Ripple publishes proposal for federated sidechains to keep main ledger lean

Ripple’s developers have been engaging with feedback and suggestions that they expand the XRP Ledger, or XRPL, to integrate functionalities such as smart contracts. The latter have become a major feature of the booming decentralized finance space, but Ripple’s creators claim that a different solution is better for the payments-focused XRPL. This solution comes in the form of what they term “federated sidechains” i.e. parallel ledgers that can support developers’ experimentation and specialized interests, whether for DeFi or other use cases. Using sidechains can leave the main XRPL streamlined and efficient…

Ripple seeks docs from 15 offshore exchanges it says could be ‘fatal’ to the SEC’s charges

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, have filed a motion requesting the U.S. Securities and Exchange Commission investigate Bitfinex’s parent company, iFinex, and 14 other international crypto exchanges. The June 2 motion requests documents from exchanges including iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology The motion’s supporting memorandum notes the letters of request solicit assistance from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta.…

Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

Ripple started a fresh rally above the $1.50 barrier against the US Dollar. XRP price is likely to surge further if it clears the $1.75 and $1.80 resistance levels. Ripple is gaining bullish momentum above the $1.55 and $1.60 resistance levels against the US dollar. The price is now trading well above $1.50 and the 100 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely…

Ripple sold twice as much XRP this quarter, as demand grows for its ODL service

Despite the ongoing legal battle with the Securities Exchange Commission, Ripple reported a 97% increase in sales of XRP for Q1. Ripple posted its Q1 markets report on May 6th and revealed that total sales net of purchases had gone from $76.27 million in Q4 2020, to $150.34 million in Q1 this year. Ripple noted the surge in sales was led by the growing demand for RippleNet’s working capital service On-Demand Liquidity or ODL: “The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For…

Former US treasurer joins Ripple board

Rosa Gumataotao Rios, the 43rd treasurer of the United States, will be joining Ripple’s board of directors.  In an announcement from Ripple today, the company said Rios, who served as the U.S. treasurer from 2009 to 2016 under President Barack Obama, will be the newest member of the firm’s leadership team. Ripple CEO Brad Garlinghouse cited Rios’ experience in both the public and private sectors as well as her success in “rapidly accelerating businesses” in the company’s decision to bring her on board. “Ripple is one of the best examples…

Ripple wants go public after settling SEC lawsuit, SBI CEO says

Major cryptocurrency company Ripple has not given up on its plans to go public despite its ongoing legal battle with United States regulators, according to SBI Group’s CEO. Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, claimed that Ripple plans to become a public company after the firm settles a legal action brought against it by the United States Securities and Exchange Commission. Speaking on a Wednesday earnings presentation call, Kitao said that both Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen are planning to take Ripple public: “After the…

Ripple (XRP) Could Surge If It Settles Above This Key Hurdle

Ripple started a fresh increase after testing $1.00 against the US Dollar. XRP price is likely to surge further if it clears the $1.45 and $1.46 resistance levels. Ripple is showing positive signs above the $1.25 and $1.30 resistance levels against the US dollar. The price is now trading well above $1.3200 and testing the 100 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $1.15 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely…

Ripple co-founder thinks Bitcoin should move away from proof-of-work

Bitcoin code contributors need to consider a move away from the cryptocurrency’s proof-of-work consensus mechanism, Ripple co-founder Chris Larsen argued. In a Wednesday blog post, Larsen outlined major PoW-related vulnerabilities, noting growing concerns over Bitcoin’s carbon footprint. According to the executive, PoW-based coins like Bitcoin (BTC) should consider a code change to carbon-neutral validation methods like proof-of-stake or federated consensus, or something yet to be developed. “I would argue that such a change is critically important for Bitcoin to remain the world’s dominant cryptocurrency. PoW’s current energy demands and carbon footprint are…

Ripple (XRP) Could Rally Significantly If It Clears This Key Resistance

Ripple formed a support base above $1.16 and it is now rising against the US Dollar. XRP price could start a strong increase if it clears the main $1.50 resistance zone. Ripple is showing positive signs above the $1.20 and $1.30 resistance levels against the US dollar. The price is now trading well above $1.3500 and the 100 simple moving average (4-hours). There is a major contracting triangle forming with resistance near $1.50 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is likely to…

SEC loses a battle to win the war? Ripple dissociates from pumping XRP

When the United States Securities and Exchange Commission filed legal action against Ripple Labs and its top-two executives in December, alleging that its XRP coin was in fact a security and that the firm had raised over $1.38 billion through an unregistered securities offering in 2013, many wondered if XRP would even survive.  Some exchanges delisted XRP; some asset managers sold their XRP tokens. XRP had lost its place as the top 3 currency by market capitalization and was even looking like it could drop from the top 10. But…