Development of the XRP Ledger Began
David Schwartz, Jed McCaleb and Arthur Britto began building a distributed ledger designed to move value without Bitcoin-style mining.
ABOUT XRP
What Is XRP and How Does It Work?
XRP is the native digital asset of the XRP Ledger, a decentralized public blockchain launched in 2012 for moving value and settling transactions. XRP is used to pay network transaction costs and can provide bridge liquidity when exchanging currencies or other assets through the ledger.
That also answers a common question: is XRP a stablecoin? XRP is a market-priced digital asset, so its value can rise or fall against the US dollar, euro and other currencies. This page explains how XRP was created, how the XRP Ledger reaches consensus and how Ripple’s role relates to the wider network.
XRP PROFILE
XRP at a Glance
Get a quick introduction to XRP, including who developed the XRP Ledger, what the digital asset is used for and how the network confirms transactions. The overview also clarifies the relationship between XRP and Ripple, the technology company that received part of the original supply and continues to contribute to the ecosystem.
XRP ORIGINS
The Idea
The Ledger
The Company
When Was XRP Created?
XRP was created alongside the XRP Ledger, which David Schwartz, Jed McCaleb and Arthur Britto began developing in 2011. Their aim was to build a distributed system that could move value quickly and efficiently without mining. By June 2012, the code was complete and the ledger was live.
The ledger and its native asset came before the company now known as Ripple. Chris Larsen joined the developers shortly after launch, and the group formed NewCoin in September 2012. The company was soon renamed OpenCoin and later Ripple. The founders gifted it 80 billion XRP to support the development of use cases around the asset.
The XRP Ledger Went Live
The developers completed the code and launched the XRP Ledger. XRP was created as its native asset with an original supply of 100 billion tokens.
NewCoin Was Established
Chris Larsen joined the developers to establish NewCoin, which soon became OpenCoin and later Ripple. The founders gifted 80 billion XRP to the company.
UNDERSTANDING XRP
2017
2020
2023
2025
XRP Evolution
XRP’s development after launch has been shaped by the growth of the XRP Ledger, Ripple’s management of its holdings and the asset’s legal treatment in the United States. The creation of an on-ledger escrow made Ripple’s planned XRP releases easier to track, while the XRP SEC case brought years of scrutiny to certain sales made by the company.
The court’s findings depended on how XRP was offered and sold. Ripple’s Institutional Sales were found to be investment contracts, while its Programmatic Sales and Other Distributions were not. The SEC and Ripple dismissed their respective appeals in 2025, leaving the district court’s final judgment in place.
Ripple Completed Its XRP Escrow
Ripple placed 55 billion XRP into 55 on-ledger escrow contracts, each originally scheduled to release up to one billion XRP per month. Unused XRP could be returned to the back of the escrow schedule.
The SEC Filed Its Case Against Ripple
The SEC alleged that Ripple and two executives had conducted unregistered offers and sales of XRP. The case focused on the circumstances surrounding specific XRP transactions.
The Court Issued Its Summary Judgment
The court found that Ripple’s Institutional Sales constituted investment contracts. Its Programmatic Sales and Other Distributions did not constitute investment contracts under the circumstances examined.
The SEC and Ripple Dismissed Their Appeals
The SEC dismissed its appeal and Ripple dismissed its cross-appeal, resolving the civil enforcement action and leaving the August 2024 final judgment in effect.
UNDERSTANDING XRP
How Does XRP Work?
XRP transactions are processed through the XRP Ledger, a public network maintained by independent server operators. A wallet creates and signs a transaction before submitting it to an XRP Ledger server. The server checks the transaction against the protocol’s rules and relays eligible transactions across the network.
Validators exchange proposals to agree on which transactions should enter the next ledger and in what order. Once sufficient agreement is reached, servers apply the agreed transaction set and confirm the new validated ledger. XRP transfers typically settle within three to five seconds, and the XRP charged as a transaction cost is permanently destroyed.
01
Sign
The wallet uses a private key to sign the XRP transaction and authorize the requested transfer.
02
Relay
The signed transaction is submitted to an XRP Ledger server, checked and shared across the peer-to-peer network.
03
Agree
Validators exchange proposals and work toward agreement on the transactions and ordering for the next ledger version.
04
Validate
Servers use the agreed upon transaction set. The transaction has a final result once the produced ledger is verified.
What Shapes XRP’s Price?
XRP’s price is set by buying and selling across cryptocurrency exchanges. Its original supply was created when the XRP Ledger launched, while the amount readily available to trade depends on circulating holdings, Ripple’s escrow, exchange balances and the decisions made by individual and institutional holders.
Market liquidity, regulatory developments, XRP ETF flows, network adoption and wider crypto market conditions can all influence demand. These forces do not affect every trading venue equally, which is why the XRP-to-USD price can vary slightly between exchanges at the same moment.
XRP Supply and Escrow
The original supply was limited to 100 billion XRP. Ripple’s escrow schedule, company holdings and the gradual destruction of transaction costs influence how much XRP is available over time.
Market Demand
Demand changes as traders, institutions, payment companies and other market participants increase or reduce their exposure to XRP.
Market Liquidity
Order-book depth and trading activity affect how easily XRP can be bought or sold. Markets with less liquidity may experience greater slippage and sharper price movements.
Regulation
Court decisions, regulatory rules and changes in exchange access can influence how XRP is traded and which investors can gain exposure to it.
XRP ETF Flows
Inflows into spot XRP ETFs can create demand for the underlying asset, while outflows can add selling pressure. An XRP ETF price reflects the value per fund share rather than the price of one XRP.
Crypto Market Conditions
Bitcoin movements, market-wide leverage, interest rates and investor risk appetite can affect XRP even when there is no major XRP-specific development.
What Is the XRP Current Price?
The XRP current price is $1.56 USD, up 1.06% over the past 24 hours. Select USD to view XRP to USD, or use the currency selector to display the XRP price in CAD, EUR, or another supported currency. The XRP calculator can convert a specific amount using the latest available rate.
XRP trades as a cryptocurrency, so searches for the XRP stock price today refer to this live crypto XRP price rather than a separate company share price.
Will XRP Go Back Up?
XRP may recover when sustained buying demand becomes stronger than the available selling pressure. Relevant signals include spot trading volume, market liquidity, XRP ETF flows, wider crypto market conditions and confirmed developments involving Ripple or the XRP Ledger.
These indicators can show whether market conditions are improving, but they cannot establish when XRP will return to an earlier price or all-time high.
Is XRP a Stablecoin?
XRP is the native cryptocurrency of the XRP Ledger and its market price changes according to supply and demand. It has no fixed peg to the US dollar, euro or another reference asset.
Stablecoins can be issued and transferred on the XRP Ledger, including Ripple USD, but those tokens remain separate from XRP.
Is XRP Dead?
XRP remains actively traded, while the XRP Ledger continues to process transactions and support payments, tokenized assets and decentralized exchange activity. A falling XRP price reflects market performance during a particular period rather than the operational status of the network.
Price, trading liquidity, transaction activity and development work provide more useful measures of XRP’s position than short-term market sentiment alone.
Where to Buy XRP and How to Sell It
XRP can be bought and sold through supported cryptocurrency exchanges, brokerage platforms and other trading services. Where to buy XRP depends on the user’s country, local regulations, available payment methods and whether the provider supports withdrawals through the XRP Ledger. Depending on the platform, XRP may be traded against US dollars, euros, Canadian dollars, stablecoins or other cryptocurrencies.
An XRP calculator can estimate how much a holding is worth using the latest XRP-to-USD rate or another selected currency. The final amount received depends on the execution price, market spread, liquidity and any trading, transfer or withdrawal fees charged by the service. The XRP Ledger also has a built-in decentralized exchange, although converting assets into bank-held fiat currency still requires a compatible off-ramp.
Choose a Supported Service
Select an exchange, broker or trading service that offers XRP in your jurisdiction. Check its regulatory status, supported trading pairs, custody model and XRP deposit and withdrawal options.
Fund the Account or Transfer XRP
To buy XRP, deposit a supported fiat currency or cryptocurrency. To sell XRP, send it to the deposit address supplied by the service and include a destination tag when one is required.
Buy or Sell XRP
Select XRP/USD or another supported trading pair, choose an order type and enter the amount. Review the quoted price, spread and fees before confirming the trade.
Store XRP or Withdraw the Funds
Purchased XRP can remain with a custodial service or be transferred to a compatible wallet. After selling, available proceeds can be withdrawn using the banking or payment methods supported by the provider.
Before You Trade
Before You Buy or Sell XRP
Review the service, transaction details and total cost before confirming an XRP purchase, sale or transfer.
Service and Security
Provider
Availability, regulatory status and custody model
Account Security
Identity requirements, two-factor authentication and account recovery
Costs and Execution
Price and Spread
XRP market rate, order type, liquidity and expected execution price
Fees and Limits
Trading, network and withdrawal fees, plus deposit and withdrawal limits
Transfers and Records
Transfer Details
XRP Ledger address, destination tag and selected transfer network
Reserves and Records
Self-custody account reserve, transaction history and local tax obligations
Disclaimer Buying, selling or exchanging XRP may create tax-reporting obligations. The applicable treatment depends on the user’s jurisdiction and individual circumstances.
Learn More About XRP
Our XRP guides take a closer look at the asset, the XRP Ledger and Ripple’s role in the wider ecosystem. Explore the topics below for a clearer explanation of how XRP works and where it fits.
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How to Buy Ripple (XRP): A Step-by-Step Guide
A step-by-step guide to buying XRP safely, covering exchanges, wallets, fees, and how to store your tokens securely.
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