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As the world of cryptocurrency broke out of its incipient stages, a name showed promise: XRP. Now, it’s making news for all the wrong reasons. Prominent asset managers in cryptocurrency have severed ties with XRP, and its value has plummeted.
Also, Ripple, a company frequently associated with XRP, faces a lawsuit that could seal its future. Authorities have placed the magnifying glass on Ripple and XRP, and the world has noticed.
While some people might say it’s just another example of the unstable world of cryptocurrencies, this story goes further. So, in this episode of Company Forensics, we’ll dive into XRP, Ripple, and how one of the promises for the future went on a downward spiral.
The origins
Though it’s common to think that XRP and Ripple are the same things, it’s not entirely true. First, let’s talk about Ripple.
Originally called OpenCoin, Ripple Labs came up with Ripple in 2013. It was a financial service that provided secure payment options for members of a global, online community. Every user would extend credit to members of their social network. In short, imagine each individual becoming a bank.
