XRP Lawsuit: Ripple Continues To Exude Confidence Of Scoring Major Win Against The SEC

admin

May 31

Ripple is a payment protocol that uses blockchain technology to process international money transfers. It offers low transaction fees and extremely fast processing times, and it has partnered with hundreds of financial institutions that use its technology.

There's a common misconception that Ripple is a cryptocurrency. Ripple itself is not a cryptocurrency, but it does have a native cryptocurrency called XRP (CRYPTO:XRP). Those who like Ripple and want to invest in it can buy XRP.

Although Ripple has potential, it also has had some high-profile issues. Most notably, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against it at the end of 2020. If this crypto project caught your eye, here's a complete look at its story so far and how it works.

Software developer Ryan Fugger came up with the first version of Ripple when he founded RipplePay in 2004. The site allowed people to extend credit to others in their community. This makes Ripple the rare crypto project that was around in some form before Bitcoin (CRYPTO:BTC), although it wasn't a cryptocurrency at the time. Bitcoin's anonymous creator, who used the pseudonym Satoshi Nakamoto, even mentioned Ripple once in an email.

Programmer Jed McCaleb started developing the XRP cryptocurrency and blockchain in 2011. He recruited a team, found investors, and approached Fugger about using his RipplePay network in 2012. Fugger agreed to hand over control of RipplePay.

They launched their company and the XRP cryptocurrency in 2012. The company was originally called NewCoin before changing the name to OpenCoin and then later to Ripple.

Ripple would go on to establish partnerships with financial institutions. In 2019, it announced that more than 300 financial institutions in more than 45 countries were using its RippleNet payment network. If you're debating whether this cryptocurrency is a good investment, Ripple's success so far is one point in its favor.

On Dec. 22, 2020, the SEC filed a lawsuit against Ripple for selling $1.3 billion in unregistered securities through its XRP cryptocurrency. Ripple has denied the allegation, claiming that XRP isn't a security.

The purpose of RippleNet is to provide fast, cheap, and convenient cross-border transactions for banks. That makes it an alternative to SWIFT, the current international payments system that most banks use. There are several advantages Ripple offers for international transactions:

The average transaction processes in five seconds.
The transaction fee is 0.00001 XRP, which was much less than a fraction of a cent even at the token's all-time high in price.
The XRP cryptocurrency can be used as a bridge currency. This gives financial institutions a cheaper way to trade currencies. They can hold XRP instead of various types of fiat money.
The XRP cryptocurrency uses a consensus protocol to verify transactions. Validators compare proposed transactions to the most recent version of the XRP ledger and accept legitimate transactions. For a transaction to be verified, the majority of the validators must accept it.

#xrp #ripple #xrpledger #hbar

➤ Unser REACT Kanal OMA GEHT STEIL : https://bit.ly/OmaGehtSteil
➤ Unsere SnapShow: https://bit.ly/SeniorenZockenSnapShow
➤ TikTok: https://www.tiktok.com/@omagehtsteil.official
➤ INSTAGRAM: https://www.instagram.com/omagehtsteil
➤ TWITTER: https://twitter.com/seniorenzocken
➤ Discord: https://discord.gg/hq8em3ACKW
➤ + SENIOREN ZOCKEN App: https://app.adjust.com/xhuww08