XRP Symbol has unveiled a new logo to distinguish itself from Ripple and be recognised as a “currency”.
To settle in finality that Ripple is not a coin, and that XRP is only one of its products, XRP Symbol – a community project focused on proposing a new symbol for the cryptocurrency- unveiled a new logo that will distinguish it from the likes of xCurrent, xRapid, and anything else produced by the company. Prior to the change in logo, it is very easy to confuse XRP with Ripple, with many people believing both are interchangeable since Ripple’s ticker symbol is XRP.
Detailed in a Tweet below:
XRP with a new symbol will once more confirm that XRP and Ripple are two completely separate things. This will reduce the amount of FUD that circulates today. The XRP Ledger is open, distributed and universally available to EVERYONE.#xrp #xrpthestandard #ripple #XRPCommunity
— XRP Symbol (@xrpsymbol) May 5, 2018
The new proposed logo looks like the letter “X” with the upper line curving to form a letter “P” and the lower line to form the letter “R”.
XRP Symbol defended the introduction of its new logo. It said on its Github repository:
“In order for XRP to be perceived as a ‘currency’, it needs its own symbol. Just like the dollar sign ‘$’, XRP needs a universal sign that denotes units of XRP. The current logo being used works great when referencing ‘Ripple’ the company, and it should not be changed, but a character should be created to represent actual units of the digital asset. Bitcoin, for instance, uses the ₿ symbol within an orange circle in an angle, and additional symbols have been suggested for the actual units, e.g. .: ₿, Ƀ or ฿. This repository intends to allow collaboration to create the ubiquitous XRP units symbol that we can use to display the amount of XRP.”
Ripple faces lawsuit
Meanwhile, Ripple is facing a lawsuit after 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.”
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