After the US Securities and Exchange Commission filed a lawsuit against Ripple alleging that the company was selling $ 1.3 billion in securities, a number of well-known exchanges around the world (including Coinbase, Kraken and OKCoin) began to write off Name. Ripple. … original. cryptocurrency, XRP, from their platforms.
As a result, many around the world believed that the death of a once promising project, a slow but sure death, was only a matter of time; However, XRP appears to have cried after the bad news fell as the value of cryptocurrency has risen more than 100% since the beginning of April – it is currently trading at around $ 1.03.
Back in December 2020, the SEC filed a lawsuit against Ripple Labs CEO Brad Garlinghouse and CEO Christian Larsen, claiming they were involved in an “unsanctioned security offer” in August 2013. Garlinghouse and Larsen were accused of not registering nearly $ 600 million in personal XRP sales with the regulator.
Ripple’s lawyer, for his part, appealed to the SEC’s claim, claiming that the XRP token is similar to other known cryptocurrencies such as Bitcoin (BTC) or Ether (ETH), which have been classified as commodities by the SEC. In addition, Ripple’s legal team also highlighted the fact that it took the committee over eight years to file a complaint.
So what actually drove the XRP price up? Jose Maria Macedo, partner of cryptocurrency analyst Delphi Digital, told Cointelegraph that he believes this latest fundraiser is accompanied by greater growth in other older digital currencies such as EOS and Stellar (XLM) and a fall in the BTC market in general. … dominance.
He added that XRP’s performance is likely to be related to the positive news surrounding Ripple’s SEC case, especially regarding his victory in a recent scout meeting that will force the SEC to hand over its internal Bitcoin and Ether documents. “This is a victory for Ripple and for the cryptocurrency in general, as we hope these documents will help shed light on the SEC’s justification for codes in general,” Macedo said.
XRP: Either you like it or you hate it
XRP has been one of the most controversial cryptocurrencies in the cryptocurrency community for many years, and its recent record shows that critics are right. However, the recent growth of the coin has been nothing short of meteoric. Shiraz Ahmed, host of the Crypto Valley Association podcast and managing partner of Storm Partners, a provider of crypto and blockchain solutions, told Cointelegraph:
XRP’s rising momentum is driven by Ripple’s recently announced 40% stake in Asia’s leading cross-border payment operator, Tranglo. The partnership will undoubtedly increase Ripple’s presence in the Asian market. The price increase can also be attributed to impending relief. horizon “Rules in case Ripple reaches consensus with incoming SEC led by Gary Gensler.”
He noted that Ripple co-founder Brad Garlinghouse has previously expressed optimism about the new cabinet, indicating that his team plans to have progressive discussions with new SEC leaders. According to him, Ripple has proven that the potential is limitless, especially when operating in a crypto-friendly environment.
Finally, Garlinghouse has previously criticized US regulators for lack of clarity after comparing it with other developed countries where Ripple has flourished in the past. “His assurances seem to be correct, given that regulations in many parts of Asia and the Middle East have spurred Ripple’s growth. Oslo Børs may reconsider the decision to depreciate currency in the coming weeks. “