What Is XRP? The Cryptocurrency Created by Ripple Founders

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Earn a free on-chain NFT by taking our free course, Crypto Investing: Fundamentals First. Decrypt will cover gas fees for the first 10,000 mints! XRP has soared in the weeks following he U.S. Securities and Exchange Commission’s decision to drop its suit against Ripple in October 2023. The investment watchdog organization had charged the Ripple Chief Executive Brad Garlinghouse and co-founder Chris Larsen in 2020 with an unregistered sales of securities, in the form of $1.3 billion in XRP. Ripple is the project behind XRP, but the way it works and runs is very different from other currencies like Bitcoin and Litecoin. It doesn’t rely on energy-intensive mining in order to work or create new currency. Instead, the company it created its currency, called XRP all at once, and the people behind Ripple gradually sell it as and when they need to. It’s also more focused on developing a method to help banks and other financial institutions move money faster and without fees rather than a way for people to buy goods and services. Who Invented it? The pre-cursor to the Ripple and its XRP currency as we know today was first developed by Ryan Fugger, a web developer in 2004. But it wasn’t until 2012 – and the work of Jed Caleb and Chris Larsen – that lead to what we now know to be XRP. A brief history –

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