Week’s TOP Coin: Ripple (XRP)
Introduction: What is Ripple – The most growing coin of the week?
Cryptocurrencies have revolutionized the way we think about money and financial transactions. Among the notable digital currencies, Ripple (XRP) has emerged as a prominent player in the crypto market.
Ripple was created in 2012 by Jed McCaleb and Chris Larsen. It is both a digital payment protocol and a cryptocurrency. Unlike Bitcoin or Ethereum, Ripple aims to facilitate fast and low-cost international money transfers and settlements. Ripple's primary goal is to bridge the gap between traditional banking systems and the digital world.
While many cryptocurrencies rely on traditional blockchain technology, Ripple takes a different approach. It operates on a unique consensus mechanism called the Ripple Protocol Consensus Algorithm (RPCA). Instead of relying on a decentralized network of miners, Ripple uses a network of trusted validators to confirm and authenticate transactions. This allows for faster transaction speeds and reduced costs compared to traditional banking systems.
Ripple vs. U.S. Securities and Exchange Commission (SEC) – What’s going on?
The SEC versus Ripple case, which unfolded in the US Court, carried significant implications for cryptocurrency regulations, potentially shaping its future classification as either a security or a commodity.
During 2020, the U.S. Securities and Exchange Commission (SEC) made allegations against Ripple, the blockchain developer responsible for the XRP cryptocurrency token, claiming that they had conducted an unregistered security offering by selling XRP to investors and raising over $1.4 billion in 2013.
Ripple, in defense, referenced statements from an SEC director in an attempt to argue that XRP should not be classified as a security.
The court ruling on July 13, 2023, concluded that XRP, and consequently cryptocurrency as a whole, was not classified as a security during its public sale. However, it determined that the sale of XRP to institutional investors constituted an unregistered securities offering.
In addition, the judge's ruling confirmed that Ripple had indeed violated securities laws by selling approximately $750 million worth of XRP tokens to various entities such as banks, hedge funds, and venture capitalists. Despite the earlier determination that XRP was not considered a security in its public sale, this specific transaction was deemed to be in violation of securities laws.
The court is ongoing until the final verdict.
Why the court decision is important for SEC vs. Ripple?
Several early verdicts in favor of investors and crypto enthusiasts have had a positive impact. The recognition that Ripple is not a conventional stock has generated substantial demand for the cryptocurrency, resulting in an unprecedented increase in its price. This outcome has been welcomed by investors and crypto enthusiasts who have witnessed significant gains as a result.
Additionally, it has been revealed that Ripple is not expected to be reclassified as a traditional security in the future. This means that it will continue to be regarded as a cryptocurrency from an investment standpoint and will operate in accordance with the applicable regulations and guidelines governing cryptocurrencies.
What was the increase for Ripple (XRP) during past Week?
As of now, the total circulating supply of XRP coins stands at 52 billion. Notably, within the past 24 hours, trading activity involving this cryptocurrency has reached a substantial volume, reaching a total trading volume of $4 billion.
These numbers have increased compared to previous periods, and therefore we can say that investors have higher hopes for Ripple than before.
The combination of these factors, including ongoing processes and growing confidence in the asset, has contributed to a remarkable price increase of 60% since last week.
For example: if an investor bought $1000 worth Ripple on Monday, July 10, a week later, on July 17, this investment’s value would be $1600. This means a benefit of $600 for 7 days.
The cryptocurrency can currently be purchased within $0.7478.
Buying Ripple (XRP) using the easiest and the fastest Way in Georgia?
To acquire Ripple, one can explore various crypto exchanges, which serve as the easiest and swiftest means of purchasing digital assets.
Cryptal provides a streamlined experience where you can purchase XRP with just a few clicks. But first, you must go through a simple Registration process.
After Registration, you can have two options for asset purchasing:
With the Convert functionality, customers looking to buy or sell Ripple can bypass the wait for a suitable counterparty to fulfil their request. This feature enables users to swiftly purchase or sell the desired amount of cryptocurrency directly from a crypto exchange at a fixed price.
The transaction occurs instantaneously, and the acquired Ripple or the proceeds from the sale are promptly transferred to the customer's digital wallet. This streamlined process eliminates the need for waiting and offers immediate access to XRP without relying on matching orders with other traders.
- Spot Exchange
When you place a buy request for a specific amount of Ripple on an exchange, it triggers a process where the exchange endeavours to match your request with a suitable counterparty. This involves connecting traders who are looking to buy with those who are willing to sell XRP. The exchange aims to ensure that your request is fulfilled within a predetermined price range, facilitating a seamless transaction between the two parties. This matchmaking mechanism helps create a liquid marketplace where buyers and sellers can efficiently trade Ripple and ensure that orders are executed as efficiently as possible.
Summary: Ripple (XRP) – Week’s TOP Coin
Ripple (XRP) has made a significant impact on the financial industry by revolutionizing cross-border transactions. Its unique consensus mechanism and focus on speed and cost-efficiency have attracted the attention of banks, financial institutions, and remittance services worldwide.
As a result of a partially successful lawsuit versus SEC, the demand for it increased and its credibility was strengthened. All this showed an unprecedented percentage growth of the cryptocurrency during the week.
Ripple is one of the oldest cryptocurrencies and continues to be a good investment asset for investors.