XRP News today: CryptoLaw founder attorney John Deaton expressed surprise over CoinDesk's recent publication about XRP but the question remains the same: is Ripple and XRP interchangeable and should Cramer's support for Ripple be best described as "the kiss of death"?
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What are we going to talk about in today's XRP video?
CHAPTERS:
0:00 XRP News today
1:15 Ripples General Counsel Reacts to SEC Funding Request for Fiscal Year 2024 as the budget testimony of Gary Gensler
3:48 XRP and XRP Ledger
6:37 Is Ripple and XRP interchangeable and should Cramer's support for Ripple be best described as "the kiss of death"?
9:02 XRP price is growing up
11:40 Conclusions
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Give me more information about today's video
According to an excerpt in a CoinDesk article published yesterday, the media outlet noted that "Ripple and XRP are not interchangeable." It went a step further to state the function of each.
"While Ripple is a fintech company focused on building a global payments network, XRP is an independent digital asset used for things like online payments and currency swaps," an excerpt of the article read.
This shocked many, including attorney Deaton, given that the media outlet is known for spreading Fear, Uncertainty, and Doubt (FUD) about Ripple and XRP.
In reaction to the report, attorney Deaton said, "times are changing."
However, many XRP community members do not think the media outlet has learned from its previous misinformation regarding the sixth-largest cryptocurrency.
In the first paragraph, CoinDesk described "Ripple Labs as the company that issued the XRP tokens." Reacting to the comment, an XRP influencer said: "Your generalism and investigative skills need to be adjusted or you are doing this for political purposes. Stop writing false articles & fake narratives against XRP & Ripple do the right thing & fix it. Ripple did NOT issue XRP nor did they create it, It was gifted to them."
It bears mentioning that XRP is one of the crypto assets that suffered from misinformation in its early days. Several crypto community members previously used Ripple and XRP interchangeably while referring to crypto.
This stems from a series of misconceptions about the coin. However, XRP enthusiasts, including Deaton, have embarked on a voluntary task to correct these misconceptions.
For context, XRP is the native cryptocurrency of the XRP Ledger (XRPL), a decentralized, public blockchain led by a vibrant global developer community.
Three engineers, David Schwartz, Arthur Britto, and Jed McCaleb, began the development of XRPL in 2011.
The team launched the blockchain the following year. In September 2012, Chris Larsen and the group that started Ripple (formerly named NewCoin) joined the XRPL team.
The partnership resulted in XRPL's founders gifting 80 billion units of XRP to Ripple. The Silicon Valley tech company proceeded to lock a huge chunk of the crypto asset in escrow to protect its market value.
Furthermore, The XRP community has been riding high in recent weeks. XRP's price soared as confidence in a Ripple victory in the United States Securities and Exchange Commission case appeared to be at an all-time high.
However, the community may have now been given a reason to be concerned as CNBC Mad Money host Jim Cramer has said the SEC may lose in its case against Ripple.
"SEC says look they're creating securities day after day there's a Ripple case they may not even win the Ripple case but the Binance is very different," Cramer said in the clip that has made the rounds on crypto Twitter.
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