Popular cryptocurrency XRP recently encountered an intriguing change in the South Korean investment landscape. Three of the country's largest crypto exchanges renamed it, sparking interest within the community.
Name Change on Korean Exchanges
Today, three major exchanges in South Korea - Coinone, Upbit, and Bithumb - unexpectedly announced that they no longer use the old name Ripple for XRP. Previously, on these platforms, XRP was listed as Ripple coin, which might have caused confusion.
Origin of the Naming Confusion
Historically, the XRP token was called 'Ripple,' and the San Francisco-based company holds significant amounts - 37.43 billion XRP, equivalent to about $91 billion. This confusion persisted for a long time, but as seen in South Korea, the old association is being rectified. Jed McCaleb, a key figure in the creation of Ripple and the XRP Ledger, later left to create the Stellar (XLM) project.
Community Reaction and Future Prospects
Even this article's author once confused Ripple and XRP, which required clarification from the community. Nevertheless, as the SEC's legal battle with Ripple has shown, these are separate entities. It will be interesting to see the community's reaction to changes from Korean platforms and whether this trend spreads to other markets.
Observations from changes in South Korea highlight the importance of accurate naming in cryptocurrencies, especially regarding regulation and investor perception.
