XRP, also known as Ripple, is a cryptocurrency that was developed by Ripple Labs Inc. Founded in 2012, Ripple Labs is a technology company focused on facilitating fast and low-cost international money transfers. The brainchild of Chris Larsen and Jed McCaleb, Ripple has gained significant attention in the crypto world due to its innovative payment protocol and partnerships with various financial institutions. In this article, we will explore the origins of XRP and delve into its initial price upon release.
The Founders
Chris Larsen and Jed McCaleb are the co-founders of Ripple Labs Inc. Before Ripple, Larsen was involved in the creation of eLoan, an online lending company. His experience in the financial technology industry contributed to the development of Ripple’s vision for efficient cross-border transactions. On the other hand, Jed McCaleb brought his software development expertise to Ripple, having been involved in previous cryptocurrency projects such as Mt. Gox.
The Launch
Upon its launch, XRP was not immediately available to the public through a public sale. Instead, Ripple Labs chose to distribute XRP through various means, including rewarding partners and early participants in their network. The initial distribution of XRP was primarily aimed at creating liquidity and incentivizing adoption by financial institutions.
Initial Price
Determining the exact initial price of XRP at launch is challenging, as it was not introduced through a traditional public offering. During the early stages, Ripple Labs allocated XRP for free as rewards to their business partners and collaborators. As the project gained traction, Ripple Labs began selling XRP gradually through public offerings and cryptocurrency exchanges.
The earliest available data regarding XRP’s price can be traced back to August 2, 2013, when XRP reached its first significant peak at around $0.05 per XRP. From there, the price of XRP experienced significant fluctuations, reaching an all-time high of approximately $3.40 in early 2018. It is crucial to note that cryptocurrency prices are highly volatile and can change dramatically within a short period. The value of XRP, like other cryptocurrencies, depends on market dynamics and various factors.
Conclusion:
XRP (Ripple) was developed by Ripple Labs Inc., founded by Chris Larsen and Jed McCaleb. The exact initial price of XRP upon release is not readily available due to its unconventional distribution method. Nevertheless, XRP has had a turbulent price history, reaching significant milestones in value over the years. To obtain the most accurate and up-to-date pricing information, it is advisable to refer to reliable sources or cryptocurrency trading platforms. Despite the price fluctuations, Ripple’s innovative payment protocol and its partnerships with financial institutions continue to make XRP a prominent player in the cryptocurrency landscape.
