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.
Can you help us..
0.5 XRP = 500,000 drops
1 XRP = 1 ripple (or 1 ripples?)
2 XRP = 2 ripples
Is "ripple" or "ripples" deprecated? Is a singular unit called a ripple or ripples?
— Jesse Powell (@jespow) December 29, 2018
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.
It's 2018 now. Ripple is not XRP. XRP is not Ripple.
— Cory Johnson (@CoryTV) November 19, 2018
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).