Ripple team has proposed a new symbol for the XRP token, taking the efforts of the XRP community forward.

Bitcoin’s symbol “₿” has already been added to the Unicode Standard. XRP Symbol, an open source project, believes that XRP also needs a universal sign that denotes units of XRP. Alexavier Guzman, the crypto enthusiast behind the project, explains that XRP has a number of use cases – it can be used by banks and payment providers to source liquidity and offer competitive rates for international payments as well as a form of currency for everyday purchases.

In a blog post dated May 15, Ripple said that the new symbol it has proposed “exemplifies the unique attributes that differentiate XRP from other digital assets.”

“[W]e agree that the time has never been better for XRP to get its own visual identity — one that captures the digital asset’s utility, speed and independence — but we also want to show our support by leveraging our design and legal teams to propose an option.”

Ripple explained that the new symbol – “x” – refers to XRP’s role in efficiently moving money across borders, as well as suggests a “multiplier effect” mathematically speaking. In addition, the up and down arrows represent “sending and receiving” – denoting the exchange of value.

“The organic shape of its curves is suggestive of the human form — a nod to the community that supports XRP and its ecosystem,” Ripple added.

According to the blog post, no one entity or business holds legal rights to the new symbol, which is now available for use.​