A New Initiative Seeks To Distance XRP From Ripple

The third largest cryptocurrency on the online market, Ripple, is probably going to get a full makeover really soon. This news comes from the revealing of XRP Symbol which is an open-source quest for a new logo for XRP – and a proper currency sign.

Alexavier Guzman was the person behind this unveiling. As he explained in a Forbes op-ed, the initiative came into action when he realized that although XRP has an ICO 4217 currency code (XRP) it does not have a Unicode Standard Symbol.

In his own words, Guzman wrote:

“The XRP Symbol is an open-source project that started after I realized that XRP was using an ISO 4217 currency code and not a symbol or currency sign. Other cryptocurrencies like Bitcoin were given a symbol that was added to the Unicode Standard, the symbol for Bitcoin is “₿”… I believe that XRP should be treated just like any other currency.”

Meanwhile, Ripple has lent its approval to the effort. The team at XRP even encouraged the social media follows to contribute to this project (as seen in the post below).

There is a community movement for a unique #XRP symbol. We agree! XRP is independent of Ripple. Submit your idea now. #XRPCommunity https://t.co/ZnfVMiK9i2

— Ripple (@Ripple) May 10, 2018

However, the XRP Symbol project has another big goal – to choose an XRP logo that won’t be identical to the one used by Ripple, the San Francisco-based company that develops and issues financial products using the currency.

As Guzman wrote:

“Because XRP does not currently have its own symbol or logo, the currency is often associated with Ripple’s trademark. Because of this, many people believe that XRP is a product of Ripple, and even go as far as to call XRP ‘ripples.’”

Back in the day, Ripple owned 80% of the total XRP supply ($100 billion) with the other 20% split between its creators. Currently, the company holds about 60 billion XRP most of which held in escrow.