You can tell that the group that was put together by the Utah Blockchain Coalition helped advise the legislators on this Utah DAO Act. You can tell that they put a lot of thought into not just what the lawyers thought was important, but what the industry thinks is important. And practitioners of DAOs who have these issues are addressing a lot of issues wrapped around a DAO manager. And I feel like if the SEC and courts are looking for a model to address this new 4th prom, how does this new technology enable interaction with the 4th prong of the Howie test? Absolutely,it's a great model. I don't think it's going to be a cure-all because I'm sure there are things that were missed in Utah DAO  Act but I think it's much more forward-looking than any of the other legislation that I've seen in terms of addressing how much do the efforts of others matter and how big is the group of people that can be involved from a foundational stage of an enterprise. Because typically that's where the line is. You have a big difference between a founding team and then those who are added later as investors. So if you have a situation in doubt where you can marry those and have the founding team expanded to include 1000 to 2000 or 5000 people, what does that mean in terms of the capital they're putting at risk in the venture and putting it to the war chest of the DAO or whatever the project is going to be. So it may have to do with the timing. You know how early people get involved and maybe does will have to cut off after a certain period of time and say this DAO is now closed because everyone who is in at the early stage is considered a founder and everyone who comes in later is not. They're going to be considered investors and they're going to blow the project apart in terms of what a security is. So it doesn't mean the secondary trading could be limited significantly in those kinds of projects, but those that are planned from the beginning. I think could really have some legs to stand on. We're projecting out years now in terms of where the SEC and how the SEC would look at this and whether the courts would agree. But I think that it's more the creative way of looking at this and trying to decide how much capital can people put at risk safely. What, in your view, do you think is the right approach when it comes to in terms of regulating the crypto industry in the United States? Do you think that revelation by enforcement action is the way to go? It has done a lot of harm to the US industry. I don't think the SEC cares at this point about the crypto industry. You know it does not see it as a viable industry. I don't think that they've shown that it is a priority. I think they see it as a kind of stepchild of the greater securities industry. I have been in the industry for a couple of years now focused very heavily on the blockchain space and I've seen a lot of inquiries move from well maybe Wyoming DAO or a Delaware DAO using Delaware LLC code. We really need to look more seriously at offshore projects. And I say that it's accelerated over the last 12-18 months. Initially, you know a couple of years ago, everyone wanted to be in the US: they were looking at perhaps Colorado,UH Collective or Wyoming DAO and I'm getting those increased less frequently where even US-based projects are looking at saying we know that we will be subject to US jurisdiction in some degree want as much as possible to be outside of the US. That's been challenging for me in a good way I think because I've had to digest Singapore, Switzerland came in BI you know offshore jurisdictions that are that and I like to look at jurisdictions that are very forward thinking; those that are very technology-friendly and not those that are just kind of agnostic. Take Panama, for instance, where they don't apparently care about what's going on in the space and there are projects that flock to those kinds of jurisdictions. But I'm of the mind that projects that set up in jurisdictions that have a clear vast regime where they can point to and say we've we followed the regulations as far as we can and a lot of those vast regulatory guide, you know those guidelines are very clear or, at least, very well thought out And so I think the projects that are based in those jurisdictions will have a much better time interacting with the SEC than those that tried to go to jurisdictions where there is literally no governance at all. And they're just probably projecting up based on what they think will fly under the radar in those areas.

SEC v Ripple: Exclusive Interview With Web 3 Attorney, Jonathan Bench

Let's push the emperors into the ocean. Don't need a goon to flirt with devotion. With every hour, our number increases. We'll smash your institutions to pieces - Muse Crypto (1) vs SEC (0). F*ck yeah! I actually never liked Ripple, and I still don’t. Even though they have been one of the OG coins of the crypto market, they have been too centralized for my appetite. Nonetheless, what they recently pulled off against the SEC has put a special place in my heart for them. If you missed out on this news, here is the tl’dr - XRP is not a security! This is an incredible news for the crypto community. Not because we get to 100x degen on any DogeShibaElonInu listed on Uniswap but because now the crypto community gets a fair chance to fight back against biased old money moguls and mafia. I truly hope Coinbase can bring us another win. Ripple has also brought us a very important point to access. Which is, you may ask? Well, the take-home point for technologists out there is that - it’s not always about engineering or a killer product or some PhD-level research that pioneers innovation. Sometimes, it is overcoming a boring regulatory and operational landscape. Wait, did Slim Satoshi just say that Ripple is pioneering innovation in the crypto space? Damn right, I did. Not the way we want it to be - through technology or by fostering decentralization but through fighting against unfair regulatory hurdles. They have restored a bit of faith in the current US regulatory landscape. Now, a lot of crypto companies and protocols can continue to innovate and make risky bets in an uncertain market for the betterment of our economic and financial system. With XRP winning this case against the SEC, we can definitely say that not all days are dark in the cryptoverse. This will have a huge impact on the regulatory environment when it comes to crypto assets. Such as? Cryptocurrencies associated with largely decentralized protocols such as BTC, ETH could be considered a commodity within the financial asset class may not be considered as a security even though SEC deemed SOL, BNB, FIL, and ADA (to name a few) to be securities L1 and L2 protocols More transparency and clarity within the crypto space. This will force the SEC to stop pushing for biased enforcement against our industry No choke down on innovations in a fast-moving technology market that has the potential to benefit the many, and not the select few (Goldman Sachs?) We will keep fighting the good fight. We will let the ripples become bigger. And I’ll keep sharing humble opinions.

XRP (1) vs SEC (0) - In Ripple We Trust

The Southern District of New York has issued its long-awaited summary judgment ruling in the SEC v. Ripple case, and there's some game-changing news to discuss. TL;DR: Judge Torres’s ruling carries significant implications for the blockchain industry, specifically with regard to Ripple's Programmatic Sales. The court's decision and analysis regarding Ripple's public sales arguably blesses all public exchange sales of cryptocurrencies as non-securities under Howey. Additionally, the SEC’s separate allegations, suggesting that Coinbase acted as an unregistered exchange for securities, should not survive following this decision. Specifically, the court’s decision raises a question as to whether any of the other tokens listed on Coinbase (or any other exchange), which could be considered programmatic "blind sales," would fall under securities regulations. Background: Before we dig in, let's recap the Howey Test and the different types of buyers involved in this legal tussle. Howey is a 70-year-old case which, in the absence of new SEC rulemaking or Congressional lawmaking (neither of which have been forthcoming), courts use to analyze whether a sale constitutes an investment contract (e.g., a security) under the Securities Act. Howey analyzes three prongs: (i) whether money was invested by the buyer; (ii) whether there was a common enterprise; and (iii) whether the buyer had an expectation of profit solely from the efforts of others—typically the seller/issuer. If you fail any one prong, you are not a security. In Ripple, we have Institutional Buyers who had high expectations for Ripple's efforts to fuel the growth of the XRP ecosystem. On the flip side, we've got the Programmatic Buyers who engaged in blind bid/ask transactions on various crypto exchanges, unaware of the sellers' identities. The court ruled that Ripple’s sales of XRP to Institutional Buyers constituted sales of securities, but its sales to Programmatic Buyers, public sales on exchanges, did not constitute sales of securities. The Court's Analysis: The court's analysis of Ripple's Programmatic Sales focuses primarily on whether these sales satisfied the third prong of the Howey test – the expectation of profits derived from the efforts of others. Howey’s Third Prong: Lack of Reasonable Expectation According to the court, Programmatic Buyers who bought XRP via public exchanges couldn't reasonably expect Ripple's efforts to be the driving force behind their profits. The , stating, " " court focused on the lack of transparency in these blind transactions Programmatic Buyers could not have known if their payments of money went to Ripple or any other seller of XRP. This lack of clarity weakened the link between Ripple's efforts and the buyers' profit expectations. Speculative Motive and Promises Judge Torres addressed the SEC's argument that Ripple intentionally targeted speculators and understood that people were treating XRP as an investment. However, the court emphasized that speculation alone doesn't automatically make it an "investment contract" under securities laws. It stated, " But the expected return is not contingent upon the continuing efforts of another." Anyone who buys or sells a horse or an automobile hopes to realize a profitable 'investment." The court highlighted that Ripple's promises or offers to its Institutional Buyers were not relevant to Programmatic Buyers since they were unaware of buying XRP from Ripple. Critically, with respect to promises made by Ripple, the court noted: Ripple’s promotional materials, such as the “Ripple Primer” and the “Gateways” brochure, were widely circulated amongst potential investors like the Institutional Buyers. But there is no evidence that these documents were distributed more broadly to the general public, such as XRP purchasers on digital asset exchanges. Nor is there evidence that Programmatic Buyers understood that statements made by Larsen, Schwartz, Garlinghouse, and others were representations of Ripple and its efforts. Judge Torres also emphasized objectivity and the focus on promises and offers made to investors. " " The record establishes that with respect to Programmatic Sales, Ripple did not make any promises or offers because Ripple did not know who was buying the XRP, and the purchasers did not know who was selling it. Of course, some Programmatic Buyers may have purchased XRP with the expectation of profits to be derived from Ripple’s efforts. However, “[t]he inquiry is an objective one focusing on the promises and offers made to investors; it is not a search for the precise motivation of each individual participant.” The court took into major account that Ripple had not to circulated its promotional material to public buyers. Implications for the Blockchain Industry and Coinbase: Let’s explore the implications of this ruling for the blockchain industry. It's a significant win for public sales made by blockchain projects as the court recognizes that blind sales to public exchange buyers may not fall under securities regulations. This acknowledgment aligns with the unique characteristics of blockchain transactions and the decentralized nature of token exchanges. Arguably, post-TDE exchange sales, in the absence of speculative public statements, do not amount to an issuance because buyers do not know from whom they are buying: "Indeed, Ripple’s Programmatic Sales were blind bid/ask transactions, and Programmatic Buyers could not have known if their payments of money went to Ripple, or any other seller of XRP." Likewise, expectation of profit on the basis of the issuer is not met when the buyer does not know from whom they are buying: "Programmatic Buyers purchased XRP with an expectation of profit, but they did not derive that expectation from Ripple’s efforts (as opposed to other factors, such as general cryptocurrency market trends)—particularly because none of the Programmatic Buyers were aware that they were buying XRP from Ripple." This ruling raises intriguing questions about the recent case against Coinbase, where the SEC alleged that Coinbase acted as an unregistered exchange for securities. Under the Ripple analysis, it casts doubts on whether any of the other tokens listed on Coinbase, which could be considered programmatic "blind sales," would actually fall under securities regulations. It will be interesting to see how this ruling's precedent affects the ongoing legal battles and whether it prompts the SEC to reconsider its approach to token sales conducted on platforms like Coinbase.

SEC v. Ripple's Programmatic Sales Ruling Paves the Way for Public Token Exchange

এসইসি বনাম রিপলের প্রোগ্রাম্যাটিক সেলস রুলিং পাবলিক টোকেন এক্সচেঞ্জের পথ প্রশস্ত করে

Das Programmatic-Sales-Urteil der SEC gegen Ripple ebnet den Weg für den öffentlichen Token-Austausch

El fallo de ventas programáticas de SEC v. Ripple allana el camino para el intercambio público de tokens

La décision de vente programmatique de SEC c. Ripple ouvre la voie à l'échange de jetons publics

एसईसी बनाम रिपल का प्रोग्रामेटिक सेल्स रूलिंग सार्वजनिक टोकन एक्सचेंज का मार्ग प्रशस्त करता है

SEC対リップルのプログラマティック販売判決がパブリックトークン交換への道を開く

SEC 대 Ripple의 프로그래밍 방식 판매 판결로 공개 토큰 교환의 길을 열다

SEC v. A decisão de vendas programáticas da Ripple abre caminho para a troca de tokens públicos

SEC ve Ripple'ın Programatik Satış Kararı Halka Açık Token Değişiminin Yolunu Açıyor

SEC v. Phán quyết bán hàng theo chương trình của Ripple mở đường cho trao đổi mã thông báo công khai

SEC 诉 Ripple 程序化销售裁决为公共代币交易铺平道路

In a groundbreaking ruling that is sending shockwaves through the cryptocurrency world, United States District Judge Analisa Torres declared that XRP, the digital asset at the center of a high-stakes legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), is not a security. With the gavel’s resounding strike, Judge Torres shattered expectations, revealing a verdict that will undoubtedly shape the future of the crypto landscape. While the ruling brings newfound clarity to XRP’s legal status, it also raises intriguing questions about the implications for Ripple, the broader crypto industry, and individual investors. The reverberations of this decision have already ignited a surge in XRP’s value, leaving social media ablaze with speculation and the entire cryptocurrency market experiencing a significant uptick. As we delve into the ramifications of this landmark case, it becomes increasingly evident that Ripple’s victory carries far-reaching consequences that extend well beyond its own corporate interests. The Official Ruling On July 13th, United States District Judge Analisa Torres officially ruled that XRP is not a security. US Judge Torres ruled that XRP sold on exchanges “programmatically” to public buyers “did not constitute the offer and sale of investment contracts”. The ruling came down to the third part of the in which the Judge determined that programmatic buyers could not reasonably expect a profit, or an increased value to their investment. Howey test However, the US Judge did rule that “Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act.” The court found that Ripple sold $728.9 million of XRP directly to certain Institutional Buyers in written contracts. Judge Torres determined that these direct sales were made by investors who “would have purchased XRP with the expectation that they would derive profits from Ripple’s efforts.” Here is a direct link to the official ruling by US District Judge Analisa Torres: https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.874.0.pdf “Having considered the economic reality of the Programmatic Sales, the Court concludes that the undisputed record does not establish the third Howey prong. Whereas the Institutional Buyers reasonably expected that Ripple would use the capital it received from its sales to improve the XRP ecosystem and thereby increase the price of XRP. Programmatic Buyers could not reasonably expect the same. Indeed, Ripple’s Programmatic Sales were blind bid/ask transactions, and Programmatic Buyers could not have known if their payments of money went to Ripple, or any other seller of XRP. Since 2017, Ripple’s Programmatic Sales represented less than 1% of the global XRP trading volume. Therefore, the vast majority of individuals who purchased XRP from digital asset exchanges did not invest their money in Ripple at all. An Institutional Buyer knowingly purchased XRP directly from Ripple pursuant to a contract, but the economic reality is that a Programmatic Buyer stood in the same shoes as a secondary market purchaser who did not know to whom or what it was paying its money.” - United States District Judge Analisa Torres What’s Next? Unsurprisingly, XRP has exploded for a 30% gain in the short time since the news dropped. Social media is going wild with hype, and all cryptocurrencies seem to be experiencing gains as well. Many have speculated about what would happen after a Ripple victory in this landmark case, but now we are living it, and it will be exciting to see what actually happens from here on out. Personally, I think this was an extremely important legal victory for Ripple, as well as the rest of the crypto industry and even individuals like us. I want to take a moment here to thank Ripple for taking on the SEC in a fight and scoring a huge win. What are your thoughts on this news? How high will XRP rise? What does this mean for the world of cryptocurrency? Check out my Socials: https://linktr.ee/zerorequiem0x Also published here

Ripple Wins Landmark Legal Battle: XRP Is Officially Not a Security

রিপল ল্যান্ডমার্ক আইনি যুদ্ধে জিতেছে: XRP আনুষ্ঠানিকভাবে একটি নিরাপত্তা নয়

Ripple gewinnt bahnbrechenden Rechtsstreit: XRP ist offiziell kein Wertpapier

Ripple gana una histórica batalla legal: XRP oficialmente no es un valor

Ripple remporte une bataille juridique historique : le XRP n'est officiellement pas une sécurité

रिपल ने ऐतिहासिक कानूनी लड़ाई जीती: एक्सआरपी आधिकारिक तौर पर कोई सुरक्षा नहीं है

リップルが画期的な法廷闘争に勝利：XRPは正式に有価証券ではない

Ripple, 획기적인 법적 싸움에서 승리: XRP는 공식적으로 증권이 아닙니다.

Ripple vence batalha legal histórica: XRP não é oficialmente um título

Ripple Önemli Yasal Mücadeleyi Kazandı: XRP Resmi Olarak Bir Menkul Kıymet Değil

Ripple chiến thắng trong trận chiến pháp lý mang tính bước ngoặt: XRP chính thức không phải là chứng khoán

Ripple 赢得了具有里程碑意义的法律诉讼：XRP 正式不是一种证券

Ripple was launched by San Francisco-based Ripple Labs Inc. in 2012. The heart of the system is the Ripple blockchain, XRPL, which relies upon a unique Proof of History consensus mechanism for validating transactions. It is XRPL that makes it possible to validate Ripple transactions in an average of three to five seconds. XRPL scales up to 1,500 transactions per second – that’s 100 times more than Ethereum. The average cost per transaction is just 0.0002 euros. And the PoH consensus mechanism consumes a tiny fraction of the electricity used by Proof of Work blockchains like Bitcoin and Ethereum. Ripple Labs says Ripple is a real-time gross settlement system, currency exchange, and remittance network. It’s that last phrase that is most telling. Ripple started as a platform for international remittances. About Remittances Every day, thousands of people leave their families to seek work in richer countries. They promise to send cash back when they find work. The cash they send back is called a remittance in the financial world. Remittances are big business. According to market researchers, global remittances added up to €669.7 billion in 2020. The market is expected to grow to €1.17 trillion by 2030. In the fiat world, remittances are handled by banks and by money-transfer services like Western Union. Remittances are slow, expensive, or both. Ripple is an attractive alternative, supporting instant transfers at virtually no charge. Ripple accepts local currency, converts it to XRP, transmits it internationally, and exchanges it for the recipient’s local currency for disbursement – all in a matter of seconds. It wasn’t long before established remittance companies and currency-transfer services began inquiring about replacing their slow, expensive international networks with XRPL. Those companies are now Ripple’s biggest customers. Banks, savings and loans, and international corporations use Ripple technology to move funds quickly and inexpensively across borders. The XRP cryptocurrency is central to Ripple’s business model because it runs on the ultra-fast XRPL blockchain, allowing transactions to be settled in seconds regardless of how many international borders are crossed along the way. Today, dozens of application developers are targeting the XRPL platform – either the public blockchain or private blockchains based on XRPL’s open-source code – to create decentralized finance applications and other apps that benefit from instant transactions and low fees. Because of its efficiency and its support of advanced development tools, Ripple has emerged as a rival to Ethereum as a platform for blockchain-based applications. Ripple is especially strong in the field of decentralized finance, or DeFi. That, in turn, has made Ripple attractive to investors, especially those who believe blockchain technology will play a key technical role in the Web3 ecosystem. Here’s a quick overview and a few tips on . where and how to buy Ripple (XRP) Where to buy Ripple (XRP) Plenty of cryptocurrency exchanges and other platforms are happy to sell Ripple coins to buyers and investors. Unfortunately, this large number of sales sites makes choosing a platform one of the most difficult – and important – tasks when you are figuring out how to buy Ripple. Most exchanges – especially the decentralized exchanges, or DEXs, that have gained so much attention in the crypto community over the past year or two – cater to the same relatively small audience of experienced crypto buyers, technology experts who are comfortable selecting a cold wallet for off-chain storage, securing hexadecimal cryptographic keys, and interacting with the blockchain network directly. As time has passed, more and more new investors and new crypto owners have become interested in buying XRP and other cryptocurrencies for the first time. The expert-only platforms don’t provide the security, tools, and help that would allow those users to invest successfully. The platforms are great solutions for computer-science grads and blockchain experts. They’re great solutions for digital insiders. For the rest of us? Not so much. For most users, a DEX is not the best answer to the question of where to buy Ripple. If you don’t speak Python as your native language, you’d be better off creating an account at a custodial crypto platform like Kriptomat. Custodial platforms are easy to use. They provide and a chance to make a purchase. If you are new to the blockchain world and you would like to buy XRP coins, Kriptomat is a great choice. the current Ripple price You will quickly learn that creating an account is a bit more complicated than defining your user name and password. One way you know that you are working with a reputable crypto exchange is that it will require you to verify your identity by providing an electronic copy of your government-issued ID – your passport or driving license. These Know Your Customer (KYC) regulations are required by every business that complies with the anti-money laundering provisions of the European Union’s General Data Protection Regulation, a set of rules to help keep consumers safe and secure on the internet. Identity verification can take hours or days at most crypto sites. At Kriptomat, the simple KYC procedures can be completed in seconds and verified in minutes. You start by typing your address and uploading a high-resolution image of your government-issued photo ID. Kriptomat guides you through the creation of a selfie – a photograph of you that matches the photo on your ID. In most cases, identity is verified within a few minutes. How to buy Ripple Once your account is verified, you can move on to the next steps in your how-to-buy XRP journey. Most buyers say the fastest and easiest way to acquire Ripple (XRP) is to use a Visa or Mastercard. Simply choose Buy from the menu and follow the instructions on your screen. You will find XRP in your Kriptomat wallet in seconds. If you prefer, you can transfer your investing fund to Kriptomat with a SEPA wire transfer from your bank or by employing a money-transfer service like Neteller or Skrill. Don’t worry about exchanging funds – Kriptomat accepts deposits in more than a dozen of the most widely used European fiat currencies. Once your deposit shows up in your account, you can simply follow the instructions on your screen and make a Ripple purchase. That’s all you need to know. You are now an expert at the fine art of how to buy XRP. The bottom line The most important decision you make is choosing where to buy Ripple. As you evaluate crypto platforms, be sure to take licensing and regulation, security, investment tools, ease of use, and customer support into account. Naturally, you’ll want to choose a site where you can execute transactions in your own language. And remember, you don’t get any physical Ripple coins when you buy XRP. The coins you purchase are transferred to your electronic address on the blockchain and the balance is displayed in your account. Kriptomat handles all the details of public-key encryption to ensure that your crypto is transferred promptly and remains secure. About Kriptomat Founded in 2018, Kriptomat revolutionized the cryptocurrency world with the introduction of the simplest platform in Europe. Kriptomat makes digital finance so simple that everybody everywhere can access the freedom, fairness, and fulfillment that crypto represents.  Hundreds of thousands of customers across Europe and in 120 countries worldwide trust Kriptomat when they buy, sell, swap, earn, share, and invest in crypto.

Where and How To Buy Ripple (XRP)?

A plethora of people across the world trade XRP with no difficulty, this is not the case in the United States, where Ripple is fighting the Securities and Exchange Commission (SEC). In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, saying that the selling of XRP constituted an unregistered securities offering worth over . As a result, several exchanges, mainly in the United States, have delisted XRP. Many overseas exchanges have put trading constraints on American traders or have blacklisted American IP addresses entirely outside of the United States. $1.38 billion Ripple has submitted a new filing on the deliberative process privilege (DPP). Before decisions are taken, the DPP protects third-party information, such as recommendations and analyses. To go through with the DPP, the SEC must establish a link between the files and data it seeks to retain privately. Proponents and observers alike are optimistic as a result of Ripple's response. Analysts believe Ripple is on course to win the SEC lawsuit. The price of XRP is projected to rise as a result of . Gregg Kidd says, Ripple's win “I am looking for some form of a resolution from the Ripple case, and the SEC is more on trial than Ripple is.” XRP is Skyrocketing by Leaps and Bounds John Deaton, attorney for the approximately 65,000 XRP holders who were selected as Amicus Curiae in  SEC v. Ripple's lawsuit has brought his thoughts forward on what might happen next for the coin. The importance of certain decisions and a bull market in making XRP  the only cryptocurrency with regulatory certainty in the United States. Due to last-minute revisions in DPP surrounding laws, ripple and dry have recently been allowed to with new topics on the subject.  Judge Sarah Netburn is doing an in-camera assessment of the papers that the SEC believes are privileged information to determine if they may be given to Ripple as part of the fact discovery process. re-brief to the court John Deaton discusses the possible scope of Ripple in the event of a future XRP bull run, which might exceed the likes of Morgan Stanley and Goldman Sachs, as well as the significance of a Ripple success. Deaton began by pointing out that Ripple owns more than 50 billion XRP; a $5 XRP is worth $250 billion, making Ripple far more valuable than MorganStanley or Goldman Sachs. Crucial Settlement of This Era John Deaton stated "GaryGensler and the SEC probably be facing a very critical precedent-setting loss with tremendous repercussions if Judge Torres dismisses the SEC's petition to strike the Fair Notice Defense and Judge Netburn overrules the SEC's assertion that the Bitcoin, Ethereum, and XRP papers are confidential." Such implications could lead the SEC to seek trial or summary judgment. If XRP reaches $5, Ripple may sell 10% of the monthly unlocked escrow and pay a settlement/fine of up to $500 million, giving Gensler a major public triumph and bragging rights. It would be one of the most significant settlements in the history of the SEC. XRP is relisted and clarity is gained if the agreement includes a statement that current sales of XRP are not securities. The money might be used by the SEC to set up a fund to support who have been affected. XRP holders What’s Coming Ahead? "Gensler deserves credit for having increased his political possibilities. The ripple goes public and is quickly becoming one of the world's most valuable FinTech assets, displaying SWIFT. XRP is back in a battle with  Ether for second place. XRP holders will finally be able to observe which technology succeeds." Both the SEC and Ripple gain in the above scenario, but "only Bitcoin and XRP would be protected," according to John Deaton, who is concerned that ethereum might be next in line for an SEC suit. "Does everyone win in the scenario above?" The SEC succeeds. Ripple succeeds. In my opinion, XRP holders who never sell are the winners. But what about other digital currencies? Ironically, only Bitcoin and XRP would be protected if the above scenario occurs. Can Etherium and ADA investors honestly claim to be unconcerned?” According to Fox Business writer Gasparino, the SEC's Gensler is awaiting the result of the Ripple case before pursuing Ether. In my opinion, Gensler won't say whether or not he thinks Ether is secure. It's because he wants to be able to drive them away. The lawsuit would offer Ripple and XRP an edge in the future. My Verdict Talking of my verdict, only Bitcoin and XRP would be secure following the above-mentioned settlement, according to Ripple executives, who indicated that they filed the action to safeguard their interests as well as those of the cryptocurrency industry. I believe that the lawsuit could ultimately provide XRP and ripple an opportunity to move forward. Needless to say, the crypto acquisition is becoming the new normal in this ever-evolving world, and like other digital cryptos, we can , fiat cash, Bitcoin, or other cryptocurrencies on a variety of online exchanges effortlessly. buy XRP with PayPal

Only XRP and Bitcoin will be Safe if Ripple Wins SEC lawsuit

Bitcoin and Ethereum is the pioneer in the crypto industry – the cryptocurrencies that occupy first and second place in market capitalization . But there are another 5,100 other coins ( ) out there – each tied to a specific project or blockchain. With the XRP actively appearing as a headline in major crypto news, it’s only natural you ask what is XRP and what’s going on with Ripple? altcoins XRP refers to a cryptocurrency that was developed by Ripple. Its original use was to serve as a “digital asset built for global payments.” Generally, Ripple is a networking company that released XRP as its native cryptocurrency. Since then, it has grown exponentially to be the third-largest digital currency in terms of market capitalization. What Is Ripple (XRP)? The company’s name behind the XRP crypto – Ripple – is often used to describe the digital currency XRP. The digital asset underpins the open payment network on which it is transferred and the Ripple project’s holding company. On the other hand, is the company behind the project. It focuses on real-time payment settlements and currency exchange services for financial institutions such as banks and payment processors. Ripple Labs Since its launch in 2012, over 100 companies worldwide have implemented Ripple’s software for faster, frictionless transactions. Unlike Bitcoin or Ethereum, Ripple does not refer to a blockchain network with a native cryptocurrency. There is an XRP Ledger, a blockchain-like network that facilitates payments in XRP, the digital currency issued by Ripple. The XRP crypto fits into its business model by serving as the fuel that powers its cross-border payments technology. Hence, XRP value is derived directly from its digital payment network and protocol. The cryptocurrency XRP ties into the digital asset’s use and the platform behind it as a payment settlement, asset exchange, and remittance system that works similarly to the SWIFT system. It serves as a service for international money and security transfers that is global, centralized. How Does Ripple Work? Unlike other cryptocurrencies, Ripple is secured by a network of validating servers overseen by a private company. That is what makes it centralized, as it is the servers’ internal ledger that guarantees transactions based on consensus. XRP runs on the XRP Ledger Consensus Protocol, where Ripple Labs controls the dispersion of new coins, and there are no mining rewards. All are pre-mined, with over 45 billion XRP coins currently in circulation. Though, more coins will be released by Ripple Labs as needed to control the supply and demands. 100 billion Ripple coins in existence The interesting part about the Ripple platform is that transactions are not limited to XRP. The protocol also supports fiat currencies like Dollars, Euro, Pound, and Yen and cryptocurrencies like Bitcoin. Ripple is primarily a payment processor and currency exchange where the XRP currency supplements Ripple’s mission. But Ripple thrives on something else. It mainly derives its value from it and competes with traditional payment validation and remittance systems like Swift, ACH, and Payoneer. However, the XRP’s centralized model makes the network is less secure than Bitcoin. But, on the other hand, it’s capable of processing transactions more quickly than Bitcoin. That is mainly because the UNL of validators is centralized; hence, they can agree on consensus and share data quicker. How Is Ripple Different from RippleNet? Ripple comprises a real-time gross settlement system (RTGS), currency exchange, and remittance network. The platform functions based on a blockchain-based distributed payment protocol for facilitating instantaneous and low-cost transactions between traditional banks, payment processors, and financial institutions. It achieves this by leveraging two core elements: RippleNet and Ripple xCurrent. , on the other hand, is a distinct global network of banks and financial institutions that send and receive payments through Ripple’s distributed platform. RippleNet was designed to offer real-time and low-cost payments. It serves as a unified decentralized global network of banks and financial institutions, delivering a frictionless global payments experience. RippleNet What Is The Ripple Protocol Consensus Algorithm (RPCA)? The Ripple Transaction Protocol (RTXTP) is a blockchain protocol similar to the protocols used by Bitcoin and Ethereum. Its difference aims for affordable and efficient transfer of funds globally. The protocol achieves this efficiency in terms of speed thanks to the Ripple Protocol Consensus Algorithm. The RPCA is applied every couple of seconds by all participating nodes to maintain the network’s correctness and agreement. Upon reaching a consensus, the current ledger is considered “closed” and becomes the last-closed ledger. The Retrospective of Ripple (XRP) XRP has come a long way since its introduction in 2012. XRP charts showed a massive community rallying behind the platform and the XRP crypto asset over the years. In 2017, the token’s market cap went from under in 3 weeks – something no other cryptocurrency could achieve. $10 billion to almost $90 billion The association with the highly successful Ripple payment network has always been the primary driver behind XRP’s growth in value. Additionally, the release of additional products proved to be a prudent move for the company behind Ripple. The rollout of xCurrent, xVia, and xRapid increased the Ripple platform’s functionality by creating new use cases. Who Created Ripple (XRP)? Ripple origins can be traced to 2005 when Ryan Fugger launched as a precursor to blockchain currencies. RipplePay provided secure online payment options for communities. In 2011, Fugger was approached by Jared McCaleb and Chris Larsen to replace RipplePay with a digital currency system with community consensus verified transactions rather than miners like on the Bitcoin network. RipplePay.com The Ripple Transaction Protocol was then developed in 2012, which created a new value token known as XRP. In 2014, several banks and payment processors signed on to utilize Ripple in a testing capacity. As of 2020, over , including Standard Chartered and Santander to facilitate international payments. 300 institutional clients What Is Ripple Used For? Ripple draws its value from the Ripple Transaction Protocol, which connects payment agents to facilitate payment across borders. discovers a trusted path for transactions in a centralized node network (UNL list). It is easy to integrate with any traditional payment provider’s existing infrastructure, banks, or other institution where a third agent needs to act as a middleman between intermediaries. On Ripple, the agents are called “gateways,” and they’re usually banks or other places that accept deposits to transfer money. Ripple’s algorithm Ultimately, XRP’s centralization makes it less censorship-resistant than open-source blockchains like Bitcoin and Ethereum. XRP is thus used to facilitate faster transactions because there is no mining involved in the transaction process. The validators who verify transactions without a promise of reward are vetted and trusted by Ripple, and this trust is necessary to XRP’s design to prevent double-spending. How Is Ripple Different from Bitcoin? One of the main differences between Bitcoin and Ripple is in the consensus protocol they use. Bitcoin uses the (PoW) algorithm. On the contrary, Ripple uses the XRP Ledger Consensus Protocol where validators, not miners, maintain the transaction ledger and keep a record of the transaction. Proof of Work Bitcoin also runs on a permissionless node network, whereas . While Bitcoin is entirely decentralized, Ripple is overseen by a private company. Ripple runs on a Permissioned node network The Pros & Cons of Ripple (XRP) XRP transactions better than many other currencies trading in the open market, although certain limitations are binding the investors from betting on it. Here are Ripple’s pros and cons: Pros: Ripple Boasts of a well-structured infrastructure Great Partnerships and Better Investors Stability and price factor Cons: The absence of Real World utilization A Regulation Headache and ‘Centralized System’ controversy What Happened to Ripple’s Price Drop? When studying XPR charts, we see that XRP hit an all-time high in early 2018 – reaching $3.84 on 4 Jan. Since then, the XRP value has tailed-off. The SEC’s latest legal action against XRP and US-based platform from the marketplace contributed to the drastic declines in XR’s price trading only at $0.21 on 31 Dec— just a day to a new year. Coinbase suspending all XRP trading pairs But, what are the reasons behind these lawsuits? Theoretically, the reason for this slump is mainly due to Ripple’s malpractice. The complaint explains XRP violates the provisions set in which a security token (investment contracts) must fulfill specific requirements upon disclosure. “We allege that Ripple, Larsen, and Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business and other important long-standing protections that are fundamental to our robust public market system.” Source: CNBC, Stephanie Avakian, director of the SEC’s enforcement division. In the allegation, XRP was accused of market manipulation and failure to properly label the $1.3 billion XRP as a security rather than a utility token during the capital raise. Besides, the SEC later unveils the alleged Ripple’s co-founder and the company CEO discretely profited $600 million by selling their unregistered XRP stash during the price rally during the investigation. Since then, the price of XRP has recovered somewhat. At the time of writing (late March 2021), its price was hovering around the $0.55 mark. Ripple’s Criticisms Ripple drew considerable criticisms because of its capital raise, which many experts saw as a Security Offering rather than an Initial Coin Offering (ICO). What’s even more, investors have been pressured by the dumping of XRP coins by Ripple Labs and/or the company’s managers in a move that has affected the market price of the crypto. Many in the crypto community see a direct correlation between Ripple “dumping” its monthly escrow released XRP and the stagnant XRP price. The oversupply of XRP on exchanges was first thought to contribute to poor price performance throughout that period. However, the truth action says otherwise. Responses About Ripple’s Allegations Ripple has been accused of violating laws in the US, and some major crypto exchanges like Coinbase is halting XRP trading. Still, banks continue to adopt the technology that underpins Ripple. That could potentially create more real-world applications for Ripple and its platform. Here are some of the the highlighted responses from the lawsuits: “I think we have to stand up for all of crypto—and not let the SEC bully the entire industry. We’re going to be on the right side of history.” Ripple CEO, Brad Garlinghouse. “This potential court case is deadly serious for XRP, possibly even lethal,” who has bought and sold XRP “at various times in the past.” Quoted on Forbes by trading veteran, Glen Goodman. “I think it is the beginning of the end.” Who has publicly criticized the company and the XRP token in the past. “Investors are already dumping XRP as quickly as they can.” Quoted on Forbes by financial analyst, Frances Coppola. Many investors still ask, ‘What is XRP worth’ and how will XRP change in five years? It’s challenging to know the answers to these questions – and XRP’s value is tied to how the crypto industry is performing as a whole. There is no consensus on whether XRP will surpass thrive again nor to gain confidence from the public again. What Are The Upcoming Projects for Ripple? Ripple’s main focus is on resolving the brewing lawsuit with the US Securities and Exchange Commission that has successfully taken crypto projects to court. Usually, dramatic declines in a token’s valuation will follow. With Coinbase suspending all XRP trading and others having followed in removing XRP trading pairs, it’s only the future that can tell what’s next for Ripple. Closing Thoughts Though Ripple’s open-source code is secure and many banks are adopting it, Ripple’s centralization raises issues, and this will not not go away any time soon. Ultimately, it’s only fair to see how the game plays out in the crypto ecosystem and to make a judgment for yourself. Disclaimer This article is intended for and only to be used for reference purposes only. No such information provided through Bybit constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific person. These forecasts are based on industry trends, circumstances involving clients, and other factors, and they involve risks, variables, and uncertainties. There is no guarantee presented or implied as to the accuracy of specific forecasts, projections, or predictive statements contained herein. Users of this article agree that Bybit does not take responsibility for any of your investment decisions. Please seek professional advice before trading.

Introduction to Ripple: The Story Behind XRP

Compared to Bitcoin, XRP (also known as Ripple, its parent company) is not as well-known to the average person. But you’ll be surprised to know that XRP remains one of the largest , even after going through all of the hurdles of an . cryptocurrencies by market cap SEC lawsuit In fact, in early April 2021, XRP rallied, rocketing past the $1 mark and almost hitting $2 for the first time since 2018. So with much new (and renewed) interest, you may well be asking if XRP is a good investment. What Is XRP? is open-source, primarily focusing on a digital payment network and a currency exchange network to process financial transactions. The technology facilitates fast exchanges to different forms of currencies and gold through a peer-to-peer decentralized concept. This eliminates potential settlements later between mainstream financial institutions. Ripple’s technology Its native token — XRP — is pre-mined, with a supply of 100 billion. It is served as a token to facilitate cross-border currency transfers through the Ripple network. As is the case with its fellow , Ether (and its parent company, Ethereum), many people get the name of the digital currency mixed up with its parent network. In the case of the XRP token, its , an open-source protocol (developed by Ripple Labs, Inc., more commonly known simply as Ripple). altcoin network is Ripple The technology was released in 2012 by its co-founders, and . Ripple’s ultimate business goal is to create both a fast and seamless payment solution, and a remittance system to replace the traditional system for international money and security transfers. Chris Larsen Jed McCaleb SWIFT Is XRP a Good Investment? The financial world is unpredictable. Every investment has its fair share of ups and downs. And crypto assets like XRP are no exception. XRP remains a good crypto investment, as major financial institutions are adopting Ripple. When a product adoption rate is high, it means the value of an asset will grow. Thus, XRP is an excellent choice for thematic investor who buys digital currencies based on a top-down investment approach to diversify their portfolio. XRP’s low price has opened up an affordable entry and investment opportunity with higher returns. In addition, the use of XRP across the Ripple network for ultra-quick currency transfers at a lower fee further strengthens its position. The vast at over 100 multinational banks increasingly proves its credibility. acceptance of RippleNet Although we think XRP is a good investment overall, investors definitely need to weigh the pros and cons. It may not be suitable for everyone to invest in XRP. Ultimately, it depends on your appetite for risk. How Does XRP Work? Currently, settlement systems for transactions, such as SWIFT and PayPal, generally use U.S. dollars as a common currency for conversion. This incurs money and time. Ripple aims to use XRP to act as a mediator that settles almost instantly, at a fraction of the cost. It does this through RippleNet, a liquidity solution using XRP that has been developed to make these lengthy and expensive transactions a thing of the past. As puts it: Ripple International payments, especially in emerging markets, require businesses to hold pre-funded accounts in destination currencies. It’s a costly endeavor that ties up resources. RippleNet provides an alternative. While any financial institution on the network enjoys reliable, instant and lower-cost transactions, those who use the digital asset XRP to source liquidity can do so in seconds — freeing up capital and guaranteeing the most competitive rates available today. XRP Use Case Example Tom in the U.S. wants to send $1,000 to Rachel in the U.K. Traditionally, this would have involved going to the bank and filling out various forms. After having done that, it would have taken up to three days for the transfer to go through, costing perhaps $10–$20. This is because of the liquidity costs for the financial institutions administrating the exchange. Pre-funded accounts would be needed on either side of the transaction in order to exchange the currency (in Tom and Rachel’s case, from USD to GBP). Holding these accounts entails liquidity costs for the bank, which are ultimately passed on to Tom. Nostro However, if this payment were made using XRP on the Ripple network, the outcome would be considerably more favorable for Tom. It would take away the need for pre-funded Nostro accounts. Instead, the bank could transfer USD to XRP, then XRP to GBP, at a fraction of the time and cost. In the end, Tom saves three days and $20 in processing fees, as the Ripple network only takes about 10 seconds to process the transaction. The fee on the Ripple network will be less than $0.01, though the bank may set a fee themselves. It will still be nowhere near the fee of a traditional bank transfer.) How Is XRP Different From Other Cryptocurrencies? XRP is indeed an altcoin, but it differs from LTC, ETH, XLM and others in significant ways. Several factors that make XRP unique are its technology, concept, and execution. XRP Doesn’t Use a Blockchain Unlike Bitcoin and other cryptocurrencies, . Instead, Ripple uses its unique technology, the Ripple Protocol Consensus Algorithm (RPCA). Its distributed consensus mechanism verifies transactions on the network. XRP doesn’t operate on a blockchain For example, a participating node can verify the authenticity of a transaction without a central authority by using a poll. It works similarly to a blockchain, though, in that there has to be a consensus for transactions to be verified on the network. XRP Is Centralized Despite the debate as to whether or not XRP is centralized, XRP is in fact centralized. Ripple uses a peer-to-peer decentralized concept, relying on nodes to process transactions through a voting system. Although it does not operate via blockchain, the consensus protocol is similar. But the nature of the consensus system uses a negligible amount of energy compared to Bitcoin. de You Can’t Mine XRP You simply can’t mine any XRP. Although there is a limited supply of the currency, XRP isn’t created through the actions of miners. Instead, it’s pre-mined and capped at 100 billion tokens. As of June 2021, there are already more than 46 billion tokens in circulation. The remainder of the XRP tokens are released periodically by Ripple from escrow. What’s Happening With the Ripple Lawsuit? On December 22, 2020, the . and two of its major stakeholders, cofounder Christian Larsen and current CEO Brad Garlinghouse. The lawsuit centers around allegations Ripple raised over $1.3 billion “through an unregistered, ongoing digital asset securities offering.” United States Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple Labs, Inc There has been much controversy about the lawsuit, focusing on the question of whether XRP is a security or simply a cryptocurrency. If it is a security — as the SEC alleges — then it must be registered with them as one. The SEC has never classified the top two cryptocurrencies, Bitcoin and Ether, as securities. However, they are decentralized and not owned by one entity. This is not the case with XRP. Ripple attacked the allegations. In a highly unusual move, the company announced on December 21 that they were to be sued, a day before the SEC’s announcement. In a contesting the allegations, the company said: “For eight years, we’ve built products that help hundreds of customers solve pain points around global payments. We will defend our company and [we] look forward to settling this matter in court to finally get clarity for the U.S. crypto industry.” statement This lack of clarity in the U.S. crypto industry, Ripple contended, contrasts with other countries such as the U.K. and Germany. Ripple maintains that this ambiguity is hampering the development of crypto in the company’s home country. Indeed, as a result of the lawsuit allegations, the price of XRP tanked. After being at the $0.55 mark before the lawsuit announcement, XRP’s price tumbled to $0.19 by December 30. However, in April 2021, Ripple saw some victories in their court battle, which have pointed to as the reason behind the . some analysts ensuing price surge of over 40% The victories came from the fact that the SEC was not permitted to disclose the financial records of two key Ripple Labs, Inc. executives, including CEO Brad Garlinghouse. Additionally, Ripple was allowed access to a previously secret SEC discussion concerning Ripple and the case. To date, a host of motions and memorandums have been exchanged. However, as of yet there is no clear winner. XRP Price History Since launching in 2013, XRP has seen some . Up until 2017, its price had barely managed to reach $0.01. But in March and April of that year, its price began to rise significantly. By the end of April, it was up to $0.05. And it didn’t stop there — not by a long shot. crazy price fluctuations in its history By the end of May 2017, XRP’s price was up to $0.25. It retraced slightly in the coming months, but then rocketed as 2017 closed and 2018 dawned, just as other cryptocurrencies (most notably Bitcoin, which peaked at nearly $20,000) did at this time in the infamous crypto bull run. Its price peaked at $3.84 on January 4, 2018. But within two weeks, XRP had lost more than half its value. By early 2019, it was around the $0.30 mark. In late 2020, it went on a bull run, hitting nearly $0.70, but then crashed due to the uncertainty over the SEC lawsuit. Since then, its price has stabilized somewhat, hovering around the $0.55 mark at the end of March. In early April 2021, XRP shot past the $1 mark for the first time since 2018, nearly hitting the $2 mark. By mid-May, the price was still hovering around $1.50, after which it retraced, following the recent Bitcoin dip amid signs of a bear market. Where can the price of XRP go from here? XRP Price Predictions With its price breaching the $1 mark for the first time since 2018, can it surpass its all-time high of $3.84 in the short term? Some analysts, such as Peter L. Brandt, assert that its recent price formations indicate that it’s very possible: On the other hand, some analysts point out that and is quite likely to keep falling as bears target the next key support level at $0.6493 as the SEC lawsuit continues. XRP’s price remains in doubt Looking longer-term, predictions vary between analysts. Some maintain that if XRP continues its road to wider adoption, its price will grow steadily, with a conservative estimate of . Other predictions vary between and in the foreseeable future. $10 by 2030 $17 $20 Of course, no one has a crystal ball, and there are many factors involved in determining XRP’s future price. Factors Affecting XRP’s Price Industry analysts have highlighted some correlations between the price of XRP and other cryptocurrencies. Pierce Crosby, General Manager of TradingView, in February 2020 that, due to Bitcoin’s dominance over the crypto market, such correlation is inevitable: told Cointelegraph “ “ Everything correlates to Bitcoin, much like in the U.S. equity market everything correlates to the U.S. dollar. Some factors cannot be predicted and are thus beyond the control of the markets. As world markets crashed in March 2020 during the onset of the COVID-19 pandemic, so did the prices of many cryptocurrencies, including Bitcoin and XRP. The price of XRP dropped to around $0.15, although it subsequently recovered. However, its recovery was nowhere as marked as Bitcoin’s. And yet, a year on from that, it was seeing price gains even larger than Bitcoin’s. Again, as you probably know by now, the world of crypto can be crazy and unpredictable even at the best of times. There are other factors that can affect XRP’s price which we’ll look at in the next section. First up: the pros and cons of investing in XRP. The Pros of Investing in XRP XRP’s technology allows for almost instantaneous, negligibly cheap financial transactions (costing less than $0.01). It has tremendous scalability, able to process 1,500 which is over a thousand times faster than Bitcoin. transactions per second, To demonstrate, TechCrunch founder in October 2018 allegedly sent $50 million in XRP and it “took like 2 seconds and it cost 30 cents.” Impressive, no matter how you look at it. Michael Arrington For these reasons, XRP has gained the backing of many multinational banks and financial institutions, such as JP Morgan, Santander and Bank of America. Notably, in June 2019, a strategic agreement was signed between Ripple and global money transfer giant MoneyGram. Such agreements will definitely be interpreted by potential investors as an indication that XRP is going places. Also, as with any cryptocurrency, when you invest in XRP you’re not just investing in the currency. You’re investing in the company. Ripple Labs, Inc. is a company with over 500 employees, ranging from those promoting the currency in marketing to others who work on the technology side. If the company continues to grow and does well, then the currency will surely follow suit. The Cons of Investing in XRP A lot of the beefs that people in the crypto community have with XRP are for precisely some of the above reasons: XRP is seen by some as a centralized banker’s currency. The very fact that Ripple cooperates with financial institutions is said to contradict Satoshi Nakamoto’s reason for creating Bitcoin in the first place: the desire for a decentralized currency, away from the control of banks. Another criticism XRP has attracted is due to the fact that it can’t be mined, like Bitcoin and many other cryptocurrencies. The is that market conditions can at least partially help determine the amount of exertion expended in creating new blocks on the blockchain. This effort, in turn, can affect prices. If the price of a cryptocurrency is low, then less mining generally takes place because it is not cost-effective to do so (and vice versa for the opposite scenario). advantage of having a mining-based cryptocurrency Although there are accusations that Ripple could have some malicious intent in holding these coins, the company has insisted they have justifiable reasons for doing so. They release a certain amount of coins every month from their ledger escrows, up to a maximum of one billion. In reality, though, significantly fewer coins are released, with the unused amount being rolled over to the next month’s allotment. This is done, Ripple maintains, so there isn’t a sudden upsurge in the supply of XRP and the price doesn’t crash. This assertion can be seen as a clear positive, since investors are less likely to see themselves liquidated due to a sudden market move. In response to the concerns about centralization, Ripple announced their in May 2017, with the aim of making Ripple’s XRP Ledger more decentralized than Bitcoin’s. at the time was the potential vulnerability of “Bitcoin, which at the time of writing is 51% controlled by just five mining pools. This means the largest five pools working together could achieve a .” An by in October 2017, which stated: decentralization strategy Noted 51% attack update was released Ripple “ “ Ripple remains committed to decentralizing the XRP Ledger and divesting itself of operational control. This multi-phase approach does that, but is intentionally conservative and has been devised with a single goal in mind: to ensure the reliability and stability of the network during the transition period to a fully decentralized and distributed architecture. Since then, Ripple has re-emphasized the saying: decentralized nature of XRP, “ “ The XRP Ledger is based on an inherently decentralized, democratic, consensus mechanism — which no one party can control. The Bottom Line If you’re prepared to HODL and play the long game, then XRP could well be a worthy investment. It is also still cheap, so it’s perfect for first-time investors. It certainly looks like a bright future could be on the horizon for the cryptocurrency, with financial institutions needing more and more liquidity to complete financial transactions – and, as explored in this article, XRP could go on to provide some of the solutions to the problems associated with that issue. Interestingly, David Schwartz, CTO of Ripple Labs, Inc., that financial institutions are “extremely conservative” and “slow-moving.” This could go some way toward explaining that, while there has been much interest in XRP, actual adoption has been a slow process — and, as such, the price has remained rather stagnant for some time. said at the 2019 Future of Fintech conference in New York However, its price increased massively in value during the infamous crypto bull run in 2017. If the currency continues to gain traction, especially as it has done in the spring of 2021, its mainstream adoption will become more widespread. If that is the case, and confidence grows in the currency, there’s no reason to think XRP can’t surpass its all-time high of $3.84. (over 35,000%) Of course, a lot of this may still rest on what transpires with Ripple’s legal battles. Nevertheless, in view of XRP’s unpredictable and surprising price history, it can definitely be a worthy addition to your investment portfolio.

Should You Buy Ripple (XRP) in 2021?

Sending money across borders is more important than ever before, either as an individual or as a business, especially in these difficult times. And yet, there isn't any complete global payment network, there is no interoperability and you can't move money and value efficiently with the current outdated systems. And actually, no money is ever moved with the current system, just account entries in correspondent banks' records get adjusted. We have SWIFT which is actually owned by the biggest banks in the world and it offers a messaging service. In order to do a cross-border transaction and get settled, there are 2 options: 1. Your bank must have already established a direct relationship with the receiving bank, which means that it must have a pre-funded (nostro) account with the other bank or in simple words it should have "parked" enough money in that account in order for your transaction to happen. 2. Your bank can rely to other intermediary/correspondent banks (usually the major banks) that have already established a relationship with the receiving bank and your bank pays them (fees) for that and that's what most of the banks do because it takes many months (usually 9+ months) for a bank to create a new relationship with another bank. This is called . Isn't that costly and time-consuming? You will ask. Of course, it is. But that's how the entire financial system works for the most part. You can see how international payments work in the pic below: correspondent banking SWIFT has created an improved messaging system called SWIFT gpi which, as they claim, it improves the speed, security and transparency of payments. They say that about 50% of SWIFT gpi payments are credited to end beneficiaries within 30 minutes. That's right, , which means that the actual settlement of funds is still done much later. It often takes 3-5 days on average so it can't keep up with the payment and this results to trapping liquidity. credited But what SWIFT also hasn't told you is that those payments that are credited between 30 minutes and hours are mostly on the same time zone and in popular corridors. SWIFT gpi only "works" in popular countries and between the biggest currencies. If you want to send money to South America, Africa and some Asian countries or generally exotic corridors, it may take up to 10 days for the transfer to be completed and don't forget the huge fees you will pay and other problems that may occur. A very painful procedure. What does this mean? SWIFT gpi is simply a better horse and when you know that a Ferrari already exists, what will you choose? Who is the ferrari? A company called Ripple that wants to change this outdated and broken system that favours only a few big players. Ripple is building the where everyone moves value as easy as sharing data on your mobile phone. A way to move money instantly, inexpensively and securely. David Schwartz has said that rapid payments create rapid settlement and with the current system rapid settlement is not possible, that's why XRP exists as it is a rapid settlement tool. xCurrent had to be created because the current payment technology isn't good enough to get the benefits of XRP. xCurrent compares with SWIFT gpi as they are both messaging systems and while xCurrent solves all the problems of SWIFT, eliminating inefficiency with no error rates, better transparency, bidirectional messaging, payment-settlement in seconds, It still doesn't solve the pre-funded liquidity problem. Internet of Value XRP as a bridge currency can eliminate the need of nostro-vostro accounts as well as the need of the many correspondent and intermediary banks and release the large funds that cost too much and are trapped worldwide, which are estimated to be around $10 trillion. This means that these trillions of dollars are trapped in multiple currencies and their only use is to be used for global payments while they could be used productively to benefit the economies and solve problems. With XRP, banks only have to hold their domestic currency and maintain one account with XRP which minimizes the number of intermediaries involved and their markup on spreads. Ripple’s On-Demand Liquidity solution uniquely uses XRP to offer on-demand liquidity. Taken together, Ripple and XRP can save money, time and enable instant settlement with real value transfer. On-Demand Liquidity, apart from offering instant settlement, can cut the nostro-vostro liquidity and treasury operations costs, which represent the 61%, on average, of total fees in every cross-border transaction. Some people say that SWIFT can partner with Ripple, but that would change the status quo and threaten the correspondent banking system and the big banks that make too much money out of it. They will either adapt or lose a big market share. Don't forget that the head of gpi has said that the goal for SWIFT isn’t to settle in real time, but rather to create certainty for businesses. A certainty with delays, many fees, opacity and vulnerabilites. As Brad Garlinghouse has said pointing to Citi, HSBC and Chase at the top of SWIFT: They are making a lot of money from other banks. We talk to banks, and 99.9% of them want Ripple to be successful because they’re sick of paying these guys. Making a head to head comparison of how a payment through RippleNet and SWIFT's correspondent banking is processed, might make you feel disgusted about SWIFT: In simple words, correspondent banking is theft. So, you understand why SWIFT doesn't want to change its system and create a new one adopting blockchain and digital assets, having also stated that the company decided to build the gpi service without blockchain because it wanted to deliver immediate value to its clients and stated on twitter that cryptocurrencies will not solve delays in international payments. Ironic isn't it? While it has been proven that blockchain technology and digital assets solve all these problems, SWIFT claims the opposite. Too much profit is at stake, why should they change this profitable system? If we compare Ripple and SWIFT we see clearly who is going to win in the long run: The main difference between them is that SWIFT means just exchange of data, while Ripple means exchange of value. Nobody else in the world offers exchange of value, which means that there is no face to face competition for Ripple and probably will never be, because the main advantage that Ripple has and nobody else has, is . There is only a partial competition like SWIFT competes with xCurrent, but as a whole. Ripple has the full package and that's why they are revolutionizing the whole financial system. Will SWIFT stand in a corner and watch Ripple turn into a behemoth, while they lose more and more customers? Probably, yes. XRP never

Ripple Is Orders Of Magnitude Better Than SWIFT GPI and Correspondent Banking Protocols

Is XRP centralized? Yes, it is. Does that matter? YES, IT DOES! After multiple arguments with cryptocurrency traders and XRP holders, I decided to look into the many claims about XRP's centralization, nature and price potential. I created this analysis to address many of the rumors that were floating around unbacked by sources and evidence, and use it as a centralized repository of criticism and data. A quick note: I do not know or claim that Ripple Labs has acted fraudulently, and it is not my position to claim so. However, tremendous derangement exits within the XRP community about what is currently going on with their project. Do not be surprised to hear from them that the ongoing Ripple lawsuit is a "good thing" that cleans up weak investors for the real visionary HODLers of XRP who will get super rich. So, in this post, I will try to breakdown the claim that XRP is centralized, and why that matters. I will present data on the distribution of XRP ownership, the distribution of validators and their process of joining the network and reaching consensus, the nature of Ripple’s involvement with XRP development, and how all the above enhance the positions I’ve stated before – XRP is not investment panacea. First of all, let's talk about the distribution of XRP currently. The total supply of XRP in circulation currently is 45bn XRPs. The total circulation of XRPs will be 100bn. The projections are that out of the total 100bn XRPs, Ripple will own at least 60bn with 20-30bn XRP already in their possession. The founder, Chris Larsen, owns around 6bn XRPs in his personal wallet, if not more, and owns 17% of Ripple. Brad Garlinghouse, the current CEO of Ripple, also owns 6% of the company and an unknown but significant amount of XRP. In total, the founding team behind Ripple own 20% of all XRP in circulation, and Ripple itself owns 60% all XRP ever. Although some of these number may have changed, the breakdown of XRP ownership remains significantly centralized. The first analysis on these data is valuable for traders and investors. With 100bn XRP in total supply, a ~20x increase from Dec. 20th, 2020 prices to 10USD would make the network’s value close to 1tn USD. Currently, there are 5 public corporations that are valued at 1tn USD or more and these are Amazon, Apple, Alphabet, Microsoft and, the odd one out, PetroChina. Do you believe that XRP’s value will be on par with these behemoth tech companies anytime soon? I do not. If you seek a 20x return, you could have gained that in the DeFi micro bubble from earlier in the year. A return multiple that is above 20x is and will remain very unlikely for XRP over the coming decade. Second point, the validators. Currently, XRP’s network is quite limited, namely to 150+ validators. The reason these nodes are so limited is because Ripple maintains a Unique Node List (UNL) and controls 100% of all nodes that are added to their ledger. Out of those 150+ nodes, 70 are fully owned by Ripple and few more by other partners. All five of the recommended validator nodes are also owned and operated by Ripple. Furthermore, XRP uses the XRP Ledger Consensus Protocol, a private consensus mechanism that is owned entirely by Ripple. In other words, Ripple, the company, is tied extremely close to the development and operation of the XRP ledger and the XRP price, while also owning the vast majority of it. This means that a criminal lawsuit against the company, like the one that was announced on December 22nd, 2020, can significantly affect the development of both the XRP network and the price of the coin. Trusted third party risk is also a continuously present risk. Additionally, Brad Garlinghouse himself has stated multiple times that the sale of XRP is necessary for the constant development and profitability of Ripple. If the lawsuits continue, where do you think Ripple will find the funds to pay their defense team? XRP sales from their escrow accounts. If the supply was not artificially choked, would XRP price be this high? Probably not. Furthermore, Ripple has publicly stated that its goal is to compete with the SWIFT platform for financial settlement. The idea is that XRP can be the coin used to facilitate all such transactions and then get exchanged to the local currency of choice. That would be a fantastic use case, however the emergence of CBDCs as a solution for mainstream banking needs has completely invalidated Ripple potential use case. CBDCs will be able to do the same exact thing XRP does with no cost or third party ownership. I know this because I have been blessed to discuss CBDCs with a number of people working on this in the federal and international level. I am also a member the Digital Euro Association and I have been selected as a CBDC expert by the EU Blockchain Observatory and Forum. Lastly, the absolutely worse thing about XRP is the Ripple community. Time after time after time they make invalid insane claims that intentionally play on the FOMO of people and the desire to make easy profits. Rhetoric about “the Great Reset” and backdoor deals with policy makers for Ripple ownership are the biggest joke in actual stakeholder conversations. If you want to know what policy makers actually think, please attend virtual seminaries organized with or by the ECB, the BIS, the IMF, World Bank and other major stakeholders. You can find all sources linked below. As always, do your own research and, as always, buyer beware. Sources : MIT Tech Review - No, Ripple Isn’t the Next Bitcoin: https://www.technologyreview.com/2018/01/11/146252/no-ripple-isnt-the-next-bitcoin/ Pre-minted XRP: https://www.fool.com/investing/2018/01/16/want-to-mine-ripple-think-again.aspx Total and Current Supply: https://www.coingecko.com/en/coins/xrp XRP Nodes and Validators: ; https://www.coindesk.com/xrps-tech-differs-crypto-assets Ripple’s need to sell XRP: https://www.theblockcrypto.com/post/57429/ripple-would-not-be-profitable-without-selling-xrp-says-ceo-garlinghouse Ripple & XRP Ownership Breakdown: https://en.cryptonomist.ch/2020/01/25/ripple-who-owns-the-most-xrp/ XRP Validator list: https://xrpcharts.ripple.com/#/validators FinCEN’s Fine Press Release and Statement that Ripple owns XRP: https://www.fincen.gov/news/news-releases/fincen-fines-ripple-labs-inc-first-civil-enforcement-action-against-virtual More breakdown on Ripple’s Trusted Third Party risk: https://www.cnbc.com/2018/01/16/why-ripple-is-not-cashing-out-its-xrp-holdings.html Breakdown of all Ripple owned accounts (91%+ ownership): https://docs.google.com/spreadsheets/d/17_Wgo4iwGoPB1JenxD5fHtJ0HQYLpb669zaNemPojG4/edit#gid=0 Fraudulent Advertising and Statements from the XRP Community: https://www.youtube.com/c/DigitalAssetsDaily/videos?view=0&sort=p&flow=grid PS: Big thank you to the rest of the community for compiling a number of data into sources that I could use in this analysis.

My Thoughts on Ripple (XRP) and Its Run-in With The US SEC

Once Ripple was identified as the incumbent to a brave new world of practical cryptocurrencies. Speculation was rife that Ripple’s XRP coin had the potential to overtake Bitcoin in terms of usage and utilise its swift and cost-effective transaction framework to take the world into the future of practical digital currency. By the end of 2018, Ripple Labs developed xRapid, a feature that promised to further speed up XRP transactions, leaving leading cryptocurrencies like in its dust. There was for the future of a practical, useable cryptocurrency. Bitcoin and Ethereum widespread excitement With Ripple, no longer would we see crypto as an investment, but as a practical currency to use in order to buy a coffee in the morning on the way to work. Two years is a long time in the world of cryptocurrencies, and today Ripple along with similar low priced coins like and Monero faces a fight for its existence from a new and emerging threat. Stablecoins have well and truly arrived, and they’ve already set about enveloping the crypto market. Litecoin Stablecoins behave similarly to traditional cryptocurrencies, however, their values are pegged to real-world assets like the US dollar and gold. This means that they can exist in an environment where their values aren’t driven by speculation and each coin can be traded for a price that will remain consistent into the future. Typically stablecoins maintain a value close to that of a US dollar. Today, the stablecoin market is booming. There are multiple reasons for this, and the most simple explanation is that adopters are looking to use fiat-pegged tokens to look after their wealth as financial uncertainty driven by COVID-19 affects global fiat economies and the volatility of traditional cryptocurrencies alike. Another more significant and more complex reason is due to the boom in DeFi (Decentralised Finance). and insurance deals through binding, blockchain technology that’s secure enough to be undertaken without the need of banks, lawyers, or any other intermediaries. DeFi has enabled businesses to broker smart contracts (Image: The Daily Chain ) As the chart above illustrates, the total value of assets locked in DeFi has rocketed from less than $1 billion at the turn of the year to over $8 billion today - and the figure’s still rising. Stablecoins are popularly used in liquidity pools for DeFi protocols, and as DeFi was undergoing its surge in value, stablecoin market caps were steadily increasing by . $100 million each day (Image: CoinTelegraph ) Stablecoin market caps, spearheaded by the dominant Tether (USDT) have rallied towards more than doubling in value, from less than $6 billion in January 2020 to over $16 billion by the end of August. It’s clear that stablecoins are evolving beyond their former trading asset usage scenarios and are now increasingly being utilised as an . effective tool for transferring value Today, there’s no shortage of corporate behemoths and central banks that are looking to get in on the act and release their very own stablecoin. However, with their transition towards practical and sustainable payment options, stablecoins pose a significant existential threat to , and its intended business model. Ripple The Battle For Relevance Due to the affluence of the organisations looking to weigh in on the stablecoin market, and owing to their practicality for daily usage thanks to the fact that their values are pegged and thus immune to extreme fluctuations in price, there’s a significant concern that Ripple could lose out. However, Ripple’s Senior Director of Global Operations, Emi Yoshikawa refutes that XRP is competing directly against existing digital assets such as stablecoins and the coming Central Bank Digital Currencies (CBDCs). that Yoshikawa rejected suggestions that Ripple and other traditional cryptoassets would struggle to remain relevant after the stablecoin and CBDC boom, claiming that Ripple remains a “bridge asset in international settlement,” as opposed to a direct competitor with stablecoin frameworks. CryptoGlobe reports Rather than seeing XRP as a competitor to central bank currencies, Yoshikawa believes that Ripple would rather complement these currencies, forging a synergy in response to issues in liquidity. Ripple’s seamless ability to be favored by traditional and alike can also heavily benefit its role in the cryptocurrency market. crypto exchanges non-KYC crypto exchanges Battling Big Corporations The end of Ripple has been , when JP Morgan Chase announced that it would be releasing its own cryptocurrency. Today, more competition in the form of Utility Settlement Coin Project, threaten to utilise their vast resources to develop more convenient payment technology, leaving Ripple behind in terms of their existence as a superior payment processing coin. speculated upon for well over a year spearheaded by UBS, Barclays and Nasdaq Ripple may have the advantage of being the first of its kind in the crypto market, the blockchain payments company is now having to face scores of new competitors that can promise vast resources and stable values. The vast list of competitors include some of the world’s largest financial institutions. There’s even the prospect of Facebook’s shelved springing back into life in the coming months and years to further complicate fight for relevance. Libra Project XRP’s However, Ripple has always been resourceful, and their vision of delivering convenient payment options into a cryptocurrency marketplace that was already beginning to get carried away with speculative values shows a willingness to innovate and go against the grain. The rise of Ripple also helped it to onboard over 300 customers along the way. Despite billing itself as more of a complementary presence in the world of digital finance, Ripple will be facing a fight for prominence in the face of some of the most affluent institutions in the world, but fortunately for XRP, it’s no stranger to innovation - and there’s always a chance that the cryptocurrency that was once tipped to become more prominent than Bitcoin can show its adaptability once again.

How Does Ripple (XRP) Fare Against The Rising Tide Of Stablecoins?

tldr; This post is a brief look into the different aspects (good, bad, and ugly) of the XRP token and Ripple Labs, the company. It is important to separate the two while also investigating the indisputable overlap between the token and the company. This article will shine a high-level light on the crypto industry’s most polarizing asset to hopefully help elucidate some of the more misunderstood aspects of XRP. This article, in part, is from a longer full report available at . CryptoEQ aims to provide the most trusted and intuitive research in the crypto industry. CryptoEQ.io Overview It is important to state that XRP and Ripple (AKA Ripple Labs, Inc.) are things, although they are consistently and erroneously used interchangeably. The network is a protocol to provide liquidity to global markets for with minimal fees. XRP tokens are the accounting units used within the XRP Ledger open-source database and serve as a bridge currency between banks. The ledger stores and preserves XRP transactions and account balances. not the same Ripple fast, cross-border payments Alternatively, Ripple Labs, Inc. is a private, for-profit company that sells the closed-source banking software RippleNet which was previously split into three separate products called xCurrent, xRapid, and xVia. It is important to note that only the xRapid product utilizes actual XRP. The other products can be used independently of XRP or any cryptocurrency. This optionality or lack of necessity for banks to transact in XRP within the Ripple network is the main point of contention when it comes to ascertaining XRP’s underlying value. XRP Strengths Extremely well-funded Impressive team with close ties to U.S. regulators and powerful financial institutions Name-brand recognition and often discussed in media behind Bitcoin and Ethereum Large and passionate following on social media A cheap ticker price that, while fundamentally meaningless, does attract new buyers who believe other assets like bitcoin are “too expensive” XRP Weaknesses XRP is not required (and adopted) by banks to settle transactions within the Ripple protocol. Banks, in many cases, can settle cross border payments simpler and with less volatility using traditional fiat currencies. scarcely XRP suffers from points of centralization. Roughly are controlled by the private, for-profit company Ripple forcing users to trust a large entity (like a bank) with the fate of their money. 60% of XRP Not censorship-resistant — Ripple has an out-sized influence over the Ripple network and can indirectly have funds . frozen Lacks the proper “tokenomics” for price appreciation. Value accrual for pure mediums of exchange (i.e. bridge currencies) remains unclear. Banks do not need to hold onto large amounts of XRP to successfully use the protocol, suggesting low demand-side price pressure. Increased competition from private companies like , central bank digital currencies ( ), actual bank coins like , and the proliferation of private . Facebook CBDCs JP Morgan stablecoins Use Case The network is a protocol to provide liquidity to global markets for with minimal fees. XRP tokens are the accounting units used within the XRP Ledger open-source database and serve as a bridge currency between banks. Ripple fast, cross-border payments , the company owns and sells products, is also responsible for creating the asset XRP in 2013. RippleNet is a suite of closed-source software products that help reduce the friction in bank to bank transfers. They are xRapid (now “ ”), xVia, and xCurrent individually or RippleNet as a collective. Ripple Labs Inc RippleNet On-demand Liquidity It is important to recognize that XRP from other cryptocurrencies such as bitcoin and ether. Bitcoin and Ethereum are intended for censorship-resistant, digital, peer-to-peer payments and transfers of value. differs significantly By contrast, XRP was never intended to be censorship-resistant nor was it intended to be used for peer-to-peer payments. Instead, the goal of the Ripple network is to improve international bank payments. The XRP token can be used to reduce transaction costs for illiquid trading pairs. Technology It is important to reiterate that XRP and Ripple are things, although they are consistently used interchangeably. However, this section will discuss the technological benefits of both entities if used in their closed ecosystem as designed and advertised by Ripple. not the same RippleNet is currency-agnostic, global, real-time gross settlement system that enables banks to message and settle transactions in the currency of their choice. It serves only to find the cheapest route for Currency A to be exchanged for Currency B. xVia, the other product that does not require the use of XRP, is a messaging application for RippleNet wherein users can send invoices or other information to different parties. On-demand Liquidity (xRapid), the sole product that requires the use of XRP and ledger, aims to eliminate the need for banks to hold reserves of particular currencies at other banks. Instead, On-demand Liquidity pools liquidity from the open market by exchanging one fiat for XRP at one end of the transaction and then selling it for a different fiat at the other end. XRP can settle transactions in about , with a transaction throughput of around 1500 transactions per second.The Ripple network provides efficiencies over other extant cross-border payment methods such as , which take days to settle and require . 4–5 seconds SWIFT higher transaction fees Ripple settles transactions through the , a protocol for payments across multiple payment systems (e.g., multiple currencies). The protocol uses intermediaries (banks) to coordinate transfers across multiple ledgers. The intermediary receives payment from the sender, which is recorded on one ledger, and then the intermediary pays the receiver, which is recorded on the other ledger. Interledger protocol To enable faster and cheaper transactions compared to its peers, Ripple uses a made up of a closed set of trusted validators called a . Federated Byzantine Agreement (FBA) consensus algorithm Unique Node List (UNL) Each trusted node maintains its own chain of transactions and validates transactions independently. The transaction then gets hashed and shared with the network where other validators compare it to their results. To achieve , the Ripple network makes use of several servers running the Ripple Server Software. consensus These servers store the UNL and only the votes of the trusted nodes are factored into determining consensus. Transactions having at least a t (80%) of ‘yes’ nodes remain in the ledger, while transactions that do not receive this threshold of votes get discarded. minimum amoun Economics At inception, 100 billion XRP tokens were created in what is called a “ ,” and no new XRP tokens have been created since. As a result, XRP is deflationary by definition, in that all the tokens that will ever be created have been. pre-mine However, only a small fraction of the supply is currently openly traded. The (about 80%) were distributed to Ripple’s creators and the company. ~55% currently sits in under the control of Ripple Labs Inc. majority of the XRP tokens escrow This means the majority of the supply is controlled by a central, for-profit entity that has the ability to dilute current holders' share for their personal gain. XRP exhibits extreme amounts of wealth centralization. Without even including the >50% stake of XRP held in under the control of the company, the top 100 XRP accounts constitute of the supply. escrow ~ 75% Furthermore, Ripple Labs Inc holds another 6.5 billion XRP, meaning only 43.67 billion XRP are actually in circulation. Transaction fees on the network are (~10 XRP per million transactions). Even though this is hypothetically good for adoption, in that it will encourage adoption among banks, it also means that each bank only a small amount XRP to transact and cover fees. extremely small While XRP is primarily intended to be used by the banks, it has primarily been purchased by individuals for speculation purposes thus far. Retailer speculation is at odds with the bank’s use cases for XRP as a bridge currency because the speculation by retail creates added and unwanted volatility to the asset price. Additionally, if XRP is used as the bridge currency between banks, the token could theoretically struggle to capture value long-term without banks or customers having to acquire and hold meaningful amounts of XRP in order to transact regularly. Governance Ripple was created in November 2012 by Chris Larsen, Arthur Britto, and Jed McCaleb in 2004 but was then called RipplePay. The project eventually rebranded several times until ultimately settling on Ripple Labs Inc. in September 2013. McCaleb left the company in 2013 after with the direction of the project while Larsen stayed on as CEO until 2017 when he stepped down and was replaced by . disagreements Brad Garlinghouse XRP is not decentralized, and the trusted nodes have control over the network. There is no on-chain governance system nor is there little in the way of off-chain governance. Changes to the code are voted on by the trusted nodes and require a majority vote before a new version is adopted. Ripple has had about , including the introduction of the escrow feature. The trusted nodes . 80 updates to the protocol control validation, vote on protocol changes, and can modify fees Ripple has over-sized decision powers when deciding which entities are trusted nodes in the network; thus, Ripple can determine who gets to vote on changes to the protocol. If a node fails to upgrade any changes, they run the risk of being removed by their UNL peers. Ripple can implement new features with or . without community consensus Nodes that disagree with the current state can refuse to upgrade, but because Ripple’s controls so many UNL’s due to default configuration, they would most likely be pruned from the network very quickly. Vulnerabilities XRP suffers as a cryptocurrency primarily due to its centralization on several fronts. Roughly 60% of all XRP is owned/controlled by Ripple which can be spent or sold at their discretion, essentially controlling the fate of the project as well as diluting current token holders. Also, Ripple can and has actively intervened to users' funds, nullifying any illusion of censorship resistance or immutability. Additionally, XRP exhibits extreme amounts of wealth centralization. Without even including the >50% stake of XRP held in under the control of the company, the top 100 XRP accounts constitute of the supply. freeze escrow ~ 75% Finally, centralization concerns were raised in a in which they discovered that Ripple controlled all the public keys issued when attempting to download the Ripple software. This means all access to the code runs through the company. Bitmex report The economic issues with XRP center around the fact that there are 100 billion XRP in circulation, and the amount of XRP destroyed per transaction in fees is minuscule (~10 tokens are destroyed per million transactions). At this burn rate, banks do not need to hold a large amount of XRP to use the protocol if they even choose to do so. Not only do banks need an insignificant amount of XRP to operate, retail investors, the majority of XRP holders outside of Ripple, have no need for XRP. The biggest obstacle is that XRP is not required for banks to settle transactions within the Ripple protocol. Banks can settle cross-border payments faster and cheaper with traditional currencies (USD, Euro, etc.) using xCurent. XRP is also seeing increased competition from private companies like , central bank digital currencies ( ), actual bank coins like , and the proliferation of private . Facebook CBDCs JP Morgan stablecoins Network effects XRP is arguably the most cryptocurrency outside of bitcoin and ether, and is listed on most of the critical exchanges including , Binance, Bitfinex, Huobi, Bittrex, , Poloniex, and many more. XRP is constantly in the top crypto-assets in 24-hour trading volume led by the Tether (USDT) and Bitcoin (BTC) pairs. popular Coinbase Kraken 5 However, partly due to its use case as an inter-bank liquidity coin, XRP active addresses lags well behind its fellow top 5 in terms of . active addresses Several banks such as , , have agreed to test Ripple’s distributed ledger. Moneygram American Express CIBC, UBS, Banco Santander, Bank of America, YES Bank, RBC, National Bank of Australia, and Unicredit As of Q1 2020, more than 200 banks are experimenting with RippleNet in various stages of exploration while as of November 2019, utilize On-demand Liquidity or the use of XRP as a bridge currency. 37 institutions Companies utilizing xRapid have experienced cost savings between compared to traditional systems and transaction times of about 2 minutes. 40–70% In the social media world, Ripple has a strong Reddit following with ~210,000 subscribers to the (compared to ~1 million for Bitcoin and ~400,000 for Ethereum). r/Ripple subreddit The has ~950,000 followers and an active presence in which it updates users, markets their products, and educates about FinTech (financial technology). For better or worse, XRP also has an infamous Twitter bot community dubbed the ” that is known for bombarding any posts associated with XRP. official Twitter page “XRP Army Team Ripple was founded by , who later left Ripple to create Stellar. Prior to creating Ripple, McCaleb is known for creating eDonkey and the now infamous Bitcoin exchange Jed McCaleb Mt. Gox. Currently, is the CEO of Ripple. He has amassed a wide variety of experience in the technology industry, previously serving as President of Consumer Applications at AOL and as Senior Vice President at Yahoo!. He is generally the name seen in press releases and articles concerning Ripple, serving as the face of the project. Brad Garlinghouse is the co-founder and former CEO of Ripple. Today, he serves as the Executive Chairman of Ripple’s Board of Directors. Prior to Ripple, Chris had proven himself in the FinTech world by co-founding Prosper, a peer-to-peer marketplace, and E-LOAN, an online lender. Chris Larsen is Ripple’s CTO and Chief Cryptographer. He previously worked for the NSA and has decades of experience in cryptography. Known as “JoelKatz”, David was Ripple’s during the early stages of the project although he rarely has any commits these days. David Schwartz main GitHub contributor Other notables include , , , and . Overall, this team has amassed years of experience and is very knowledgeable in both cryptocurrency and the broader software technology arena. Ethan Beard Elliot Lee Evan Schwartz Benjamin Lawksy User experience As the third-largest digital asset according to liquid , a large number of wallets and exchanges store, trade, and support XRP tokens. This includes trusted and security-centric hardware wallets such as the and , desktop wallets such as Rippex, , Exodus Wallet as well as mobile wallets such as , edge, and Abra wallets. market cap Ledger Nano S Trezor Model T GateHub Toast Wallet! All wallets come with concerning security, usability, and convenience, and the choice ultimately comes down to user preference. trade-offs XRP has built-in rules on held in XRP addresses, just like some bank accounts minimum balances. In order to activate and use XRP, you must first deposit no less than 20 XRP into your address. minimum balances Transaction speeds, settlement times, and costs are Ripple’s biggest selling points. Because the Ripple network is semi-centralized, it scales much better than competitors like Bitcoin and Ethereum. While Bitcoin and Ethereum can handle about 5–15 transactions per second, Ripple’s scalability is significantly better and delivers . In addition, the transaction speed of Ripple is also significantly faster as it takes to settle a transaction as opposed to minutes or hours. 1500 transactions per second only a few seconds Finally, XRP boasts some of the lowest of any crypto-asset, remaining orders of magnitude cheaper than either BTC or ETH. transactional fees Regulation While the director of corporate finance at the SEC, William Hinman, appeared to declare on June 14, 2018 that , no direct comments were made about XRP. neither bitcoin nor Ether were securities The lack of clarity from formal regulators and the SEC leaves XRP in legal limbo. A case can be made for XRP to be deemed a based on the common definition and interpretation of the , the most common legal test applied to securities. security Howey Test The of the test are listed below: four-component questions Is there an investment of money?Is there an expectation of future profits?Is the investment of money in a common enterprise?Do any profits come from the efforts of a promoter or third party? When examined through the lens of the Howey Test, XRP fails or narrowly skirts the line on at least two points. The first failure (for not being classified as a security) is the investment of money and the expectations of profit. Retail users undoubtedly invested money into XRP and now Ripple is left to defend that they did so for some other reason aside from speculation and profit. Since XRP is a bridge currency for banks in cross border payments it is difficult to justify the average person’s need to own any. The second issue with XRP deals with numbers 3 and 4 of the Howey Test questions concerning a common enterprise and Ripple’s control over XRP. Ripple the company has overly centralized control over XRP. Despite trying to from XRP as of late, in the early years of Ripple’s development, they appeared to that Ripple Labs created XRP. This could be interpreted to mean Ripple Labs would be considered the “common enterprise” and retail investors would be seeking “profits from a third party.” distance the company state clearly Ripple is currently engaged in a over this very issue of its relationship with XRP and whether they misled customers to buy XRP. The case is currently ongoing and no decision is expected in 2019. federal lawsuit Roadmap Ripple, the company, will continue to court and onboard banks onto its RippleNet platform. However, how XRP fits within the network still remains murky with very little in the way of a roadmap or news concerning the token. This is most likely due to their current lawsuits and the lack of clarity from the US government concerning digital assets. In 2019, Ripple proposed an upgrade to the current consensus mechanism called which could reduce transaction times even further as well as support multiple recommended Unique Node Lists (UNLs). Progress with the update remains scarce and no date has been set for a rollout. Cobalt Looming regulation, increased competition from other digital assets and banks, equity alternatives like the , and the questionable necessity of the token make for an uphill battle concerning the adoption and utility of the XRP token. Swarm token However, even with all these obstacles in its path, XRP has billions in USD reserves and close ties with large institutions and banks which can help it a lot that smaller projects could not. overcome This report was originally written by C. Pick. It has since been reviewed, edited, and updated by the CryptoEQ Core Analyst team. It solely represents their opinions and is not intended as financial advice.

A Brief Look Into Ripple (XRP): Banks, Pre-mines, and Lawsuits

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Pixelated Cryptocurrency GIFs: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP)

Including the use of Ripple Software and XRP Cryptocurrency at a Regulated UK Bank Euro Exim Bank is a registered and regulated UK-based bank that has announced it will use Ripple’s xRapid software and the cryptocurrency XRP for cross-border payments. This is one of several new banking partnerships that Ripple revealed in 2019. At this point, it is working with over 200 banks and financial organizations. xRapid Blockchain Offers Fast and Transparent Transactions Ripple’s blockchain software is like other blockchain platforms in that it can provide transparent and real-time visibility of transactions to all stakeholders. For those with access to the blockchain ledger, there is no need to email queries or check confirmations. Stakeholders can simply check a link to the transaction which is immutably recorded on a blockchain network. Euro Exim Bank plans to use both xRapid and Ripple for transactions in the first quarter of 2019, according to . Doing so would make the bank the first to use both Ripple software and the XRP cryptocurrency. American Banker Marcus Treacher, global head of strategic accounts at Ripple explains why financial institutions are drawn to Ripple’s services: “When you use XRP, instead of having to pre-park all your money in foreign accounts around the world, you hold your funds locally, under your control, your stability, your creditworthiness. It’s a much better position structurally.” According to Treacher, XRP reduces the time it takes to move funds from one account to another in a different currency. The current system, SWIFT, can take up to three days whereas Ripple can execute the same transaction in two minutes. Ripple has capitalized on the weaknesses of the existing SWIFT system. Graham Bright, head of compliance and operations for Euro Exim Bank explained that XRP eliminates the need to establish pre-existing bilateral relationships with foreign banks to hold reserves of foreign currency and process local fiat payments: “we saw the technology would let us easily and quickly originate payments without having bilateral relationships.” Bright happens to have worked at SWIFT for 20 years. Ripple Has 200 Customers Ripple it now has signed 200 banking and financial customer partnerships. In addition to Euro Exim Bank, it announced partnerships with SendFriend, JNFX, FTCS, Ahli Bank of Kuwait, Transpaygo, BFC Bahrain, ConnectPay, GMT, WorldCom Finance, Olympia Trust Company, Pontual/USEND, and Rendimento. Brad Garlinghouse, CEO of Ripple said: confirmed “We’re now signing two — sometimes three — new customers per week. We also saw a 350 percent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity.” Of the new partnerships, Ripple has said that JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank, will use XRP for settlement as well as Ripple’s blockchain products. Ripple seems poised to be a key player in driving the mainstream use of cryptocurrency and blockchain technology in the global financial system. Subscribe to my channels Medium and Twitter if you like my articles and want to learn more about blockchain and cryptocurrency projects. If you have any questions about this article, please comment in the section below. Thank you!

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