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July 7, 2022
1HomeRipple

Ripple

Ripple breaking news

Ripple is a financial system that functions as both a cryptocurrency and a digital payment network. Chris Larsen and Jed McCaleb co-founded and launched it in 2012. Ripple’s primary function is to act as a payment settlement asset exchange and remittance system, comparable to the SWIFT system for international money and security transfers.

The cryptocurrency’s token, XRP, is pre-mined and has the ticker sign XRP. The firm and network are known as Ripple, and the cryptocurrency coin is known as XRP. The objective of XRP is to act as a type of interim settlement layer denomination, acting as an intermediary mechanism of trade between two currencies or networks.

Ripple is a peer-to-peer decentralized open-source network that enables the smooth movement of money in any form, including dollars, yen, euros, and cryptocurrencies such as Litecoin and bitcoin. It’s a worldwide payments network with central banks and financial institutions as clients. Its products employ XRP to allow for fast conversion between multiple currencies.

History

Ryan Fugger, a Web developer in Vancouver, B.C., Canada, was the first to integrate Ripple currency in 2004. In 2005, Fugger started developing Ripplepay as a financial solution that would allow members of an online community to make safe payments over a worldwide network. In May 2011, developers launched a new digital currency system based on this protocol, complete with its cryptocurrency, XRP.

Jed McCaleb developed a new method as a result of this in 2011. He created it to replace Bitcoin’s dependency on centralized exchanges, use less power, and process transactions considerably faster than Bitcoin.

RTXP was founded in 2012 with the mission of providing “safe, fast, and almost free worldwide money operations of any amount without chargebacks.” People could make payments using fiat cash, cryptocurrency, commodities, or other units such as bonus miles or mobile minutes.

Bitcoin legalization and its ripple effects worldwide

El Salvador is becoming the first country to recognize Bitcoin as a legal currency alternative to the US dollar. Since COVID-19 sparked the spread of fiat digital currencies, this should come as no surprise.

Venezuela is rated third on Chainalysis’ Global Crypto Adoption Index, which studies blockchain transactions. Venezuela is already adopting cryptocurrency to alleviate its economic woes, but Paraguay, Panama, Mexico, and Brazil may follow suit. El Salvador is not going to be an outlier.

Latin American governments and politicians are exploring alternative currencies as reserve currencies in addition to the US dollar to offer liquidity and risk mitigation. When COVID-19 went into effect, the dollars in countries’ reserves began to lose value, and the quest for a new currency to hedge against inflation began.

According to international commercial law, all treaties where El Salvador is a party recognize Bitcoin as legal money. Therefore, other signatories to these treaties and banks and financial organizations will be forced to adopt this currency.

We cannot underestimate the importance of public education regarding new cryptocurrencies. People who live under authoritarian governments that use financial systems to impose control advocate for its acceptance since decentralized cryptocurrencies imply governments can’t confiscate the assets of political opponents if they disagree with the political agenda.

Ripple

Market diversion could do the trick

July 7, 2022 John 0

Bitcoin price builds a case for ticking $23,878 to the upside. Ethereum price could bear 20% of gains if incipient crypto diversion continues.  XRP price looks to outperform Bitcoin and Ethereum with a chunky 30% […]

Ripple

Ripple tests NFT support and hires new lawyers to fight the SEC, setting XRP price up for a breakout

July 6, 2022 John 0

Developers at RippleX conducted tests to affirm that the XRP Ledger is ready to support NFTs.  Two new lawyers have joined Ripple in its legal battle with the US SEC.  Unique addresses on the XRP […]

Ripple

What needs to happen for cryptos to recover

July 6, 2022 John 0

Bitcoin price is stuck trading inside the $18,600-to-$20,922 range and shows no signs of breaking out. Ethereum price is far more optimistic than BTC price action and hints at a potential climb to $1,425. Ripple […]

Ripple

Three reasons why XRP price could drop 60% and still have the best returns for the next bullish cycle

July 6, 2022 John 0

XRP price has slipped 36% below the 200-week SMA, suggesting a full-blown bear market. The bottom for the remittance token could occur anywhere between $0.035 to $0.0093. If Ripple bottoms around $0.0093, the return would […]

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REAL TIME UPDATE

Name Price
bitcoin
Bitcoin (BTC)
$31,351.00
ethereum
Ethereum (ETH)
$1,938.40
cardano
Cardano (ADA)
$0.62
ripple
XRP (XRP)
$0.409542
litecoin
Litecoin (LTC)
$67.15
bitcoin-cash
Bitcoin Cash (BCH)
$192.50
monero
Monero (XMR)
$193.96
iota
IOTA (MIOTA)
$0.341175
dash
Dash (DASH)
$61.18
nem
NEM (XEM)
$0.051781

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  • bitcoinBitcoin(BTC)$31,351.002.01%
  • ethereumEthereum(ETH)$1,938.401.63%
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