Kraken-Says-Ripple's-Coin-XRP-Name-is-Creating-Confusion-Among-the-Crypto-Community

XRP’s Name Generates Confusion Among The Crypto Community; Kraken Included

The crypto community is still confused regarding Ripple and XRP. Kraken has publicly asked for help in order to understand how to better use the name of the second largest virtual currency. In a recent tweet, Jesse Powell, the co-founder and CEO of Kraken asked Ripple’s CTO, David Schwartz, how to consider XRP units.

In this tweet, Powell asked whether an XRP unit should be called ‘ripple’ or ‘ripples’ since it is not clear how to consider a single XRP unit.

 

In another tweet, Powell said that he found the answer to this issue. He uploaded a picture of an investor update back from January 2013. At that time, Ripple considered that the term ripple (small cap) was used to denote the ripple network. Ripple (large cap) was used to denote Ripple currency or XRPs.

One of the Twitter users, Nik Bougalis, answered that his position is that the name of the asset is the same as its three-letter ISO-4217 compliant code. In that case, 1 XRP should be considered 1 XRP.

Powell decided to ask whether Ripple Labs have an official position on the matter or not. The Twitter user Tiffany Hayden answered with a link to a comment made by Cory Johnson, Ripple’s Chief Market Strategist, in which he says that it is currently 2018 and that RIpple is not XRP and XRP is not Ripple.

In general, Twitter is full of XRP supporters that are very active in this social network. At the time of writing, David Schwartz did not answer the comment made by Kraken.

The decision of changing Ripple’s name to XRP is due to the fact that the company and the community are afraid of XRP being considered a security. The U.S. Securities and Exchange Commission (SEC) considers Bitcoin (BTC) a commodity.

On December 29, Kraken announced that it was launching Bitcoin Cash (BCH) and XRP margin trading on its platform. In this way, they are offering margin trading for 8 different assets that include Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Augur (REP), Monero (XMR) and Tether (USDT).

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $164.61B $9,266.4557 2.29% $6.4B
ETH $28.97B $271.9635 0.49% $2.07B
XRP $18.33B $0.4313 4.00% $719.77M
LTC $8.42B $135.2592 1.24% $793.15M
BCH $7.75B $434.2969 1.48% $229.56M
EOS $6.57B $7.1401 2.40% $789.75M
BNB $4.72B $33.4278 2.09% $232.81M
BSV $4.05B $226.8707 8.28% $184.48M
USDT $3.48B $1.0033 0.07% $5.81B
XLM $2.5B $0.1286 0.61% $80.79M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.