XRP is the native token of the XRP Ledger, an open-source blockchain. It is used by the Ripple payment network to facilitate cross-border transactions and is designed to act as a bridge currency. It’s important to note that Ripple, the company, operates the network but does not own XRP.
The cryptocurrency market is anticipating movement this week as Ripple faces a pivotal hearing on January 15 in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP as an unregistered security, a claim at the center of the dispute.
In August 2024, a court ordered Ripple to pay a $125 million fine for violating investor-protection laws, significantly less than the $2 billion sought by the SEC. The regulator will present its arguments on January 15 to support its appeal.
XRP is trading at $2.45, representing a jump of 0.74% in a week.
