Kraken seems to be confused about Ripple and how it names the digital asset XRP. The crypto community has been involved in a discussion on how to name the second largest virtual currency. Some individuals call it Ripple while others started calling it XRP. Others have called it Ripples.
Kraken Confused About XRP; Or Is It Ripples?
Jesse Powell, the co-founder and CEO of Kraken generated controversies in the space after asking David Schwartz how to call each XRP unit. David Schwartz is Ripple Lab’s Cheif Technology Officer (CTO).
A few days ago, on Twitter, Jesse Powell wrote how to consider each single XRP unit.
“Is ‘ripple’ or ‘ripples’ deprecated? Is a singular unit called a ripple or ripples?” Powell wrote.
@JoelKatz
Can you help us..
0.5 XRP = 500,000 drops
1 XRP = 1 ripple (or 1 ripples?)
2 XRP = 2 ripplesIs "ripple" or "ripples" deprecated? Is a singular unit called a ripple or ripples?
— Jesse Powell (@jespow) December 29, 2018
In another tweet, he said that he found the answer to this question. He released a Ripple Investor Update dated on January 13. In this update, it is possible to see that Ripple Labs mentions that ripple with a small cap is used to denote the ripple network. At the same time, Ripple with a large cap is used to denote the Ripple currency or XRPs.
Following this logic, Powell says that ripple is the protocol and Ripple is the currency used on top of this protocol.
Nevertheless, many other users answered him saying that each XRP should be considered as XRP. For example, Nik Bougalis, a cryptographer and software engineer, said that the name of the asset is the same as its three-letter ISO-4217 compliant code.
I’m not @JoelKatz, but my position is that the name of the asset is the same as its three-letter ISO-4217 compliant code.
So:
0.5 XRP = 500,000 drops
1 XRP = 1 XRP
2 XRP = 2 XRP
…— 𝙽 𝙸 𝙺 𝙱 (@nbougalis) December 29, 2018
Nevertheless, Powell answered him asking whether there is an official answer from Ripple Labs. Tiffany Hayden, another XRP supporter, answered linking to a tweet uploaded by Cory Johnson, in which he mentions that in 2018 Ripple is not XRP and XRP is not Ripple. Cory Johnson is Ripple Chief Market Strategist.
A few days ago, Kraken launched margin trading for Bitcoin Cash (BCH) and XRP. With the addition of these two new virtual currencies, there are now 8 assets available for margin trading.
Until now, Schwartz did not answer Jesse Powell’s question.
At the time of writing this article before closing 2018, XRP is the second largest digital currency with a market capitalization of $14.67 billion. Each XRP can be purchased for $0.359.
