XRP, the cryptocurrency associated with the Ripple project, has seen a surge in value in the weeks following the U.S. Securities and Exchange Commission’s decision to drop its lawsuit against Ripple in October 2023. In 2020, the SEC had charged Ripple’s Chief Executive Brad Garlinghouse and co-founder Chris Larsen with unregistered sales of securities, in the form of $1.3 billion worth of XRP. Ripple is different from other currencies such as Bitcoin and Litecoin as it does not rely on energy-intensive mining to work or create new currency. Instead, Ripple created XRP all at once and the people behind Ripple gradually sell it when needed. XRP is more focused on helping banks and other financial institutions move money faster and without fees, rather than being a way for people to buy goods and services. Ripple was initially developed by Ryan Fugger in 2004, and was later refined by Jed Calab and Chris Larsen in 2012. Banks use Ripple to transfer money around the world, and 15 of the 50 biggest banks use it. Ripple wants to help the banking industry move money as quickly and simply as sending someone an email, and if Ripple succeeds, its currency XRP will be tied to that success. #XRP #Ripple #Cryptocurrency #FinancialInstitutions
You can read more about this topic here: Decrypt: What Is XRP? The Cryptocurrency Created by Ripple Founders
