XRP Project Introduction

XRP is the core digital asset of the Ripple ecosystem, dedicated to providing efficient and low-cost cross-border payment solutions. It was launched by Ripple Labs in 2012, supporting the trading and settlement of multiple assets, and designed specifically to achieve fast and efficient cross-border payments.

XRPL (XRP Ledger) is a decentralized, public-chain payment network that adopts the Ripple consensus protocol. It achieves consensus within 3 to 5 seconds through a network composed of independent validators, significantly improving transaction confirmation speed. Compared to traditional blockchain networks such as Bitcoin and Ethereum, it can provide banks, financial institutions, etc., with more efficient and low-cost cross-border payment solutions.

In addition, XRP was fully pre-mined at the time of release, with a total fixed supply of 100 billion coins, no additional mining issuance, and Ripple Labs will regularly sell the held XRP to enhance market liquidity and support ecosystem development, empowering cross-border payment scenarios.

XRP token symbol (Image source: https://coinpedia.org/price-analysis/ripples-xrp-price-soars-6-will-it-hit-a-new-52-week-high/)

Related links:

Official website entrance:https://ripple.com/

White Paper:https://xrpl.org/docs

Github:https://github.com/XRPLF/

X (Twitter):https://x.com/Ripple

Telegram:https://t.me/Ripple

Xrpscan:https://xrpscan.com/

Trading Entrance:https://www.gate.io/en/trade/XRP_USDT

XRP core team

Brad Garlinghouse

Ripple’s CEO, also a member of the board. Prior to joining Ripple, he served as CEO of the file collaboration service Hightail, President of AOL Consumer Applications, and held several executive positions at Yahoo.

David Schwartz

Current Chief Technology Officer of Ripple, one of the original architects of the XRP Ledger, often referred to as ‘JoelKatz,’ and respected in the cryptocurrency community. Previously, he was the Chief Technology Officer of WebMaster Incorporated, a software developer in Santa Clara, and also developed encrypted cloud storage and enterprise messaging systems for organizations such as CNN and the National Security Agency (NSA).

Monica Long

He joined Ripple in 2013 as General Manager, Senior Vice President of Marketing & Design, and was one of the company’s earliest marketing communications leaders, currently responsible for Ripple Payments and RippleX. She has extensive experience in the fintech field, having been named one of the 2020 Most Influential Business Women in the San Francisco Bay Area and holds a bachelor’s degree from the University of California, Berkeley.

XRP Use Cases

Ripple Labs focuses on the application of blockchain technology in cross-border payments and financial settlements, aiming to improve the efficiency of global fund flows and reduce transaction costs. Its core product, RippleNet, is a global payment network designed to provide fast and low-cost cross-border payment and remittance solutions for banks and financial institutions. It widely adopts XRP as the bridge asset within its ecosystem to optimize international fund transfer processes.

As a tool for value transfer, $XRP is mainly used as an intermediary asset in cross-border transactions, simplifying the exchange between different fiat currencies. In traditional financial systems, cross-border remittances often require multiple intermediary institutions, resulting in high fees and complex transaction processes. However, in the Ripple ecosystem, the issuing bank can directly convert funds to XRP, and then quickly complete the payment through RippleNet, making the entire transaction process more efficient and transparent.

In addition, traditional banking systems need to meet additional regulatory requirements when processing large cross-border payments, leading to delayed fund arrival times; however, XRP, as a decentralized, real-time settlement digital asset, can effectively avoid these delays, allowing even large transactions to be completed within seconds, this characteristic of not being subject to transaction amount limits provides financial institutions with greater market flexibility, significantly improving the efficiency of the global payment system.

Ripple Cross-Border Payment Process Illustration (Image Source:https://www.panewslab.com/zh/articledetails/r72ohce2.html)

XRP Coin recent performance

Over the past week, the overall trend of $XRP price has been showing a fluctuating upward trend, but it has experienced significant volatility. Starting from March 11, the low point of $XRP price has gradually risen, and there has been some buying support in the market. After reaching a high point on March 15, the market saw short-term profit-taking, leading to a fluctuation in coin price. On March 16, market sentiment has somewhat recovered, and the price has started to rebound slightly, currently maintaining a range of fluctuation between $2.34 - $2.35.

As of writing on March 17, the latest price of $XRP is $2.3467, with a total circulating market value of $234.16 billion. Recently, investors can pay attention to the breakthrough of the $2.35 resistance level. If successful, it may continue the upward trend; if not, the price may consolidate in the $2.28 - $2.35 range. Overall, XRP still maintains strong support and may need more market momentum in the short term to further push up.

During 03/11 - 03/17, the trend of XRP (Chart Source: https://coinmarketcap.com/dexscan/bsc）

XRP ETF Approval Progress

On March 13, the U.S. Securities and Exchange Commission delayed the approval decision on applications for spot ETFs of cryptocurrencies such as Litecoin (LTC), Ripple (XRP), and Dogecoin (DOGE). This decision disappointed the market, as investors had hoped that the SEC’s approval of ETFs related to medium-sized crypto assets (such as XRP, LTC) and meme coins could further promote the development of the cryptocurrency market.

In January 2024, the SEC approved Bitcoin and Ethereum spot ETFs, boosting Bitcoin’s significant gains, leading the market to have high expectations for regulators to further relax approval for ETFs of other cryptocurrencies. Bloomberg Markets previously predicted a 90% probability of Litecoin ETF approval by the end of 2025, a 75% probability for Dogecoin ETF, and a 65% probability for XRP ETF, demonstrating market optimism towards this process.

With the SEC’s decision delayed, there remains significant uncertainty as to whether and when regulatory agencies will approve cryptocurrency ETF applications submitted by asset management companies such as Grayscale and Ark Invest, which could further impact the short-term price trends and liquidity of related assets. In the future, investors need to closely monitor the SEC’s subsequent attitudes and policy adjustments to assess the development path of the cryptocurrency ETF market.

Conclusion

XRP, as an important part of the Ripple ecosystem, occupies a unique position in the global payment network with its efficient and cost-effective cross-border payment capabilities. Its market performance is mainly influenced by multiple factors such as policy regulation and market demand. In the future, the trend of XRP prices will depend on the further development of the Ripple ecosystem and changes in institutional adoption rates. In the short term, investors should focus on the approval progress of XRP Spot ETF, adjust investment strategies in combination with market trends, ensure controllable risks, reasonably allocate assets, and achieve long-term stable returns.