XRP, Ripple’s popular cryptocurrency, celebrated again yesterday eleventh birthday! XRP was launched on June 2, 2012, some three and a half years after the Bitcoin (BTC) network went live.
— XRP_Cro 🛸 (@stedas) June 2, 2023
A Response to Bitcoin
It all started in 2011 when three developers got together. It involved three engineers: David Schwartz, Jed McCaleb and Arthur Britto. They were fascinated by Bitcoin and set out to create a better payment system. The project was created to address the inefficiencies and costs associated with the international transactions of the traditional banking system. Traditional interbank transfers, especially across international borders, can take several days and incur high fees.
Arthur Britto submitted a new piece of code on June 2, 2012 that generated 100 billion XRP tokens, then known as XNS tokens. According to Ripple CTO David Schwartz, the founders donated 80 billion XRP to Ripple, most of which has since been placed in escrow.
Here’s Arthur’s code that created the 100 billion XRP (then called “XNS”) on June 2, 2012, the birthdate of XRP. Yes, this shows a code push but was obviously used. GitHub history that shows how many times we contributed and executed everyday. https://t.co/3nPqDFq3YP 3/6
— David “JoelKatz” Schwartz (@JoelKatz) December 12, 2019
Future Ripple in the hands of SEC lawsuit
The news about the 11th anniversary is still in the shadow of the ongoing lawsuit against the American Securities and Exchange Commission (SEC). Although Ripple Labs was allowed to bring new evidence in its favor, there is still no verdict. The lawsuit is likely to have major implications for Ripple’s future.
XRP finally breaks through $0.50 price barrier
The XRP price has been one of the strongest risers on the crypto market in the past few weeks. XRP has been on a steady rise in recent weeks and finally broke the $0.50 barrier again shortly before its birthday. The popular coin fell below this limit in mid-April, but can now finally rise above it again. It is still far from the all time high of $3.4 that XRP reached during the early 2018 bull market.