Ripple is a global payment network, and it allows any currency anywhere in the world to be transferred at an affordable cost in seconds. The goal of Ripple is to enable international money transfers in real time. Pat White, CEO of Bitwave, has said that Ripple was originally designed to replace SWIFT, which is a leading money transfer network, or to replace the consensus layer between major financial institutions. Ripple can facilitate exchanges for fiat currencies and cryptocurrencies such as Bitcoin. For example, a person or bank can convert USD to XRP and then send XRP to a buyer.
XRP is up 5.33% in the last 24 hours. The SEC’s attempt to seal documents tied to former official William Hinman’s speech was rejected on May 16. The SEC had argued that the documents should be sealed because of the “clear lack of relevance of these documents to the summary judgment motions” and because their disclosure “would be highly prejudicial to the SEC”. Judge Analisa Torres stated that the SEC cannot seal the documents since they were relevant to the judicial process. Members of the XRP community seem pleased with this development, and this may have been instrumental in the rise of XRP.
