There has been a wide misconception that has led the XRP cryptocurrency to be associated with Ripple despite numerous efforts by the company to demystify the narrative. However, a new leaf seems to be turning for the third largest cryptocurrency in terms of market capitalization if data from CoinMarketCap is anything to go by.
Ripple calling out to supporters
Alexavier Guzman, a long time supporter of XRP and a software engineer by profession, has launched a quest to find a symbol for XRP and finally distinguish the cryptocurrency from the company Ripple. After realizing that the XRP was actually an ISO 4217 currency code and that it lacks a Unicode standard symbol, Guzman wrote in a post on Forbes that although other currencies like Bitcoin have their own “symbol that was added to the Unicode standard,” cryptocurrencies like XRP should equally be treated with the same respect.
As a response to Guzman’s initiative that would see the open source XRP project distinguished as a cryptocurrency, Ripple has issued out a statement of encouragement in a post on twitter that equally called upon other members of the Ripple community to submit their ideas for the XRP symbol.
Guzman further wrote that the huge misconception of XRP as Ripple has mainly been due to the lack of a logo for XRP. In the post he said that “the currency is often associated with Ripple’s trademark” and as a result, many people seem to believe that XRP is a ripple product.
For the uninitiated, XRP is actually an open source digital asset that operates on its own ledger called the XRP ledger. Basically, it is a decentralized digital asset that runs on its own decentralized peer to peer network and even though it was released by Ripple, it stands alone as a cryptocurrency on its own just like Bitcoin. Furthermore, although it is designed for use by the big financial institutions, it can also be used by smaller entities that look to get a competitive advantage when sending money across borders.
Is XRP Ripple?
Granted, the perception of Ripple as XRP is completely rational as the company is the chief distributor and issuer of the cryptocurrency. However, initiatives are ongoing for the development of a logo that will further distinguish XRP from the San Francisco based startup.
Regulators ask whether Cryptocurrencies like XRP are securities
Perhaps the recurring question about whether XRP is a security for Ripple or just a cryptocurrency has been the most asked questions about that has caught the ear of regulators. In fact, reports from CCN indicate that there have been closed-door meetings by the SEC and the CFTC surrounding the discussion of whether cryptocurrencies are securities. Since the association of XRP with Ripple has been a long-lasting trivia, users of XRP have remained confused with some going as far as suing Ripple for losses made on XRP investments. In the words of a former regulator Gary Gensler who served the CFTC, cryptocurrencies such as XRP can best be classified under “noncompliant security” since they feature a distorted structure. Although there has been no information leak bout the closed-door meeting by the SEC and CFTC, word has it that the regulators were considering classifying certain cryptocurrencies as security.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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