瑞波幣起源故事

Ripple 誕生於 2011 年，當時三位開發者 David Schwartz、Jed McCaleb 和 Arthur Britto 試圖開發比比特幣更有效率、更永續的價值發送系統。

At Bitcoin Market Journal, we analyze crypto “companies” like traditional companies, and diversify our investments with a mix of both. More on our approach here.

在《比特幣市場雜誌》中，我們像傳統公司一樣分析加密“公司”，並透過兩者的結合來實現我們的投資多元化。更多關於我們的方法請參見這裡。

The Ripple Origin Story

瑞波幣起源故事

Ripple was conceived in 2011 when three developers, David Schwartz, Jed McCaleb, and Arthur Britto, sought to develop a more efficient and sustainable system than bitcoin for sending value. In 2012, they formed a company, NewCoin, and launched their cross-border blockchain platform XRP Ledger. (The company was later rebranded as Ripple Labs.)

Ripple 誕生於 2011 年，當時三位開發者 David Schwartz、Jed McCaleb 和 Arthur Britto 試圖開發比比特幣更有效率、更永續的價值發送系統。 2012年，他們成立了NewCoin公司，並推出了跨國區塊鏈平台XRP Ledger。 （該公司後來更名為 Ripple Labs。）

Ripple approached their vision differently than other cryptocurrencies by designing a system to work alongside existing financial infrastructure, not replace it. The team believed this approach would revolutionize the global financial system.

Ripple 的願景與其他加密貨幣不同，它設計了一個與現有金融基礎設施一起工作的系統，而不是取代它。團隊相信這種方法將徹底改變全球金融體系。

Ripple’s native token, XRP, is central to this system. XRP acts as a bridge currency to facilitate quick, cost-effective cross-border transactions, enhancing liquidity and reducing costs for financial institutions. Ripple focused on building partnerships with financial institutions to transform cross-border payments, including Santander, Bank of America, and Standard Chartered.

Ripple 的原生代幣 XRP 是這個系統的核心。 XRP 充當橋樑貨幣，促進快速、經濟高效的跨境交易，增強流動性並降低金融機構的成本。 Ripple 專注於與桑坦德銀行、美國銀行和渣打銀行等金融機構建立合作夥伴關係，以實現跨境支付轉型。

In December 2020, the SEC filed a lawsuit against Ripple, alleging that XRP was an unregistered security. This action led to XRP being delisted from several major U.S. exchanges, significantly impacting its market price. Separately, XRP investors filed a class action suit against Ripple, claiming that CEO Brad Garlinghouse made misleading statements in 2017.

2020 年 12 月，SEC 對 Ripple 提起訴訟，指控 XRP 是一種未註冊的證券。這項行動導致XRP從美國幾家主要交易所摘牌，嚴重影響了其市場價格。另外，XRP 投資者對 Ripple 提起集體訴訟，聲稱執行長布拉德·加林豪斯 (Brad Garlinghouse) 在 2017 年發表了誤導性言論。

In July 2023, Ripple secured a partial victory when a New York judge ruled that:

2023 年 7 月，紐約法官裁定，Ripple 取得了部分勝利：

This ruling was seen as a significant win for Ripple and the broader crypto industry. In August 2024, Ripple was ordered to pay $125 million to the SEC, substantially less than the $2 billion the SEC had initially sought. And in June 2024, a California judge dismissed most of the class action lawsuit against Ripple.

這項裁決被視為 Ripple 和更廣泛的加密產業的重大勝利。 2024 年 8 月，Ripple 被勒令向 SEC 支付 1.25 億美元，遠低於 SEC 最初要求的 20 億美元。 2024 年 6 月，加州法官駁回了針對 Ripple 的大部分集體訴訟。

Bottom line: Much of the legal baggage hanging over Ripple has been cleared, though the SEC is likely to appeal the New York ruling, and the conflicting opinions from different judges have created uncertainty about XRP’s status as a security.

底線：儘管 SEC 可能會對紐約的裁決提出上訴，但 Ripple 身上的大部分法律包袱已經清除，而且不同法官的相互矛盾的意見給 XRP 作為證券的地位帶來了不確定性。

XRP remains one of the top cryptocurrencies by market capitalization and has maintained a significant presence in the crypto market despite these regulatory challenges.

儘管存在這些監管挑戰，XRP 仍然是市值最高的加密貨幣之一，並且在加密貨幣市場中保持著重要地位。

Key Fundamental Data

關鍵基本數據

Daily Active Users (DAU): XRP’s DAU has been relatively stagnant over the last year with no significant changes. As of writing, it records an average of 30k DAU according to The Block, lagging behind its competitor Stellar, which has averaged 100k DAU over the past year.

每日活躍用戶（DAU）：XRP 的 DAU 在過去一年中相對停滯，沒有顯著變化。根據 The Block 的數據，截至撰寫本文時，它的平均 DAU 為 30,000，落後於其競爭對手 Stellar，後者在過去一年的平均 DAU 為 100,000。

Fees and Revenues:

費用和收入：

“ODL sales” refers to XRP that Ripple sells to financial institutions for its ODL service, to facilitate cross-border payments. “Total purchases” is the XRP that Ripple bought back from the open market, to manage the XRP supply.

「ODL銷售」指Ripple向金融機構出售其ODL服務的XRP，以促進跨境支付。 「總購買量」是 Ripple 從公開市場回購的 XRP，用於管理 XRP 供應。

Market Cap:  As of this writing, the market cap of XRP is approximately $35 billion. The market cap has shown fluctuations over the past year but has not significantly increased during this period. Notably, Ripple’s XRP has a much larger market cap compared to its direct competitor, Stellar's XLM, which has around $3 billion invested in the coin.

市值：截至撰寫本文時，XRP 的市值約為 350 億美元。過去一年市值出現波動，但在此期間並沒有顯著增加。值得注意的是，與直接競爭對手 Stellar 的 XLM 相比，Ripple 的 XRP 擁有更大的市值，後者在該代幣上的投資約為 30 億美元。

XRP’s historical market cap trend.

XRP 的歷史市值趨勢。

Market Analysis

市場分析

Problem that it solves: Ripple launched to address significant problems in the global financial system, particularly focusing on inefficiencies in cross-border payments. The project now offers more products beyond cross-border payments, including infrastructure for governments to issue and manage their Central Bank Digital Currencies (CBDCs).

它解決的問題：Ripple 的推出是為了解決全球金融體系中的重大問題，特別是跨境支付的低效率問題。該項目現在提供跨境支付以外的更多產品，包括政府發行和管理中央銀行數位貨幣（CBDC）的基礎設施。

Customers:  Ripple primarily serves a wide range of financial institutions, including banks, payment providers, and other financial services companies. Individual users also constitute a significant portion of Ripple’s customer base, which, according to general crypto market trends, are predominantly male and largely college-educated.

客戶：Ripple 主要為廣泛的金融機構提供服務，包括銀行、支付提供者和其他金融服務公司。個人用戶也構成了 Ripple 客戶群的重要組成部分，根據加密貨幣市場的整體趨勢，該客戶群主要是男性，並且大部分受過大學教育。

Value creation: Adopting Ripple allows these financial institutions to reap the benefits of a blockchain solution, including fast and cheap transactions. For large institutions and banks, XRP enables fast and low-cost cross-border transactions compared to traditional remittance payments, which are slow and expensive.

價值創造：採用 Ripple 使這些金融機構能夠獲得區塊鏈解決方案的好處，包括快速且廉價的交易。對於大型機構和銀行來說，與緩慢且昂貴的傳統匯款支付相比，XRP 可以實現快速且低成本的跨境交易。

Market structure: In terms of blockchain projects, the global remittance space is still emerging, though Ripple, which has been around the longest, is the clear leader.

市場結構：就區塊鏈專案而言，全球匯款空間仍在不斷湧現，但存在時間最長的Ripple無疑是領先者。

Market size: The market potential size is massive, as there is potential for Ripple to partner with more banks and institutions with the goal of replacing the SWIFT international payments system. Ripple estimates $150 trillion of cross-border payment flows per year.

市場規模：市場潛在規模龐大，Ripple有潛力與更多銀行和機構合作，取代SWIFT國際支付系統。 Ripple 預計每年跨境支付流量達 150 兆美元。

Regulatory risks: Ripple has already had encounters with the SEC, plus there’s a high risk of regulation as the project integrates with traditional financial institutions.

監理風險：Ripple已經與SEC有接觸，加上該專案與傳統金融機構的整合，監理風險較高。

Our analysts rated XRP a 3.5 out of 5 for market analysis. Download the complete scorecard here.

我們的分析師對 XRP 的市場分析評分為 3.5 分（滿分為 5 分）。在此下載完整的記分卡。

Competitive Advantage

競爭優勢

Technology/blockchain platform: XRP runs on its own XRP Ledger, launched over a decade ago in 20

技術/區塊鏈平台：XRP 在自己的 XRP Ledger 上運行，該帳本於十多年前於 20 年前推出