1. Foundation of Ripple (2004–2012)
In 2004, Ryan Fugger began developing RipplePay — a decentralized payment system, long before the advent of blockchain.
Goal: to create a network that allows secure and instant settlements without intermediary banks.
2. Creation of Ripple Labs (2012)
In 2012, the project was transferred to Jed McCaleb (creator of Mt. Gox) and Chris Larsen.
OpenCoin was created, later renamed to Ripple Labs.
They implemented a new protocol Ripple Consensus Ledger (RCL), not based on mining like Bitcoin.
3. Launch of XRP Ledger (2012)
Instead of Proof-of-Work — Ripple uses a consensus algorithm that provides:
Fast transactions (3–5 seconds),
Low fees (less than $0.01),
High throughput (up to 1500 transactions per second).
The XRP currency has become an embedded asset for liquidity and payment of fees.
4. Expansion and partnerships (2015–2019)
Ripple Labs rebrands under the name Ripple.
Products launched:
xCurrent — system for bank settlements,
xRapid — a solution using XRP for liquidity,
xVia — API for payment companies.
Ripple began collaborating with over 300 banks and fintech companies, including Santander, American Express, SBI, PNC, and others.
5. Issues with the SEC (2020–2023)
In December 2020, the SEC filed a lawsuit against Ripple Labs, claiming that XRP is an unregistered security.
The lawsuit continued until 2023. The court partially recognized that the sale of XRP on the secondary market is not a violation of securities law.
This became an important precedent for the entire crypto industry.
6. Current situation (2023–2025)
XRP continues to be used as a bridge currency in international settlements.
Ripple actively promotes a CBDC platform (for central bank digital currencies), collaborating with governments.
The XRP Ledger ecosystem is developing (NFT, DeFi, asset tokenization).
Features of Ripple and XRP
Characteristic: Ripple / XRP
Network type: Centralized with open source
Ripple Protocol Consensus Algorithm (RPCA)
Issuance of coins: 100 billion XRP issued in advance
Main application: International bank transfers and liquidity
XRP Token