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Recently Robert Quartly-Janerio, chief strategy officer of Bitrue opined on the crypto trading firm’s partnership with payment protocol Ripple network. And he talked about native token XRP and about its future also. He put about the network being the space for quite a long time now and has been through tough phases during the same.
Bitrue CSO noted that Ripple has been operating within the crypto space since its launch in 2012. And till date, it has witnessed lots of ups and downs and turbulent market cycles.
Despite the difficulties during its journey, Quartly-Janerio said the company has dealt with them and thrived across. Moreover the native asset XRP token placed among the largest crypto assets within the overall crypto market in terms of market capitalization.
In 2018, Ripple and Bitrue came into partnership and since then, both managed to engage in multiple collaborations and partnerships.
In addition, he said that regardless of Ripple being hit by the lawsuit from the SEC in 2020, Bitrue maintained its equivocal stance continuously towards the tokens. This shows that the firm did not jump in the external affairs. Instead, it focused only on creating an ideal ecosystem for exchange.
Noteworthy is that in 2020, the United States Securities and Exchange Commission (SEC) went on to file a lawsuit against Ripple and its two executives. The financial regulator alleged they were involved in selling unregistered securities while issuing XRP tokens worth 1.3 billion USD. However, Ripple did not agree to the claims and denied XRP being a security.
Chief executive officer of Ripple, Brad Garlinghouse stated earlier that Ripple would win the case. Many prominent firms within the crypto industry from Coinbase to Blockchain Association came forward to support Ripple in the legal battle against SEC.
Lawyers for Ripple said in a reply in support of a motion for summary judgment that the regulator had not demonstrated that any offer or sale of XRP constituted an investment contract as defined by federal securities laws.
According to a study by CryptoGlobe, investors have poured money into cryptocurrency investment instruments that provide exposure to XRP as the SEC’s case against Ripple has come to be perceived as “increasingly unstable” by market participants.
If Ripple wins the lawsuit, there may be a shock in the XRP supply, which would likely result in a rise in price because demand would remain the same while supply fell. According to Jeremy Hogan, a legal expert and proponent of XRP who has been monitoring the issue, this is the situation.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
