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Ripple is gaining energy from the support it is receving from popular entities in the crypto market. Almost two years have passed since Ripple faced lawsuit filings by the United States Securities and Exchange Commission (SEC). The SEC sued Ripple Labs Inc. at the end of 2020 for marketing XRP tokens on its platform. The SEC stated that it comes under “unregistered securities.”
From 2013 to 2020, Ripple Labs Inc. raised its capital to $1.3 billion (USD) by selling XRP tokens on the platform. In December 2020, the SEC filed a case against Ripple for selling XRP tokens.
The two famous entities filed amicus briefs against the SEC. Judge Torres had granted permission for the requests filed by Investor Choice Advocates Network and SpendTheBits, Inc. to support Ripple. The amicus curiae briefs must be filed by November 2, 2022. Jeremy Hogan, the major attorney in the XRP community, recently commented that the lawsuit between XRP and the SEC is going to end. Soon, the 2-year marathon is going to reach its conclusion.
The digital currency exchange platform Coinbase stated that it was going to support Ripple against SEC. Coinbase raised its vocal support for Ripple in court on Monday. It stated that currently Ripple is considered the world’s sixth largest digital currency by its market value.
Brad Garlinghouse, CEO of Ripple, stated that he felt happy about receiving continuous support for Ripple.
To provide transparency and to maintain regular updates, Ripple announces the quarterly XRP markets and its quarterly sales on the platform. According to the data, it was the first time that, out of total supply, Ripple XRP holdings were less than 50%. The total XRP sales of Ripple in this quarter’s report were $310.68 million (USD).
Recently, Ripple came up with an innovative idea that supports the investors financially in this crypto world. Ripple is going to launch the “Crypto Means Business” global campaign to create more awareness among the users of “how crypto solutions can be used by finance professionals to drive a more efficient, transparent, and dynamic financial system that serves better for their business.”
If Ripple wins this battle, the price of XRP tokens will reach their peak value. The investors and developers are going to celebrate this win after a long wait of two years. Now that the situation is totally favorable for Ripple, there are high chances for Ripple to not pay any kind of fine to the SEC.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
