✍️ 27 December, 2022 - 12:31 👤 Editor: Jakub Motyka
- Regulatory pressure and a decline in the price of XRP are causing speculations Ripple could be dead.
- Then... is Ripple dead? The shared public ledger Ripple and its cryptocurrency XRP are much alive.
- The latest news about cryptos is on our Telegram channel.
Cryptocurrency XRP and its owner Ripple are not dead. On the contrary of the question is Ripple dead, the blockchain is seeing a notable expansion of its On-Demand Liquidity (ODL) technology in the global market, including – Europe, Asia, South America, and the Middle East.
Launched in 2018, ODL aims to enhance financial inclusion with fast transaction settlements and transparency. According to the company, Ripple has gained use cases among merchants, internal treasuries, and marketplace vendors.
Why Some People Say Ripple Is Dead
Rumors that Ripple (XRP) could be dead is because of the recent decline in the token’s prices. On a broader outlook, XRP peaked in 2018 at $3.36. The second-highest price point that the digital asset surged to was $1.55 during the 2021 crypto bull cycle. Since then, XRP has been on a constant downtrend.
At press time, it was trading at $0.3512, representing a price change of +0.75% in the past day and +1.85% in the past week. However, broader timeframes show a price decline in the value of XRP. In the last month, the digital currency has dropped 14%, while in the past three months, the token is down 26%.
So Is Ripple Really Dead?
Not really. The cryptocurrency ranked 6th in the digital asset space - at the time of writing - with a market capitalization of more than $17 billion. Analysts predict that the digital payment currency could rise if Ripple wins its 2-year case against the US Securities and Exchange Commission.
The latest in the lawsuit is that the appellant, SEC, is asking the Judge presiding over the matter not to release Hinman Speech Documents, saying they were protected by privilege. The documents in question provide background information of the case, where a former Director of SEC's Corporate Finance division, William Hinman, said in a speech that Bitcoin and Ether were not securities. The materiality of the documents could tilt the case in favor of the blockchain.
XRP is the native currency used in the XRP Ledger, an open-source cryptographic ledger underpinned by a peer-to-peer network of nodes. The blockchain was founded in 2012 by Chris Larsen and Jed McCaleb. The token is mainly used as a bridge currency between financial institutions exchanging value in multiple fiat currencies on Ripple’s ODL solution, xRapid.
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EN: Jared Kirui is an experienced financial writer with a passion for all things blockchain technology. Previously, he was into stock markets and forex, providing asset managers with top-notch content. With a flair for producing high-quality articles, he started covering crypto news in 2021. He is open-minded, trades for fun, and enjoys sports.
ES: Jared Kirui es un escritor financiero experimentado apasionado por todo lo relacionado con la tecnología blockchain. Anteriormente, estuvo en los mercados bursátiles y forex, brindando a los administradores de activos contenido de primer nivel. Con un don para producir artículos de alta calidad, comenzó a cubrir noticias crypto en 2021. Tiene una mente abierta, comercia por diversión y disfruta de los deportes.
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- is-ripple-xrp-dead: Unsplash
I am Jared Kirui, an experienced financial writer with a profound passion for blockchain technology and cryptocurrencies. My expertise extends beyond mere enthusiasm, as I have a comprehensive understanding of the intricacies surrounding the crypto landscape. Prior to delving into the crypto space in 2021, I navigated through stock markets and forex, providing asset managers with top-notch content.
Now, let's delve into the concepts discussed in the article regarding Ripple and XRP:
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Regulatory Pressure and XRP Price Decline:
- The article mentions regulatory pressure and a decline in the price of XRP as factors causing speculations about Ripple's potential demise. Regulatory scrutiny has been a consistent challenge for Ripple, particularly from the US Securities and Exchange Commission (SEC).
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Ripple's Current State and On-Demand Liquidity (ODL) Technology:
- Contrary to speculations, the article emphasizes that Ripple and its cryptocurrency XRP are alive. Ripple's blockchain is experiencing notable expansion in its On-Demand Liquidity (ODL) technology globally, including in Europe, Asia, South America, and the Middle East. ODL aims to facilitate fast transaction settlements and transparency.
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XRP Price Performance:
- The article provides a historical perspective on XRP's price, mentioning its peak at $3.36 in 2018 and $1.55 during the 2021 crypto bull cycle. Despite recent downtrends, it clarifies that Ripple is not dead. At the time of writing, XRP is trading at $0.3512, with broader timeframes showing a decline.
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Market Capitalization and Ranking:
- Ripple is currently ranked 6th in the digital asset space with a market capitalization exceeding $17 billion. Analysts suggest that Ripple's digital payment currency could rise if the company prevails in its ongoing legal battle with the SEC.
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Legal Battle with SEC and Potential Impact on XRP:
- The article highlights Ripple's ongoing two-year legal case against the SEC. The outcome of this case could significantly impact XRP's future. The SEC is seeking to protect privileged documents related to a speech by William Hinman, a former Director of SEC's Corporate Finance division, which could influence the case.
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XRP as a Native Currency and Use in XRP Ledger:
- XRP is the native currency of the XRP Ledger, an open-source cryptographic ledger founded in 2012 by Chris Larsen and Jed McCaleb. The token primarily serves as a bridge currency in Ripple's ODL solution, xRapid, facilitating value exchange between financial institutions in multiple fiat currencies.
In conclusion, despite the recent challenges, Ripple and XRP demonstrate resilience, and their future trajectory hinges on regulatory outcomes and market dynamics. As an expert in the field, I can affirm that the crypto landscape is dynamic, and Ripple's survival is contingent on its ability to navigate regulatory hurdles successfully.
