瑞波币起源故事

Ripple 诞生于 2011 年，当时三位开发者 David Schwartz、Jed McCaleb 和 Arthur Britto 试图开发一种比比特币更高效、更可持续的价值发送系统。

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《比特币市场杂志》中，我们像传统公司一样分析加密“公司”，并通过两者的结合来实现我们的投资多元化。更多关于我们的方法请参见这里。

The Ripple Origin Story

瑞波币起源故事

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 诞生于 2011 年，当时三位开发者 David Schwartz、Jed McCaleb 和 Arthur Britto 试图开发一种比比特币更高效、更可持续的价值发送系统。 2012年，他们成立了NewCoin公司，并推出了跨境区块链平台XRP Ledger。 （该公司后来更名为 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 的愿​​景与其他加密货币不同，它设计了一个与现有金融基础设施一起工作的系统，而不是取代它。该团队相信这种方法将彻底改变全球金融体系。

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 的原生代币 XRP 是该系统的核心。 XRP 充当桥梁货币，促进快速、经济高效的跨境交易，增强流动性并降低金融机构的成本。 Ripple 专注于与桑坦德银行、美国银行和渣打银行等金融机构建立合作伙伴关系，以实现跨境支付转型。

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 对 Ripple 提起诉讼，指控 XRP 是一种未注册的证券。这一行动导致XRP从美国几家主要交易所摘牌，严重影响了其市场价格。另外，XRP 投资者对 Ripple 提起集体诉讼，声称首席执行官布拉德·加林豪斯 (Brad Garlinghouse) 在 2017 年发表了误导性言论。

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

2023 年 7 月，纽约法官裁定，Ripple 取得了部分胜利：

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.

这一裁决被视为 Ripple 和更广泛的加密行业的重大胜利。 2024 年 8 月，Ripple 被勒令向 SEC 支付 1.25 亿美元，远低于 SEC 最初要求的 20 亿美元。 2024 年 6 月，加州法官驳回了针对 Ripple 的大部分集体诉讼。

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.

底线：尽管 SEC 可能会对纽约的裁决提出上诉，但 Ripple 身上的大部分法律包袱已经清除，而且不同法官的相互矛盾的意见给 XRP 作为证券的地位带来了不确定性。

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

尽管存在这些监管挑战，XRP 仍然是市值最高的加密货币之一，并且在加密货币市场中保持着重要地位。

Key Fundamental Data

关键基本数据

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.

每日活跃用户（DAU）：XRP 的 DAU 在过去一年中相对停滞，没有显着变化。根据 The Block 的数据，截至撰写本文时，它的平均 DAU 为 30,000，落后于其竞争对手 Stellar，后者在过去一年的平均 DAU 为 100,000。

Fees and Revenues:

费用和收入：

“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销售”是指Ripple向金融机构出售其ODL服务的XRP，以促进跨境支付。 “总购买量”是 Ripple 从公开市场回购的 XRP，用于管理 XRP 供应。

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：截至撰写本文时，XRP 的市值约为 350 亿美元。过去一年市值出现波动，但在此期间并没有显着增加。值得注意的是，与其直接竞争对手 Stellar 的 XLM 相比，Ripple 的 XRP 拥有更大的市值，后者在该代币上的投资约为 30 亿美元。

XRP’s historical market cap trend.

XRP 的历史市值趋势。

Market Analysis

市场分析

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).

它解决的问题：Ripple 的推出是为了解决全球金融体系中的重大问题，特别是跨境支付的低效率问题。该项目现在提供跨境支付之外的更多产品，包括政府发行和管理中央银行数字货币（CBDC）的基础设施。

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.

客户：Ripple 主要为广泛的金融机构提供服务，包括银行、支付提供商和其他金融服务公司。个人用户也构成了 Ripple 客户群的重要组成部分，根据加密货币市场的总体趋势，该客户群主要是男性，并且大部分受过大学教育。

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.

价值创造：采用 Ripple 使这些金融机构能够获得区块链解决方案的好处，包括快速且廉价的交易。对于大型机构和银行来说，与缓慢且昂贵的传统汇款支付相比，XRP 可以实现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.

市场结构：就区块链项目而言，全球汇款空间仍在不断涌现，但存在时间最长的Ripple是明显的领先者。

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.

市场规模：市场潜在规模巨大，Ripple有潜力与更多银行和机构合作，以取代SWIFT国际支付系统。 Ripple 预计每年跨境支付流量达 150 万亿美元。

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.

监管风险：Ripple已经与SEC有过接触，加上该项目与传统金融机构的整合，监管风险较高。

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

我们的分析师对 XRP 的市场分析评分为 3.5 分（满分 5 分）。在此下载完整的记分卡。

Competitive Advantage

竞争优势

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

技术/区块链平台：XRP 在自己的 XRP Ledger 上运行，该账本于十多年前于 20 年前推出