Ripple envisages the aspiration of how future global finance is ought to be handled. To them, the outdated and shriveled finance market needs a severe revamping. The reasons they provide for this is that the current global payments infrastructure cannot meet the demands of the global transactional infrastructure. The speed, cost and efficiency can be greatly improved through blockchain and digital asset technology. The other thing that is the need of the hour is creating such an inclusive financial base so that a greater number of people and businesses have access to an open and inclusive system no matter where they are in the world. The final aim of Ripple is to create the Internet of value which is an idea particular to Ripple itself – an idolized vision of money moving as information does through the internet.
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Now these are some big dreams. And it is okay to have big dreams but you must have something to back up those big dreams. Fortunately for Ripple, they have constructed a proper infrastructure to enable working model for finances of the future. In fact, their model has also attracted mainstream attention—but more on that later.
How does XRP works?
Coming back on how Ripple works, the cryptocurrency XRP runs on the Ripple blockchain, called the Ripple Consensus Protocol Ledger (XRPL). The XRPL works as a distributed economic system that not only tracks transactions and accounting information, but also offers, for many types and kinds of currency pairs, exchange services. The XRPL is presented by Ripple an open-source distributed ledger that can process financial transactions in real time. These transactions are secured and verified by the network participants and a consensus mechanism.
Price Movement in a Year
Other than the technical, Ripple has also had a huge success in the crypto market with investors and predictors showing trust in this currency. Currently, the value of Ripple, at the time of writing this article, is $1.09 with a trading volume of $2.64 billion (pertinent to mention it has had a dip of 31.12% in the last 24 hours). The value of the coin itself has remained relatively stable despite its legal issues and the crypto-market drop due to the bearish momentum of Bitcoin. The highest value XRP had over the past year was $1.96 while the lowest value it had was $0.1748.
SEC and Ripple XRP
As far as the controversy shrouding Ripple is concerned, the Security and Exchange Commission of American (SEC) had filed a lawsuit against Ripple. The suit by SEC alleges that the XRP was an unregistered security upon its launch and remains a security to this day. The suit alleges that Ripple sold its “unregistered security” XRP of about 14.6 billion units for consideration of about $1.38 billion U.S Dollars (USD) to fund the company’s operations.
This is a shoddy case at best with no real strategy against Ripple. It is a lack of understanding of crypo-currencies on part of SEC and this case might serve as an important case study of the future of what will happen to cryptocurrency as a whole. Regardless, “all publicity is good publicity” we surmise.