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With its price up about 240% year to date, Ripple's native token, XRP (CRYPTO: XRP), is one of several cryptocurrencies that have soared in response to Donald Trump's presidential election victory.
A judge imposed a small-than-expected $125 million fine on Ripple, the company that operates XRP. But the SEC wasn't happy with that ruling, and the agency recently filed a notice of appeal .
In 2020, XRP's parent company, Ripple, was sued by the Securities and Exchange Commission (SEC). The regulator claimed that the company sold XRP as an unregistered security, a pretty big no-no.
The open-source project was originally called "Ripple", the unique consensus ledger was called the Ripple Consensus Ledger, the transaction protocol was called the Ripple Transaction Protocol or RTXP and the digital asset (known as "ripples") using XRP as the three-letter currency code to follow the naming convention of BTC for Bitcoin.
In December 2019, Garlinghouse announced that Ripple had raised a $200M series C funding round from Tetragon, SBI Ventures and Route 66 Ventures. [9] In 2020 Garlinghouse admitted that Ripple Labs would be losing money if it did not have the revenue generated from the sales of the XRP cryptocurrency. [10]
Aside from broader market-related tailwinds, there are other token-specific factors driving today's positive price action with XRP. On Saturday, XRP saw its open interest surge to a record high.
The firm funds accepted startups with up to US$50,000 (equivalent to $64,352 in 2023) in XRP, Ripple's native currency, in exchange for a 3% to 6% stake in diluted common stock. Mentorship and support is provided by CrossCoin and Ripple Labs, Inc. [16] Ripple also developed early partnerships with companies such as ZipZap. [17] [18]
If you're an XRP (CRYPTO: XRP) investor, the good news is that Ripple Labs (the company behind the XRP token) is finally starting to put its legal and regulatory issues in the rearview mirror. As ...