Ripple Execs Are Now Billionaires Thanks to XRP's Success (2024)
As the total value of the digital currency industry tops$600 billion, scores of new millionaires (and even billionaires) have emerged. Two of the newest billionaires who have enjoyed massive windfalls from thesuccess of XRP are Ripple's current and former CEOsChris Larsen and Brad Garlinghouse.
Larsen is the co-founder and former CEO of the company. He stepped down from that position in late 2016 and now serves as executive chairman, according to Forbes. Larsen's personal stake is 5.19 billion XRP, giving him a 17% stake in Ripple. According to the exchange rate for XRP as of January 1, 2018, this means his net holdings are worth $37.3 billion, launching him to the 15th spot on the list of richest Americans.
The current Ripple CEO is Brad Garlinghouse, who owns a reported 6.3% stake in the company, as well as additional XRP tokens. His net worth, based on the current rate, would be nearly $10 billion, placing him in the mid-50s on Forbes' list of wealthiest Americans.
Chris Larsen and Brad Garlinghousemay have seen the greatest benefits from their Ripple holdings, but they are not the only ones who have profited significantly from XRP'sstellar gains.
Jed McCaleb, another Ripple co-founder, left the company in 2013 but retains 5.3 billion XRP as of February 2016. Because of an agreement which limits his daily trading volume, he is not able to access all of these holdings; otherwise, he would also be a billionaire.
Ripple Spiked 30,000% Year-Over-Year
Ripple is based in San Francisco and makes use of blockchain technology to facilitate international financial transactions. Ripple gained about 30,000% from the start of 2017 to the start of 2018. In the process, it passed Ethereum's ether token as the second-largest digital currency by market capitalization.
Early investors in all types of digital currencies are watching their net worths balloonas bitcoin, ether, and Ripple, among other digital currencies, all post massive gains and set new price records. (See also: The Winklevoss Twins Are Bitcoin's First Billionaires.)
While many of the newly-created digital currency millionaires owetheir fortunes to investments in bitcoin, the world's largest digital currency by market cap is not the only one which has made some individuals very wealthy. Specifically, the significant gains that Ripple (XRP) has posted in recent months may have added significantly to the wealth of certain developers and stakeholders. (See more:Ripple Is Emerging as a Stable and Trusted Cryptocurrency.)
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrency.
The digital currency space has witnessed an incredible surge in value, catapulting individuals like Chris Larsen, Brad Garlinghouse, and Jed McCaleb into the billionaire sphere. Their wealth stems from their involvement in Ripple (XRP), a cryptocurrency that experienced an astronomical 30,000% increase in value from the beginning of 2017 to the start of 2018. This surge pushed Ripple past Ethereum to become the second-largest digital currency by market capitalization.
Chris Larsen, a co-founder and former CEO of Ripple, transitioned to the role of executive chairman in 2016. His substantial stake of 5.19 billion XRP, constituting 17% ownership in Ripple, translated to a staggering net worth of $37.3 billion as of January 1, 2018. Brad Garlinghouse, the current CEO, holds a reported 6.3% stake in the company, alongside additional XRP tokens, amassing a net worth of nearly $10 billion.
Jed McCaleb, another co-founder, exited Ripple in 2013 but retains 5.3 billion XRP as of February 2016. However, due to an agreement limiting his daily trading volume, he has been unable to access the full extent of his holdings. Had he not been subject to this restriction, he, too, would be considered a billionaire.
Ripple, headquartered in San Francisco, employs blockchain technology to streamline international financial transactions, which has contributed significantly to its meteoric rise. Its remarkable gains have not only benefited its co-founders but also developers and stakeholders who invested early in the cryptocurrency.
The success stories of Larsen, Garlinghouse, and McCaleb exemplify the potential windfalls in the digital currency realm beyond Bitcoin. As Bitcoin, Ethereum, and Ripple, among others, achieve remarkable gains, individuals across the spectrum of digital currencies are witnessing substantial increases in their net worth.
Investing in cryptocurrencies and Initial Coin Offerings (ICOs) carries high risk and speculation. It's crucial to consult with qualified professionals before making any financial decisions, considering the uniqueness of each individual's situation. As of the writing of the article, the author disclosed owning cryptocurrency.
I'm well-versed in the cryptocurrency space and have closely followed the developments and trends within Ripple (XRP), Bitcoin, Ethereum, and other digital currencies. I've tracked the market movements, technological advancements, and the key figures shaping this industry, which enables me to provide insights into the dynamics and growth trajectories of these cryptocurrencies.
As the total value of the digital currency industry tops $600 billion, scores of new millionaires (and even billionaires) have emerged. Two of the newest billionaires who have enjoyed massive windfalls from the success of XRP
XRP
Ripple Labs, Inc. is an American technology company which develops the Ripple payment protocol and exchange network.
Therefore, our XRP price prediction forecasts a price of $1.80 by the end of 2024. Depending on the lawsuit's outcome and crypto market conditions, it could go much higher, potentially reaching $3.10.
Reaching a £100 price point would mean a market capitalisation of roughly £5.2 trillion for XRP, considering the current circulating supply of about 52 billion. This would be more than four times larger than the current value of all cryptocurrencies combined.
The bottom line: XRP reaching $500 is borderline impossible
That seems a very unlikely possibility, to say the least. However, if Ripple succeeds in its IPO plans and the company wins the lawsuit against the SEC, the sky is the limit for XRP, especially in the long run, spanning to 2040 and 2050.
Can XRP price reach $100? While it's theoretically possible for XRP to reach this price, it would require substantial market shifts or a major supply reduction. If the project were to reform significantly to drive value to the XRP token, there is every chance that XRP could soar to new highs.
At the time of writing, the value of one XRP token is approximately $0.50. Therefore, investors would need around two million tokens to hold XRP worth one million dollars. However, a study suggests that even having less than 100 XRP could be enough to reach the milestone of being a millionaire.
With a $1,000 investment in XRP today, you could become a millionaire if the token reaches a forecasted price target of around $520 over the next few decades. Although that level demands massive gains from current prices near $0.52, analysis suggests XRP hitting or exceeding $520 by 2050.
In a recent proposal by Edward Farina, the Head of Social Adoption at #XRPUpdate Healthcare, a hypothetical scenario was presented whereby the price of XRP has the potential to see a significant increase, reaching a value of $10,000.
How many Ripple holders are there? According to data provided by CoinCarp XRP is held by 4,840,747 individual wallets as of February 6, 2024. The top 10 Ripple token holders hold over 11% of the total token supply, and the top 100 hold over 33%.
XRP is currently supported by more than 100 financial institutions, banks, and payment systems, including Bank of America, PNC Bank, Siam Commercial Bank, Santander Bank, and Standard Chartered Bank. Early in its lifecycle, #ripple targeted banks and financial institutions to adopt the XRP blockchain.
Investors looking to see XRP at $156.36 would need to hold only 6,395 XRP to make $1 million. Notably, they could procure the 6,395 XRP tokens for $3,464. For the ambitious, a mere 1,916 XRP would be worth $1 million. Interestingly, the 1,916 tokens currently go for $1,038.
The XRP price analysis on this chart look conservatively positive at the moment, with what seems like a slight climb likely precipitated by the 2023 year end Crypto rally. 2024 looks to be a potentially exciting year, as XRP's market cap has gone up to $33.256B as 2023 comes to an end.
Interestingly, the crypto went on a consolidation for 12 months after the formation of three bullish candles before going on an 8000% to $0.40562. If this repeats itself, we could see XRP go through a similar consolidation period before skyrocketing to $50 starting on November 1st, 2024.
It is possible for XRP to reach $1,000 USD, but it is highly | CRYPTO_KITE on Binance Square. It is possible for XRP to reach $1,000 USD, but it is highly unlikely in the near future.
In a recent proposal by Edward Farina, the Head of Social Adoption at #XRPUpdate Healthcare, a hypothetical scenario was presented whereby the price of XRP has the potential to see a significant increase, reaching a value of $10,000.
Lastly, as per the XRP Price Prediction 2030, XRP's price is forecasted to range between $13.80 and $16.24, making an average of $15.02. This long-term optimistic view hinges on Ripple's increasing global recognition and adoption.
The price of XRP increased massively since it first started trading and went from ~$0.005 to over ~$0.520 in the process. XRP could reach $10.4 by 2040 and $59.3 by 2050 if it follows Bitcoin's growth trajectory over the past 3 years.
Address: Apt. 536 6162 Reichel Greens, Port Zackaryside, CT 22682-9804
Phone: +9958384818317
Job: IT Representative
Hobby: Scrapbooking, Hiking, Hunting, Kite flying, Blacksmithing, Video gaming, Foraging
Introduction: My name is Jamar Nader, I am a fine, shiny, colorful, bright, nice, perfect, curious person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
:max_bytes(150000):strip_icc()/ripple-5bfd78ecc9e77c0051d6da97 "Ripple Execs Are Now Billionaires Thanks to XRP's Success (1)")
