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A tweet recently highlighted a subtle but significant change at Binance: XRP is no longer referred to as “Ripple” on the exchange. The change, noted in a comparison of screenshots from October 17 and today, signals a shift in branding that has been catching the attention of the crypto community.
🚨 Something has changed at Binance: #XRP is no longer called Ripple on the crypto exchange!
Pictures are from October 17 & today 👀 pic.twitter.com/kyvFFLvMQ7
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 21, 2024
Understanding the Difference Between XRP and Ripple
XRP and Ripple are often mistakenly used interchangeably, but they serve distinct roles. Ripple is the company that developed XRP, a cryptocurrency designed for fast, cost-effective cross-border payments. Ripple uses XRP as part of its payment network, the XRP Ledger, but XRP operates independently of Ripple’s corporate operations.
This distinction became especially important during Ripple’s ongoing legal battle with the SEC, where XRP was deemed a potential security. As Ripple distances itself from the direct labeling of XRP, platforms like Binance are following suit, reflecting the evolving relationship between the asset and its developer.
Timing of the Change
Interestingly, the timing of Binance’s rebranding of XRP coincides with notable activity on the XRP Ledger. Recently, XRP saw a massive surge in active wallets, hitting the highest number of unique wallets in three months. Over 35,000 wallets were actively transacting, and more than 3,800 new wallets were created in a single day, the largest daily spike in seven months. This uptick comes amid Ripple’s growing prominence in the crypto space following its partial legal victory over the SEC and rising enthusiasm around its stablecoin plans.
Ripple’s RLUSD, a dollar-pegged stablecoin, is currently in private beta testing on both the XRP Ledger and Ethereum. With a full launch expected soon, RLUSD could boost liquidity on the XRP Ledger and further bolster its adoption across financial services. Given the scale of these changes, Binance’s rebranding may be seen as a proactive move to align with these evolving developments around XRP’s ecosystem.
With the XRP Ledger seeing a surge in active wallets and Ripple preparing to launch its RLUSD stablecoin, the renaming feels timely. Investors and users of XRP should keep a close watch as these developments unfold, as they point to a more mature, standalone future for XRP within the crypto market.