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Initiating Coverage
5 October, 2018

Key Information
Ripple is an open-source decentralized digital payment system
Token Code: XRP
which focuses on a digitized protocol to facilitate a peer-to-peer
digital asset exchange. Launched in 2012 by Chris Larsen and
Exchange(s): Binance, Bittrex,
Jed-McCaleb, OpenCoin commenced the develop of Ripple as a Huboi, Bistamp,
payment and exchange network which further transmuted into HitBTC
Vleppo Ripple - Made on September 2018

the current Ripple Labs, Inc. Founded: 2012

ICO Status: Closed
Between 2013 and 2017, Ripple has undergone a series of funding
ICO Token Price: N/A
rounds. The XRP payment protocol has received a series of
Raised: $16,000,000
notable investments, vouching for the protocols desirability with
the expansion of digital domains by facilitating cross-border
Current Price: $0.515
payment transactions with low fees and rapid completion.
12mth High: $3.83
12mth Low: $0.19
that have partaken in the project from the beginning. Jed-
McCaleb, founder of Mt. Gox, the largest Bitcoin exchange of Return Since ICO: N/A
2013. Following his departure from Ripple, they crypto pioneer Current Market Cap: $20,555,715,496
established Stellar, an alternative decentralized payment
platform which would further expand on Ripple’s core principles.
Company Domicile: USA
Furthermore, Chris Larsen a venture capitalist and the co-founder
Location of Team: USA
of OpenCoin expended Ryan Fugger’s concept of a new payment
protocol and implement the idea onto an open ledger.


Version 1.0 October 2018


Business Model
Ripple protocol aims to provide an solution for replacing already existing cross-border payments
by simplifying current outdated processes. The core of Ripple’s value, sets within their transaction
rapidity on a peer-to-peer basis as well as stipulating transactional transparency through an open
ledger implementation. Moreover, through low processing fees and accessibility to immutable Average with
payment data, Ripple network builds a consensus of validating account balances and transactions Strong Bias

transparent protocol that will further restore credibility in the existing banking system. One other

transparent way.

The practices involving the revenue stream of Ripple involve the licensing of the Ripple protocol.
Even though the protocol is open source, supplementary services available through the Ripple

is half of the total supply, while Ripple Labs will further generate revenue by vending of portion of
Vleppo Ripple - Made on September 2018

their own capital.

strong partnerships across the globe. Furthermore, their ongoing partnerships are not merely a PR
scheme. As their protocol is currently functioning, they are successfully implementing their rapid

Existing online information points to the fact that a vast majority of cryptocurrencies have a similar

change their protocol and improve their system has a similar architecture as Ripple. They all use a

Average with
Strong Bias

the transactional time, Ripple stands-out from the competition by improving user experience.

Marketing Capability
With a strong correlation between the ability to fund the development of the platform with
tokens owned by Ripple Labs, the company does not require to undergo any extended marketing
campaigns. Their strong network aligned with an representative board of directors prompts Ripple
to be perceived as an reputable entity. Our research indicates how being involved in the crypto Average with
Strong Bias
environment for an extended time, entails that the company can solidify their perception towards

their clients within the crypto community. Furthermore, an extensive partnership strategy with

Ripple’s core blockchain technological implantation lays in in their xCurrent protocol. Unlike
traditional cryptocurrencies that operate on a public ledger, such as Bitcoin or Ethereum, Ripples
makes use of a centralized distributed ledger technology used to incorporate the Ripple protocol.
Average with
Strong Bias

transaction, source liquidity and exchange occurs within seconds as it occurs through the XRP

As opposed to traditional public blockchain, any action that takes place through the Ripple protocol

participants serve to maintain a unique list of trusted nodes. In essence xCurrent is constructed

interact with one another. The technology proposed by Ripple suites any enterprise level. It aims to
provide a minimal interface requirement at each point of contact with the Ripple protocol.
Vleppo Ripple - Made on September 2018

Existing evidence and reports on Ripple indicates that Ripple is one of the most well-funded
cryptocurrency focused company. Although their connection to the decentralized identity is
subject to discussion among the market specialists, Ripple has developed a self-sustaining revenue
licensing, and other administrative functions of Ripple. Furthermore, XRP – the Ripple token – Strong

represents their core revenue streams.

From the entire supply of coins, Ripple has released only half of the coins for public sale, while
the remainder of the coins have been kept as company capital to further fund their project. Such
as approach is strongly criticized as not focusing on decentralization, however Ripple’s value
proposition focuses on transparency and ease of use, rather than decentralization. In this regard,
the revenue model of Ripple is well thought out and their revenue streams are strongly focused on
the provision of services which incorporate the Ripple protocol.


market entails that its governance and decision making procedures are subject to a large number of Extremely
investors. To this extent, Ripple is governed by a board of directors which ultimately aim to satisfy Strong

the best interest of investors and company.

Based on a hierarchical model, with the board of directors being fully involved in the decision

communicating their actions. To further emphasize this, the CEO of Ripple is actively participating


require to engage in open and transparent communication practices.


entail decentralization and it this sense it strongly disassociates from the core foundations of
initial cryptocurrency intentions. However, what Ripple is proposing is to improve the productivity
of cross-border payments and to enable a faster, transparent and easy to use protocol for any

composition, entails that Ripple has the possibility to implement their protocol on a global level.
Vleppo Ripple - Made on September 2018

cross-border payments, given its reputation and the ease of use, Ripple has the ability to instate a
global norm for cross-border digital asset payments.

Ripple - Assessment
Business Model Competition Marketing Capability Technology

Financial Governance Transparency Final Score

Ripple - Commentary
Vleppo has determined Ripple to have a rating market in a timely manner.
of 'Moderately Strong'. We have assessed
At this time Vleppo is willing to admit Ripple
proven market. Their business potentially has to its list of approved digital assets to obtain
lower risk than some other cryptocurrencies
given the company aims to make an existing to value ratio of 50% at this time.

This rating will be reviewed from time to time

in the future which may or may not cause
Ripple maintains a strong governance culture changes to the acceptability of the coin as an
and appears to disclose information to the

Vleppo Digital Asset Assessment Process


Research Team Executive Team Credit Committee

Initial Analysis Decision Approval
Vleppo executives review Vleppo executives make
Research team report and engage with their recommendation
the respective company to regarding the admission
asset that complies gather more information of the digital asset to the
with Vleppo's Credit to support the research. approved asset list and
Committee directives. also recommends LVR.
Companies can assist
The report is produced Vleppo to better assess These recommendations
to enable Vleppo the value proposition are put forth to the Credit
executives to perform and communicate it Committee for their
initial analysis. internally and externally consideration and approval.
through engagement.
Vleppo Ripple - Made on September 2018

Acceptability Loan to Value Ratio (LVR)

Assessment Criteria
The executive team will assess the
market risk associated with the digital
asset to determine the maximum
LVR that Vleppo is willing to permit
for an asset that successfully passes
Extremely Weak Average with Acceptability Assessment.
Strong Bias

Moderately Weak Moderately


Average with Extremely

Weak Bias Strong


Difference Strength Weakness

Competitor Code Whitepaper
to XRP vs XRP vs XRP

NEO NEO http://docs. more expensive; smart contract smart contract unavailable outside
whitepaper.html functionality functionality of Asian markets

SWIFT SWIFT https://www. Broad messaging doesn’t eliminate capacity vs. focus bank partnerships nostro, or holding
SWIFTcommunity/ on payments and accounts; real-time
correspondent- transactions communication
banking- lacking; poor
security; prone
to hacking

STELLAR XLM https://www. Support startups smaller market cap vs. partner decentralized $3.5b vs. $17.5b
stellar-consensus- with banks exchange and
protocol.pdf an ICO launch
Vleppo Ripple - Made on September 2018


ETHEREUM ETH the original PoS more robust does not focus
ethereum/wiki/ blockchain, economy, broader directly on payment
wiki/White-Paper support services services within
smart contracts, global banking
and dApps




Difference Strength Weakness

Competitor Code Whitepaper
to XRP vs XRP vs XRP

NEO NEO http://docs. more expensive; smart contract smart contract unavailable outside
whitepaper.html functionality functionality of Asian markets

SWIFT SWIFT https://www. Broad messaging doesn’t eliminate capacity vs. focus bank partnerships nostro, or holding
SWIFTcommunity/ on payments and accounts; real-time
correspondent- transactions communication
banking- lacking; poor
security; prone
to hacking

STELLAR XLM https://www. Support startups smaller market cap vs. partner decentralized $3.5b vs. $17.5b
stellar-consensus- with banks exchange and
protocol.pdf an ICO launch
Vleppo Ripple - Made on September 2018


ETHEREUM ETH the original PoS more robust does not focus
ethereum/wiki/ blockchain, economy, broader directly on payment
wiki/White-Paper support services services within
smart contracts, global banking
and dApps




Content Title Link Summary

Publication Date: Outcast - Why https://bravenewcoin. Coinbase and the Circle will not bel
07/08/2018 Coinbase and com/insights/outcast- listing Ripple’s XRP, despite its status
Medium: Article others won’t why-coinbase-and-oth- as the world’s 3rd biggest crypto
touch XRP ers-wont-touch-xrp


Publication Date: Ripple (XRP): What role does culture and celebrity
20/08/2018 The Altcoin article/ripple-xrp-the-
Medium: Article Celebrities altcoin-celebrities-love-
Love to Hype to-hype-cm1009896

Market Status

Publication Date: Ripple (XRP) https://www.dailyfx. Ripple surges continue to be welcomed

Vleppo Ripple - Made on September 2018

20/08/2018 Rallies Sharply com/forex/market_ by traders amidst announcements like

Medium: Article alert/2018/04/20/Ripple- the Binance USD funding development.
News XRP-Rallies-Sharply-Af-
Market Status

Publication Date: How Ripple Continuing declines, including a loss

28/08/2018 Does Everything com/ripple-does-every- of 5/6 of in value since December
Medium: Article Right, and Ends thing-right-wrong/ 2018, of Ripple’s XRP point to a lack of
Up Wrong interest in lower intra-bank fees and

Market Status

Publication Date: Ripple Not The Morgan Creek Digital Asset Index
28/08/2018 Included: New sites/michaeldelcas- Fund launched today with the stipulation
Medium: Article Morgan Creek tillo/2018/08/28/ that any cryptocurrency currently holding
Fund Excludes ripple-not-included- over 30% of total market value would be
Pre-Mined new-morgan-creek- excluded from listing. The fund is backed by
Investments cryptocurrencies the Morgan Creek institutional investment

Publication Date: Ripple (XRP) https://globalcoinreport. Regulatory agencies are getting a better
31/08/2018 relieves as com/ripple-relieves-reg- understanding of the relationship between
Medium: Article regulators start ulators-acknowl- cryptocurrency and blockchain, leading
to acknowledge edge-cryptos-reality/ to increased likelihood of backing by
the SEC and other regulatory bodies.
Market Analysis


Content Title Link Summary

Publication Date: Ripple and R3 https://www.busi- A settlement has been reached between R3
10/09/2018 Reach Settlement HoldCo LLC, R3 LLC, Ripple Labs Inc. and
Medium: Article home/20180910005908/ XRP II, LLC, covering outstanding litigation
en/Ripple-R3-Reach-Set- between all parties. Terms of the agreement
Legal News

Publication Date: Ripple Says xRapid, Ripple’s solution to cross-

17/09/2018 xRapid Will news/ripple-news/ripple- border payment settlements, is
Medium: Article Go Live Within says-xrapid-will-go-live- within a month of launching.
the 'Next within-next-month-or-so
Month or So'
Market Status

Publication Date: PNC Treasury https://www.busi- Ripple and PNC announce a partnership
Vleppo Ripple - Made on September 2018

19/09/2018 Management that will increase transactional

Medium: Article Joins RippleNet home/20180919005150/ ease across global lines.

Publication Date: Are We https://cryptocurren-

20/09/2018 Experiencing performance, XRP is increasing, with
Medium: Article a Ripple tential-ripple-rally/ the alt coin up 10% as of 09.20.18,
Rally? Price possibly due to the xRapid launch.
Indicates Yes
Market Status

Publication Date: WAVY https://www.thesun. Ripple, one of the world’s largest

21/09/2018 TRANSACTIONS cryptocurrencies, has been
Medium: Article Ripple XRP – why ripple-price-xrp-news-
is Ripple’s price value-today-gbp-usd/ large growth period in 2017.
rising and what
Market Status is today’s value
in GBP and USD

Publication Date: RippleNet Ripple developments, particularly

21/09/2018 crossing the - RippleNet, xRapid, and XRP, especially
Medium: Article borders reaching mittance-market/ the announcement that xRapid will
launch within a month, are possibly
of the world contributing to the rise of XRP.


Content Title Link Summary

Publication Date: Ripple https://www.digi- Altcoin Ripple’s XRP is rising in value as

21/09/2018 cryptocurrency much as 70% amidst rumors of a new
Medium: Article jumps 70 percent ripple-cryptocurren- deal rumored to be in the works.
in 24 hours cy-banking-news/

Market Status bank deal

Publication Date: Crypto https://cointelegraph. On September 22, 2018, per CoinMarketCap,

22/09/2018 Markets See com/news/crypto-mar- cryptocurrency Ethereum moved ahead of
Medium: Article Mixed Signals, kets-see-mixed-sig- Ripple to take back its place as the second
Ethereum nals-ethereum-beats- largest cryptocurrency by market ca.
Beats Ripple by ripple-by-market-cap
Market Status Market Cap

Publication Date: Beaten-down https://www.cnbc. Amongst rumors of a new, bank-

22/09/2018 cryptocurrency com/2018/09/21/crypto- focused product launch from payment
Vleppo Ripple - Made on September 2018

Medium: Article XRP surges 80% currency-xrp-skyrockets-

in 24 hours, 80percent-nearly-tripling- as one of the worst performing digital
nearly triples in in-value-this-week-af- currencies this year, top cryptocurrency
value on week ter-a-dismal-year.html XRP rose 80% to approximately $36,8
billion, taking the lead over Ethereum as
cryptocurrency’s second largest platform.

Publication Date: RP Could https://ripplecoinnews. Top Canadian trading platform CoinTech

22/09/2018 Become A Base com/xrp-could-become- announced on 09.22.18 that they were
Medium: Article Currency For a-base-currency-for-ma- considering adding XRP as a base currency
Major Exchange, jor-exchange-is-it-ready to their advanced trading platform.
Is It Ready? XRP would join over 30 other currencies
Technological currently listed on the exchange.

Publication Date: Ripple price https://smartereum. A history and overview of the Ripple
22/09/2018 prediction 2018 com/2471/ripple-price-
Medium: Article XRP USD: Should prediction-2018-xrp-usd- protocol, recent behavioral traits,
I invest now? should-i-invest-now-ripple- and the XRP token, including pros
(Ripple News) news-xrp-price-today-ex- and cons of investing in Ripple based
Investments XRP Price today – pected-market-cap-of-rip- on a 10 year price prediction.
expected market ple-2025-ripple-price-pre-
cap of ripple 2025 diction-news-sat-sept-22/
– Ripple price
prediction news
– Sat Sept 22

Publication Date: Ripple Reveals https://dailyhodl. Ripple co-founder Chris Larsen

22/09/2018 xRapid Strategy, com/2018/09/22/rip- announced upcoming XRP strategy
Medium: Article Says XRP Will ple-reveals-xrapid-strat- named xRapid, focused on making
Power Global egy-says-xrp-will-pow- global payments fast and inexpensive.
Payments er-global-pay-
Technology Revolution ments-revolution/


Content Title Link Summary

Publication Date: No one knows https://economictimes. Cryptocurrency Ripple and its branding
22/09/2018 what to call challenges in the digital currency industry.
Medium: Article the hottest stocks/news/no-one-
cryptocurrency knows-what-to-call-the-
Technology articleshow/65910413.cms

Publication Date: Ethereum And https://www.investin- Ripple and Ethereum continue to compete
22/09/2018 Ripple Take The
Medium: Article Spotlight As reum-ripple-2nd-big- status in the digital currency market.
They Repeatedly gest-cryptocurrency/
Trade Places
Market Status As 2nd Biggest
In The Market

Publication Date: Ripple Signs https://oracletimes. The Ripple network continues to grow
Vleppo Ripple - Made on September 2018

22/09/2018 Another Major com/ripple-signs-anoth- as US-based PNC Bank partners with

Medium: Article Partnership as er-major-partnership- RippleNet, enabling instant cross-
the US-Based as-the-us-based-pnc- border payments and transactions.
PNC Bank Joins bank-joins-ripplenet/
Technological RippleNet

Publication Date: XRP – Ripple will https://cryptorecorder. Ripple’s unique value proposition creates
22/09/2018 create dinosaurs com/2018/09/22/xrp-rip- a never before seen perspective on
Medium: Article and trillion dollar ple-will-create-dinosaurs- revenue opportunities and transactional
corporations in and-trillion-dollar-corpo- capabilities in the crypto space.
equal measure rations-in-equal-measure/
Market Analysis

Publication Date: Ripple Works https://usethebitcoin. Ripple and the SEC continue to engage
22/09/2018 With SEC com/ripple-sec-better-un- in discussion and mutual education as
Medium: Article for Better derstanding-xrp-coin/ they work to develop an agreement over
Understanding future regulatory needs and compliance.
of XRP Coin
Legal News

Publication Date: Ripple https://theoofy. The latest major partnership Ripple

22/09/2018 Predictions: com/12079/ripple-predic- seems to be hovering over is one
Medium: Article Ripple’s tions-ripples-partnership- with tech giant Apple. This potential
partnership with-apple-could-increase-
with Apple could XRP market value almost instantly.
Technological increase its value ripple-news-sat-sept-22/
Ripple News

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Vleppo Ripple - Made on September 2018

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