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Tag: brad garlinghouse

  • Evernorth Has Reached 95% Of Its XRP Treasury Target – Here Are The Numbers

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    Evernorth has emerged as the latest powerhouse in institutional crypto accumulation, closing in on its ambitious XRP treasury goal. In just a few days, the firm has reached 95% of its accumulation target, marking a major milestone in XRP’s journey toward broader institutional adoption. The rapid growth of Evernorth’s reserves and its strategic partnerships has sparked renewed excitement across the XRP community, signaling what could be a pivotal shift in how institutions engage with the cryptocurrency. 

    Evernorth Nears $1 Billion In XRP Holdings

    A new report from CryptoQuant has revealed that Evernorth’s XRP holdings is now nearing the $1 billion funding milestone, positioning it among the top institutional holders of the cryptocurrency. According to JA Maartunn, a community analyst at CryptoQuant, Evernorth currently holds 388,710,606.03 XRP, reaching 95% of its $1 billion target. 

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    The company’s total XRP treasury is now valued at approximately $947,183,571, with unrealized profits of roughly $46 million generated in four days. This figure reflects an average purchase price of $2.44 per XRP, which Maartunn believes could become a defining price level for the cryptocurrency’s market trajectory.

    Source: Chart from Evernorth on X

     Notably, Evernorth’s XRP treasury comes amid a broader trend of institutional diversification toward digital assets. Earlier this year, several major crypto treasury institutions—most notably Strategy, with its aggressive Bitcoin accumulation strategy, and The Ether Machine, with its dedicated focus on Ethereum—set the tone for large-scale crypto accumulation. 

    Evernorth’s expanding holdings signal a decisive shift beyond BTC and ETH, underscoring a maturing institutional demand for alternative layer-1 assets. It also suggests that XRP may become the next frontier for institutional treasuries seeking exposure to high-liquidity, regulated crypto assets.

    Evernorth’s XRP Growth Strategy 

    Asheesh Birla, the CEO of Evernorth, introduced the treasury company last week, on October 20, through an X post. He described it as an institutional vehicle built to propel XRP’s global adoption. The announcement detailed the company’s plans to go public through a SPAC merger with Armada Acquisition Corp II (NASDAQ:AACI), targeting gross proceeds of more than $1 billion.

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    Evernorth’s growth strategy includes acquiring XRP through innovative financial structures designed to maximize XRP per share and expanding internationally into key markets like Japan and South Korea. The company also plans to diversify its yield generation through risk-mitigated treasury deployment. These initiatives reflect a deliberate, structured approach toward building a long-term institutional presence around XRP.

    Ripple CEO Brad Garlinghouse has also praised Birla’s initiative, noting Ripple’s partnership and investment alongside prominent firms such as SBI Holdings, Pantera Capital, Kraken, GSR, and Rippleworks. Garlinghouse said that Evernorth’s participation in institutional lending, liquidity provision, and DeFi yield opportunities will be instrumental in expanding XRP’s utility. Ripple’s CTO, David Schwartz, who joins Evernorth as a strategic advisor, echoed this sentiment, expressing enthusiasm for building scalable opportunities for XRP across DeFi and capital markets.

    XRP
    XRP trading at $2.65 on the 1D chart | Source: XRPUSDT on Tradingview.com

    Featured image from Adobe Stock, chart from Tradingview.com

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    Scott Matherson

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  • Ripple CEO Says Firm is Open to Welcoming a Spot XRP ETF

    Ripple CEO Says Firm is Open to Welcoming a Spot XRP ETF

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    Brad Garlinghouse, the CEO of financial technology company Ripple Labs, has disclosed that the crypto solutions provider and developer of the Ripple payment protocol would welcome a spot exchange-traded fund (ETF) for the network’s native token, XRP.

    Ripple to Welcome Spot XRP ETF

    Speaking on his thoughts about the current state of the crypto industry in a Bloomberg interview, Garlinghouse chipped in that creating multiple ETFs around different tokens is inevitable as they would further diversify the risk of trading such investment vehicles. He added that some firms may even launch basket ETFs, containing a collection of multiple crypto assets.

    Likening the condition of the crypto ETF space to the earliest days of the stock market, the Ripple CEO explained that investors would not want exposure to just one stock or company, as they would prefer to diversify their risks and portfolio. For this purpose, there would eventually be other funds to diversify the risk from spot Bitcoin ETFs. However, the time of their launch would be difficult to predict.

    “You know, the sad reality of what we saw with the Bitcoin ETF is it was only because the court forced the SEC’s hand and really chair Gensler’s hand that we saw that finally come to fruition. And look, in my opinion, it makes these markets safer; it makes them more robust. And so, this is good for the investment community,” Garlinghouse said.

    BlackRock’s Face XRP ETF Application

    In response to a question about discussions with asset manager BlackRock over the launch of a spot XRP ETF, Garlinghouse declined to comment.

    “I know BlackRock has said some things publicly. We think it makes sense for the XRP community overall. Ripple obviously is a very important stakeholder in the XRP ecosystem, but we’re not the only player,” the exec stated.

    Talks about a potential spot XRP ETF have been surrounded by dramatic events like the fake filing for the fund in Delaware. News broke in November that BlackRock registered a spot XRP ETF in Delaware shortly after applying for its Ethereum Trust. The news was eventually deemed false, and the case was handed to appropriate authorities.

    Meanwhile, some analysts think there is little chance that an XRP ETF will be approved soon as Ripple is still entangled in a lawsuit with the US Securities and Exchange Commission.

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    Mandy Williams

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  • Ripple’s XRP to continue bullish momentum, analyst predicts

    Ripple’s XRP to continue bullish momentum, analyst predicts

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    XRP, the cryptocurrency associated with Ripple, has been witnessing an upward price surge and market sentiment.

    So far this month, XRP has risen by over 37%. Analysts are now predicting further increases for the asset in the near term, buoyed by positive developments, including its legal victory against the U.S. Securities and Exchange Commission (SEC).

    XRP price analysis

    Analysts are observing a positive trajectory for XRP, aligning with the broader crypto market trends. The token is aiming to breach the $1 mark in its pursuit of a new all-time high. 

    According to ProSignalsFx, a crypto analyst on TradingView, XRP is currently trading in an uptrend along a rising support line, setting the stage for a potential further upward move. This anticipation rests on the token’s ability to retest the support line, crucial for sustaining the bullish trend.

    Ripple’s XRP Ledger is on the brink of a significant upgrade, backed by an overwhelming 80% consensus among validators. This update aims to address obscured order books and enhance the overall functionality of XRPL. Users with the older Ripple software, like v1.11.0, have been directed to update their system. 

    Supreme Court showdown looms

    Ripple CEO Brad Garlinghouse, recently announced Ripple’s intent to escalate its case against the SEC to the Supreme Court. Garlinghouse revealed that his firm had been offered an out-of-court settlement, which was subsequently withdrawn, a move he perceives as biased. This withdrawal signifies Ripple’s perceived upper hand in the ongoing legal dispute over XRP’s classification as a security.

    Garlinghouse’s stance reflects a belief that Ripple has a strong position, asserting that the SEC should contribute to the resolution rather than antagonize the process.

    XRP price analysis

    Presently, XRP is valued at $0.654, representing an over 35% price surge in the last 30 days, per data from CoinGecko.

    XRP price | Source: CoinGecko

    The cryptocurrency holds a market cap of over $35 billion with a circulating supply of 53 billion XRP. Notably, XRP’s future prospects are interlinked with the wider movements within the crypto market.

    XRP is experiencing positive growth, aligning with the general market trend. However, uncertainties persist, primarily surrounding the outcome of the legal battle with the SEC. 


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    Ogwu Osaemezu Emmanuel

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  • Ripple Execs’ Case Officially Dismissed: What It Means

    Ripple Execs’ Case Officially Dismissed: What It Means

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    On Monday, October 23, 2023, US District Judge Analisa Torres signed an order that formally dismissed the US Securities and Exchange Commission’s (SEC) case against Ripple executives Brad Garlinghouse and Chris Larsen. With this landmark order, the claims levied by the SEC against these Ripple figures are terminated in their entirety, marked with prejudice, ensuring that similar claims cannot be brought against them in the future over the same matter.

    What This Means For The Ripple Execs

    Fred Rispoli, a known pro-XRP attorney and senior managing partner at Hodl Law, provided an analysis of the dismissal order. He highlighted that the judge’s order of dismissal was exceptionally precise in its scope. It referred exclusively to “Institutional Sales” of XRP by Ripple executives and omitted the other two categories: “Programmatic Sales” and “Other Distributions.”

    This, Rispoli argues, was a strategic decision. While the dismissal grants Garlinghouse and Larsen protection from being pursued by the SEC concerning Institutional Sales, thanks to the ‘with prejudice’ condition, it does not offer the same shield for the other two categories. This essentially means that if the SEC decided to appeal and subsequently managed to reverse the court’s decision on “Programmatic Sales” and “Other Distributions,” the executives could find themselves back in the legal crosshairs.

    Drawing attention to this peculiarity, Rispoli posited, “If the SEC manages a win on its appeal, their hands would be tied in terms of pursuing any further action regarding Institutional Sales. However, the absence of a comprehensive dismissal spanning all sales categories could be a double-edged sword.” He seemed to suggest that Garlinghouse and Larsen might have achieved a more robust legal safeguard if all types of XRP sales had been included in the dismissal.

    Summarizing his analysis, Rispoli stated:

    Point: If I were Brad Garlinghouse and Chris Larsen, I would have demanded dismissal of ALL claims, not limiting it to Institutional Sales only. If the SEC appeals and overturns ruling on other sales, SEC can still sue BG and CL on those two other categories

    Engaging in the dialogue, Roisin The XRP Queen, a prominent figure in the community, subtly hinted at the possibility of behind-the-scenes negotiations or agreements that might play a pivotal role in future developments. Rispoli agreed, emphasizing that any possible appeal by the SEC would only be of significant concern if there weren’t undisclosed agreements in motion.

    “Exactly. Not including the other two categories in the dismissal only becomes a problem if there is an appeal by the SEC,” remarked the attorney.

    Crucial Details

    The genesis of this litigation harks back to December 22, 2020. The SEC, in its official complaint, alleged that Garlinghouse and Larsen had unlawfully funneled finances into Ripple via the sale of unregistered XRP, particularly targeting institutional investors. Ripple’s XRP sales activities were classified into three distinct categories: institutional, programmatic, and other distributions.

    Judge Torres, in a pivotal ruling, demarcated the sales, stating that only the institutional sales infringed upon the law. This distinction absolved the programmatic sales and other distributions from being deemed unlawful. Such a determination had initially paved the way for a focused trial on institutional sales set for the next year. But, in light of the SEC’s recent decision to retract its charges, that scheduled trial has evaporated.

    With the latest turn of events, the crypto and legal spheres are buzzing with conjectures about the SEC’s perspective maneuvers. A prevailing sentiment, resonated by Rispoli and several other legal analysts, is that the horizon might herald a settlement between the SEC and Ripple. However, it is important to note that the SEC still has the prerogative to appeal after the final ruling.

    At press time, XRP traded at $0.5426.

    XRP price hovers below the 0.236 Fib, 1-day chart | Source: XRPUSD on TradingView.com

    Featured image from Law.com, chart from TradingView.com

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    Jake Simmons

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