XRP, the world’s sixth-largest cryptocurrency by market capitalization, recently celebrated its 11th birthday. The XRP Ledger (XRPL), which serves as the underlying technology for XRP, was first launched in June 2012, although its development began a year earlier. This milestone highlights the longevity and resilience of the digital asset, which has experienced its fair share of ups and downs over the years.
Back in 2011, three engineers named David Schwartz, Jed McCaleb, and Arthur Britto embarked on the journey of developing the XRP Ledger out of their passion for Bitcoin. Their goal was to create a more sustainable digital asset that could facilitate real payments. Their efforts laid the foundation for what would become the XRP Ledger, and their dedication to the project has been instrumental in its success.
Happy Birthday $XRP 🎂 pic.twitter.com/ktY0r8ubKU
— XRP_Cro 🛸 (@stedas) June 2, 2023
On June 2, 2012, Arthur Britto sent a code that generated 100 billion XRP tokens, then known as XNS. This event marked the official birthplace of XRP, as declared by Ripple’s Chief Technology Officer, David Schwartz. In the early days, the founders of XRPL gifted the company with over 80 billion XRP tokens, which were later moved to escrow by Ripple.
It’s worth noting that the XRP Ledger’s complete history can be traced back to December 2012. Since then, more than 80 million ledgers have been created on the XRPL, resulting in a staggering 80,190,143 transactions.
The movement of XRP has been quite eventful over the years. Investors who have held XRP since its inception have seen remarkable returns, with profits surpassing 32,000%. During the bullish market of 2017, XRP reached its all-time high of $3.84 on January 4, 2018, attracting significant attention from investors and enthusiasts alike.
However, the journey hasn’t been without its challenges. In December 2020, Ripple Labs, the company closely associated with XRP, faced a lawsuit from the US Securities and Exchange Commission (SEC). This legal battle caused the price of XRP to plummet, reaching a low of $0.16. The SEC’s allegations brought uncertainty to the XRP market and led to a decline in investor confidence.
Currently, XRP’s trading volume remains high, as there is speculation that Ripple and the SEC are actively seeking a settlement in their legal dispute. However, it appears that the price of XRP may not return to its previous heights, given the lingering effects of the SEC lawsuit and the changing dynamics of the cryptocurrency market.
Nevertheless, XRP has shown some positive signs recently. The current price stands at $0.515, reflecting an 11% increase over the past week and a 1.72% increase in the last 24 hours. While this may be seen as a positive development for XRP enthusiasts, it remains to be seen how the cryptocurrency will fare in the long run, considering the regulatory challenges it continues to face.
As XRP enters its 12th year of existence, the cryptocurrency community will be watching closely to see how it navigates the ever-evolving landscape of digital assets and whether it can regain its previous levels of success.
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