Ripple’s CEO, Brad Garlinghouse, and the legal team at the company will spend the better part of the second half of 2018 defending against 3 concurrently running lawsuits against the parent company and its top management. The plaintiffs in all these cases want XRP declared a security for they believe the crypto asset is part and parcel of the company (Ripple) that uses the utility coin.
Perhaps what has happened here, is a lack of differentiating Ripple the company, and the digital asset that is XRP, from the onset of this exciting world that is cryptocurrerncies and trading. The fault might be our own for when we started trading in crytpocurrencies back in November (in the case of the author), we continually referred to the coin as Ripple whereas we should have been referring to it via its actual currency code of XRP. Yes. This might be the reason. There was a lack of clarity from the get go from the traders as well as the team at Ripple. They too can be afforded a few ounces of blame 🙂
So why is XRP simply XRP and not Ripple?
Firstly, there is proof positive evidence that XRP was created before the company of Ripple was established. XRP was created in 2004 and the company that uses the coin in its network, Ripple, was only established in 2012. Chief Cryptographer at Ripple, David Schwartz, has clearly explained this aspect on numerous occasions including twitter.
Secondly, popular cryptocurrency tracking website of Coinmarketcap.com, has already figured out the difference in the two entities and now simply refers to the digital asset as XRP. If we remember a few months back, the website also used to refer to the coin as Ripple and had the blue splash logo that was the centerpiece of the digital asset. Now there is a prominent, futuristic looking X as the symbol for XRP on the website. Evidence of this can be seen in screenshot below with the current price of XRP at the moment of writing this.
A clearer new logo or symbol of the coin can be found below.
In conclusion, there was some initial confusion when we, the crypto traders, referred to XRP as Ripple a few months back. This was due to the fact that back then, it was okay to interchange the two. But when the digital asset that is the favorite of many is facing the proverbial guillotine in court, and Ripple’s management team is facing possible jail time over the 3 aforementioned lawsuits, it might be time to lend them a hand and formally conclude that XRP is simply XRP and not Ripple.