XRP’s has established itself as a primary option for payment settlements, asset exchanges, and remittance systems, in which, allow for increased transaction times, and lower fees for international currency transactions. Financial institutions who may not have a direct relationship with each other can transfer funds, quickly and easily using XRP on the Ripple Network.
XRP – A Consensus Protocol Alternative
XRP validates transactions using a consensus protocol, a model that is separate from both proof-of-work and the proof-of-stake chains. This prevents double spending, allows more transactions per second and improves confirmation speeds.
XRP and the Battle with the SEC
XRP and the court case that is ongoing with the SEC could have major impacts on the regulations for the entire cryptocurrency industry. The SEC complaint is that XRP is not a currency, but a security, and therefore subject to strict securities laws. The claim is highly contested by Ripple and many in the crypto community are eagerly awaiting the outcome.