Ripple, an open payment protocol developed by the US-based company Ripple Labs in 2012, is designed to facilitate online money transfers. The Ripple network supports both fiat currencies (e.g., USD, EUR) and cryptocurrencies (e.g., Bitcoin). Its native cryptocurrency is XRP. Ripple's primary goal is to enable fast and low-cost international money transfers between banks and financial institutions, positioning itself as an alternative to traditional payment systems like SWIFT.
In the last 24 hours, and at the time of writing, XRP has recorded a 2.75% decline, ranking among the day's underperforming assets.
The Ripple network temporarily halted block production for about an hour in the morning when block height reached 93,927,173. However, the system has since returned to normal, with no transaction losses reported. Ripple CTO David Schwartz stated that the disruption might have been caused by issues within the consensus mechanism. This incident may have contributed to the negative price movement of XRP.