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RPLUSD Profile

Ripple was first released in 2012 and was co-founded by Chris Larsen and Jed McCaleb and is technology acting as both a cryptocurrency and a digital payment network for financial transactions. The token used for the cryptocurrency is premined and utilises the ticker symbol XRP. Ripple is the name of the company and the network and XRP is the cryptocurrency token. Ripple aims to serve as an intermediate mechanism of exchange between two currencies or networks.

Ripple is a blockchain-based digital payment network and protocol with its own cryptocurrency, XRP. Its main process is a payment settlement asset exchange and remittance system similar to the SWIFT system. It can securely transfer money internationally, through this system which is used by banks and financial middlemen dealing across currencies. Ripples transactions use less energy than other digital currencies, cost very little, and are confirmed in seconds. It is ranked among the most valuable blockchain currencies by market capitalisation.

Both digital currencies use almost the same blockchain code, neither allows mining, use a distributed ledger and provide nearly free and instantaneous transactions. These similarities occur because the founder of both platforms, McCaleb, recognised what worked with Ripple and brought it back to create Stellar.

In February 2022, Linqto announced that it sold out of Ripple shares as the demand was notably high in recent weeks as developments in the XRP lawsuit could give Ripple the upper hand against the SEC. Ripple also bought back shares it issued after securin $200M (USD) in a Series C funding round led by Tetragon, with the participation of SBI Holdings and Route 66 Ventures.

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RPLUSD Trading FAQ

XRP is being preferred by many investors for a long-term investment as the currency is considered one of the cheapest of the oldest, and most prestigious currencies around today.

Ripple network does not run with a proof of stake system like Nxt or proof of work system like Bitcoin. Its transactions rely on a consensus protocol to validate account balances and transactions on the system.

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