Over the past few weeks, the hype around Ripple, XRP, has reduced and is nowhere close to what it was in the month of January, this year. Even though its price hasn’t reached $3.65 again, it still is holding itself around the $0.65 – $0.7 range quite comfortably.
A week in review – XRP price was around $0.87 on May 6th and suffered a drop of more than $0.17 over the last 7 days. It is now trading at $0.7 at the time of writing and appears to be going on the uptrend. In the past 24hrs, it has risen by 2.73% and faces resistance at $0.75 mark. It still is at the 3rd position with a market cap of $27 Billion.
To avoid the possibility of people getting confused between Ripple and its coin and to curb down the FUD, Ripple is coming up with new logo designs for its coin. A Redditor shares one concept design which is rather very symbolizing.
In other news, Ripple faces a lawsuit as one of its investors, Ryan Coffey, filed a complaint against the token “on behalf of all investors who purchased Ripple tokens.”
The lawsuit alleged that only 20% of XRP supply was distributed by Ripple, with the remaining 80% kept by the firm. The charge sheet stated:
“Defendants have since earned massive profits by quietly selling off this XRP to the general public, in what is essentially a never-ending initial coin offering (‘ICO’). […] In order to increase demand for XRP, and thereby increase the profits it can derive by selling XRP, Ripple Labs has consistently portrayed XRP as a good investment, relayed optimistic price predictions, and conflated Ripple Labs’ enterprise customers with usage of XRP.”
Also, Ripple’s much-awaited release Rippled 1.0.0 has finally been announced. It was announced by a cryptographer who is also the leading developer of the C++ team at Ripple, Nik Bougalis.
What is Rippled 1.0.0? It’s the core server of the peer to peer network of XRP. It will be the core of the XRP Ledger, and thus makes XRP more reliable and straightforward with better performance levels.
Nik Bougalis tweeted on the Rippled 1.0.0 Release-
“The software is a bit like a soufflé. You can’t rush it. It’s ready when it’s ready. With that said. I think this particular soufflé will be coming out of the oven soon.”