The Developers Gift a Fraction of the 100 Billion XRP Tokens to Themselves Before Ripple

ripple xrp price analysis

There have been several talks about the nature of the relationship between XRP and Ripple. This has also resulted in a series of articles speculating what XRP (XRP) really is. However, Ripple has continued to dismiss claims of being the owner of XRP. Ripple has dispute claims of owning XRP. The firm said it only has shares in XRP, that doesn’t mean it owns the entire digital currency. Sometime last year, Ripple publicly declared that XRP and Ripple are independent. The firm added that XRP runs independently of Ripple.

The Chief Technology Officer of Ripple – David Schwartz – was at the just conclude SXSW Conference. In an interview during the event, Schwartz put all speculations about the relationship of XRP and Ripple to rest. He said that Chris Larsen, Jed McCaleb, and a few others came together to create the XRP (XRP) ledger.

He said that the developers gifted a fraction of the 100 billion XRP tokens they created to themselves. They also gifted some of it to Ripple, which is independent of XRP. Schwartz said that holding XRP tokens doesn’t mean that one has a state in the firm – Ripple.

The CTO also added that security laws are not really clear as to the applicable rules of the evolving technology. In a statement, Schwartz said:

Security law hasn’t changed with regards to blockchain technology. The Security and Exchange Commission recently talked about how they are going to consider if these tokens meet security laws. But they have not given any white or black test yet. They have given a test but it is filled with vague terms.”

SEC will Decide If XRP (XRP) is a Security or Not

The CTO further added that he is extremely confident that XRP (XRP) is not a security. He said it would be the courts and the SEC that will decide if XRP (XRP) is a security or not. Schwartz pointed at laws/regulations as the major obstacle to development in the digital currency ecosystem. He further added that Ripple Inc. and other firms in the crypto space were lobbying regulations about the same.

A YouTube user that goes by the name John Bev said:

Men and women in the military, who are stationed abroad, should use XRP to send money back quickly to support their loved ones. We should pay homage for developing ARAPNET, which is now the INTERNET, and let them use XRP.”

XRP (XRP) Price Today – XRP / USD

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At the time of writing, XRP live price is $0.316 after a decrease of about one percent over the past twenty-four hours. The current market cap of the digital currency is $13.09 billion. The trading volume of the coin over the past twenty-four hours is $678.27 million

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.


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