XRP Price Exits Downtrend to Hit Three-Week High
XRP has been on the offensive, having ended a 3.5-month-long downtrend with a move to three-week highs.
XRP is known as a Real Time Gross Settlement System which is a ‘currency exchange and remittance network’ that independent servers validate. The currency traded is known as XRP and transfer times are immediate. XRP can be exchanged for most other currencies with its USP being the avoidance of fees and wait times often associated with banks. It isn’t made up of a blockchain but rather a Hash Tree and its currency can’t be mined because there are a finite number of coins – one hundred billion. XRP is popular with banks and institutions though the XRP token isn’t necessarily required for each transaction.Blockchain 101
Ripple now owns nearly 10 percent of MoneyGram's outstanding common stock after completing its $50 million equity investment.
Criminals have used XRP to carry out their illicit activities, though hardly to the same degree as bitcoin, according to a new report from blockchain sleuthing firm Elliptic.
Even if XRP were a security, the investors suing Ripple brought their case far too late for it to proceed, the company said in a new filing.
Ripple's argument that an XRP holder waited too long to file suit has no precedent, a new legal filing claims.
Ripple has strong defenses against a lawsuit alleging it violated securities laws by selling XRP, but the road ahead is long, legal experts said.