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Ripple Executive Clears Up Widespread Confusion About XRP’s Identity
In a recent post, Ripple executive Reece Merrick has taken to Twitter to clarify the widespread confusion about XRP’s identity. In his tweet, Merrick emphasized that Ripple and XRP are not the same thing.
To clear up any misconceptions, Ripple is a private company that specializes in developing enterprise blockchain infrastructure and crypto solutions for financial services. On the other hand, XRP serves as the native cryptocurrency of the XRPL, or XRP Ledger, which is an open-source decentralized blockchain network.
It’s essential to understand this distinction because many newcomers in the crypto space have been mistakenly believing that purchasing XRP means they are investing in Ripple itself. This misconception often leads to incorrect expectations and misinformed decisions.
In reality, XRP operates independently of Ripple and is not a share or ownership stake in the company. The XRPL processes transactions in three to five seconds, with transaction fees typically around $0.0002. This rapid processing speed makes Ripple an attractive choice for use cases that require scalability and efficiency.
For clarity’s sake, Ripple uses the XRP Ledger as part of its payment and custody solutions designed for seamless international payments and liquidity management. The company does not control or own the XRPL; instead, it builds its products utilizing the features provided by the blockchain network.
In another Twitter post, Ripple’s Chief Technology Officer (CTO) David Schwartz reinforced Merrick’s statement, reiterating that XRP is a digital currency used on the XRPL and not a share of Ripple. This affirmation further solidifies the idea that Ripple and XRPL serve distinct functions despite their association.
Source: coincentral.com
