Ripple (XRP) Wallet

Ripple was designed as a money transfer network meant to replace national payment systems, such as SWIFT. The first release of the Ripple network was held in 2012. Three persons developed it: Jed McCaleb, Arthur Britto, and David Schwartz.

Ripple network itself is somewhat like a digital havala service – it allows to transfer of money without actual money movement. The network doesn’t run either with a proof-of-work or with a proof-of-stake system. However, it uses a consensus protocol to conduct transactions and validate accounts balances.

XRP is a native cryptocurrency of the Ripple network. Its primary utility is paying fees for transactions within the network. The standard price to conduct the transaction is set to 0,00001 XRP, which means that transactions in Ripple are much cheaper than in Bitcoin or any other blockchain network. XRP is a so-called “pre-mined” cryptocurrency – 100 billion tokens were created at the network launch. Ripple owns about 6% of this to help currency growing over time. And around 48% are held in reserve for regular release. Ripple team created 100 billion tokens

The most popular discussion about Ripple and XRP so far is SEC’s lawsuit against Ripple Labs Inc. and two of its executives. They are accused of raising $1.3 billion through an unregistered digital asset securities offering. The lawsuit was registered on December 22, 2020, and the trial is still on track. The SEC’s complaint caused suspending XRP trading on various big exchanges, such as Coinbase, Crypto.com, and OKCoin. However, some experts say that there are good chances for XRP to win this suit and reach its new all-time high soon after.