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 65.43% in the last 24 hours. In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging that XRP is an unregistered security. The verdict in the case between the SEC and Ripple is out. Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that XRP is not a security and that Ripple did not violate federal securities law by selling XRP on exchanges. This development led to a significant increase in the price of XRP.
