Tag: xrp news

XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why | Bitcoinist.com
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The XRP price has been on a massive tear, rising over 10% on the last day to cross the $0.68 level. Its gains now put it in front of other crypto large caps such as Bitcoin and Ethereum. As this outperformance grows, there are factors that have been driving it and these factors could indeed provide more fuel for it to continue.

Rise In Daily Transactions Could Be Driving The XRP Price

Over the weekend, XRP saw some interesting metrics that could point to why the price has been rallying lately. One of these has been the rise in the number of transactions being carried out on the XRP Ledger.

According to the data available on BitInfoCharts, there has been a marked rise in the number of XRP transactions being carried out on a daily basis. The figure had dropped below the 1 million daily mark toward the end of October. However, November came with good tidings.
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Daily transaction count crosses 1 million | Source: BitInfoCharts
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By November 1, XRP daily transactions were back above 1 million and there was a jump above 1.1 million on November 5. What this suggests is an increase in interest among participants of the blockchain, which is likely one of the factors driving the price.

Ripple Lawsuit Coming To A Natural End

After securing multiple victories against the United States Securities and Exchange Commission (SEC) this year, Ripple is likely moving toward the end of a very bitter and long battle with the regulator. A potential settlement has been circulating the airways with the SEC wanting $770 million. But legal experts have said they expect this figure to be lowered.

Pro-XRP attorney John Deaton talked about the possibility that Ripple ends up paying $20 million and that this would mean a 99.9% victory for Ripple. Another pro-XRP lawyer Jeremy Hogan also chimed in to share that the settlement figure between the two parties will likely end up being “something much less.”

While both the SEC and Ripple are yet to comment on a possible settlement figure, the talks signal an end to a lawsuit that has adversely affected the XRP price over the years. As such, community members expect a conclusion to give the XRP price room to grow.

A Possible IPO

A possible Ripple IPO is still very much dominating conversations in the community given the implications of such a move. Pundits anticipate that going public will send Ripple’s valuation to cross $100 billion and expectations are that the XRP price will follow the same growth trajectory.

There are some who believe that an IPO will eventually be bad for the XRP price. However, crypto expert Panos Mourkas believes such a move would actually increase the awareness of Ripple and any asset associated with it, such as the XRP token. “And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases & unlimited potential,” Mourkas argues.
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XRP sitting above $0.68 | Source: XRPUSD on Tradingview.com
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Featured image from AMB Crypto, chart from Tradingview.com
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Scott Matherson

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November 6, 2023
XRP And Shiba Inu Rally Is Not Over According To This Indicator
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The crypto industry saw a spectacular run in October, as a few cryptocurrencies like Bitcoin and Solana registered new yearly highs. However, the entire market seems to be taking a breather after this action-packed October that saw Bitcoin, XRP, and Shiba Inu lead impressive rallies.

On-chain data, particularly from the crypto analytics platform Santiment, showed October ended on a somehow bearish note. But history from this particular metric suggests that the rally might not be over.

XRP And Shiba Inu Rally Not Over

The first few days of November appear to be devoid of significant crypto price movement, with the exception of occasional whale transfers. At the time of writing, XRP and SHIB are down by 1% and 2%, respectively, in a 24-hour timeframe. Bitcoin and Ethereum are also down by 2.51% and 1.93% respectively. Some crypto experts attribute this decline to traders taking profit, while others think the crypto market has returned to its normalcy of bearish sentiment.

Popular crypto analytics platform Santiment predicted this sentiment a few days ago. According to Santiment, the Bullish Vs Bearish Sentiment Keyword turned towards a bearish ratio at the end of October. The metric, which tracks various keyword mentions like “buy,” “sell,” “buying,” “selling,” “topped,” and “bottom” on social media, spent the bulk of October on the bullish end of its range.

The firm quickly pointed out that previous instances of higher ratios of bearish keywords had preceded gains in the market caps of popular cryptocurrencies. Aside from Bitcoin, on-chain metrics and fundamental analysis point to a continued rally for XRP and SHIB. These two cryptocurrencies, in particular, have dominated social mentions in the past few months, according to this indicator.

😒 After the trading crowd stayed pretty neutral over the weekend, @santimentfeed data indicates that current sentiment has turned #bearish once again. In the previous instances of higher ratios of negative keywords, #Bitcoin & other market caps rose. 📈https://t.co/2p2uVitBkX pic.twitter.com/0vn3HGC7Gr

— Santiment (@santimentfeed) October 31, 2023

Altcoins Still Poised For Growth

On the fundamental side, XRP has done extremely well, especially as trading resumed on various crypto exchanges. XRP is up by 32% since the beginning of the year, and various analysts have pointed to another price surge.

A look into XRP’s price action shows a series of higher low formations since October 30, indicating waning pressure from the bears. XRP is now trading at $0.6036, and the bulls could make another attempt to break over the latest higher high of $0.62 if the price stays above $0.60.

SHIB has also had a similar path, with updates to its ecosystem like Shibarium contributing to various price surges. SHIB’s price momentum has slowed down at the time of writing, but planned updates to the Shina Inu ecosystem could lead to another price rally soon.

At the same time, on-chain signals point to more bullish than bearish. SHIB whales have resumed large transfers to private wallets, as shown by data from Whale Alerts. SHIB is trading at $0.000007788 at the time of writing.

Despite the entire market cap being down by 2.24% in the past day, data from Coinmarketcap points to greed on the Fear & Greed Index.
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SHIB holding steady above $0.000007 | Source: SHIBUSD on Tradingview.com
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Featured image from Medium, chart from Tradingview.com
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Scott Matherson

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November 3, 2023
Ripple And National Bank Of Georgia Join Forces For Digital Lari Pilot | Bitcoinist.com

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In a recent development, Ripple has been selected by the National Bank of Georgia (NBG) as the official technology partner for its Digital Lari (GEL) pilot project.

The collaboration aims to explore the potential benefits and use cases of Ripple’s Central Bank Digital Currency (CBDC) platform for the public sector, businesses, and retail users.

Ripple’s expertise and commitment to the project’s success were key factors in its selection, as announced by the NBG.

NBG And Ripple Forge Path To Digitalization

According to the announcement, the National Bank of Georgia chose Ripple after a “rigorous selection process” involving nine shortlisted companies.

Ripple stated that the company’s “deep understanding” of the project’s objectives, extensive experience in real-life pilot deployments, and comprehensive CBDC solution, were instrumental in securing the partnership.

As announced, the platform provides a holistic end-to-end solution that enables central banks and financial institutions to “seamlessly” mint, manage, transact, and redeem CBDCs.

With the selection phase completed, the NBG is set to commence the pilot stage, testing the Ripple CBDC platform in a live environment to evaluate select use cases.

Per the announcement, the partnership also aligns with Ripple’s broader strategy of driving innovation and efficiency in blockchain-based transactions

Ripple’s partnership with the National Bank of Georgia adds to its growing portfolio of CBDC pilots with governments and central banks worldwide. The company has already announced pilot programs with countries such as Bhutan, Palau, Montenegro, Colombia, and Hong Kong, and is in discussions with over 20 other countries.

Ripple’s Valuation Soars To $15 Billion

Central Bank Digital Currencies provide digital versions of fiat currencies, eliminating concerns over price volatility as their values remain fixed.

China and India have launched CBDC pilots. China’s CBDC pilot is one of the most successful, with over 260 million wallets in use.

Given these developments, Ripple’s valuation reached over $15 billion in 2023, and its partnership with multiple governments for CBDC pilots demonstrates its influence on this matter.

Overall, Ripple’s partnership with the National Bank of Georgia for the Digital Lari pilot project marks an important milestone in the adoption of blockchain technology in the public sector.

Through the utilization of the company’s CBDC platform, the NBG aims to evaluate the practical applications and benefits of digital currency for stakeholders.

XRP’s price surge on the daily chart. Source: XRPUSDT on TradingView.com

As of the current update, XRP has reclaimed the $0.600 level and is currently trading at $0.6112, reflecting a 1.3% increase in the past hour. The maintenance of this level as support is crucial for XRP bulls to anticipate additional gains and to restore previously lost levels.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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November 2, 2023
Ripple Partner’s Staggering XRP Holdings Revealed, Do They Know Something You Don’t?
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In a recent development, the crypto holdings of Ripple’s most recent partner, Uphold, have been highlighted as further evidence that the Web3 financial platform is very bullish on the Ripple ecosystem and the utility token XRP, which is used to facilitate transactions on Ripple Payments (formerly known as ODL).

Uphold’s Largest Crypto Holding

In a post on his X (formerly Twitter) platform, pro-XRP legal expert John Deaton quoted a report that stated that XRP made up Uphold’s largest crypto holding. The platform is said to hold $1.25 billion worth of the token in customer funds. This is more impressive as Uphold’s customers only hold $168 million worth of Bitcoin on the platform.

Deaton could not hold back his surprise at these figures as it meant that there were almost 10 times more XRP on the platform in comparison to BTC. As to the reason why Uphold may have such a large XRP holding, YouTuber Matt stated that it could be from the platform getting all the businesses from their competitors when they delisted the token.

Major crypto exchanges, including the second largest crypto exchange by trading volume, Coinbase, delisted the XRP token after the Securities and Exchange Commission (SEC) filed a lawsuit against the company and its executives back in 2020.

While agreeing with Matt’s comment, Deaton also mentioned how XRP contributed to Uphold’s growth, noting that the token represented “62%” of the company’s trading fees for over two years. He further mentioned how Uphold only had five million users when he signed up on the platform, but now, it boasts 30 million users.

XRP On The Platform Set To Increase

The XRP holdings on the platform are expected to increase with the newly forged partnership between Ripple and Uphold. As part of the partnership, Uphold will provide its infrastructure to be used in furtherance of the Ripple Payments service, which focuses on cross-border transactions.

Uphold will further provide Ripple with the liquidity needed to process these transactions. To achieve this, Uphold has stated that it won’t use its existing customers’ XRP holdings but will instead use its “expertise” to source XRP on the open market.

Uphold has, over time, shown to be a firm believer in Ripple’s vision, and many in the XRP community seem to be very supportive of the partnership, with some highlighting how Uphold stuck by the token through “thick and thin.”

At the time of writing, XRP is trading at around $0.57, up over 2% in the last 24 hours, according to data from CoinMarketCap.
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Token price surges pasts $0.6 | Source: XRPUSD on Tradingview.com 
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Featured image from Shutterstock, chart from Tradingview.com
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Scott Matherson

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October 31, 2023
XRP Price Prediction: Analyst Points Out Incoming Mega Bounce, Here’s The Target
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Another bullish prediction has come in for the XRP price which is arguably more optimistic than many would expect. This time around, a crypto analyst is expecting XRP to use up its stored energy for an explosive rally that could see the altcoin rally to $27, well above its all-time high.

XRP Price Suppressed During Last Bull Run Because Of SEC Lawsuit

Crypto analyst ERGAG CRYPTO recently predicted that XRP is poised for a massive 4,000% price surge. ERGAG made this prediction in an X post, detailing how this price surge can be actually possible. According to the analyst, XRP’s price was suppressed during the last major crypto bull run in 2021 due to an ongoing lawsuit from the SEC against Ripple Labs, XRP’s creator.

While Bitcoin and other altcoins were hitting new all-time highs, the XRP price struggled to keep up due to fears the lawsuit could severely impact the project’s future. For instance, during this time period, Bitcoin skyrocketed by 23X, and Ethereum also went up a whopping 58X.

A federal judge in the United States has since determined that the programmatic sales of XRP do not constitute the selling of securities. Now that the lawsuit seems to be coming to an end with a settlement in sight, XRP is poised to make up for lost time and shoot up with this lost energy.

The analyst predicts the XRP price could rally 40 times from its current level to $27 in the subsequent bull run, which would exactly coincide with the Fibonacci 1.618 indicator from the 2017 peak to the 2020 bottom.
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Source: X
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Although a timeline for the next bull run is not known at the moment, ERGAG puts this spike to happen around mid-2024.

One day for sure. But suggestion March – May 2024 will be fire works.

— EGRAG CRYPTO (@egragcrypto) October 26, 2023

What’s Next For XRP?

The entire crypto market has witnessed gains since the middle of October, and the XRP price hasn’t been left out. Bitcoin, for instance, attained a new yearly high of $35,150. At the time of writing, XRP is trading at $0.547, up by 5.73% in the past seven days.

Although its price is relatively low compared to other altcoins, XRP is still one of the strongest in the entire market, occupying the 5th spot in terms of market cap.

ERGAG CRYPTO has also had some very optimistic price predictions for XRP in the past. While a $27 price point seems very overachieving, XRP could easily smash through its previous all-time high of $3.84 in the next bull market. The analyst had initially predicted that the altcoin might not see a new all-time high by July 2028.
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XRP sees slight retracement | Source: XRPUSD on Tradingview.com
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Featured image from iStock, chart from Tradingview.com
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Scott Matherson

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October 28, 2023
XRP News: Why Is November 8-9 Important To Ripple? | Bitcoinist.com
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Like many other crypto companies, Ripple has important dates and events that carry the possibility of triggering a bullish momentum for the XRP token. This is why some dates are more important than others and the most recent of these to emerge is the November 8-9 dates.

What Is Ripple Doing On November 8-9?

In the early hours of Thursday, XRP Captain, a prominent member of the XRP community with over 57,000 followers on X (formerly Twitter) posted a screenshot that caught the attention of community members. The image showed the Ripple Swell event which was scheduled to take place on November 8 and 9.

XRP Captain also captioned the image in a way that suggested that this is an important date for the community, saying: “Save The Date #XRP Could Make History On This Date.” So it looks like the analyst is expecting the XRP price to surge on account of the event.

Save The Date #XRP Could Make History On This Date.💥🚀👀 pic.twitter.com/TvQVR4pXwF

— XRP CAPTAIN (@UniverseTwenty) October 26, 2023

Taking a deep dive into the Ripple Swell event, it happens to be a two-day event held by Ripple every year. The conference helps to bring together customers, partners, and prospects and is a strictly by-invitation event – meaning only those invited by the company can attend.

The event which was held virtually for the years 2020, 2021, and 2022 is now back to being an in-person conference and is being held in Dubai. Over 40 countries are expected to be represented at this conference with more than 80 speakers and over 600 attendees.
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Token price sitting at $0.55 | Source: XRPUSD on Tradingview.com
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A multitude of topics are expected to be covered at this event such as the future of crypto, regulation, payments, compliance, and Central Bank Digital Currencies (CBDCs), among others. “Ripple Swell will cover a sweeping range of topics from Ripple customers, team members, and industry thought leaders to reveal how financial institutions and businesses alike are leveraging crypto and blockchain technology,” the website reads.

Will This Affect The XRP Price?

So far, there have been no indicators as to whether this will actually have any impact whatsoever on the XRP price. Ripple Swell does not look like a highly publicized conference, so the event itself being held may not have a direct effect on the price.

However, if Ripple were to make a significant announcement at this event, such as an impending IPO or something similar, then there could be an impact on the XRP price. Still, there is no indication that anything other than industry discussions is what is happening at this event.
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Best Owie

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October 26, 2023
Top 3 XRP Developments You Should Be Aware Of That Could Boost Price
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XRP is currently up over 14% in the last seven days, and some might argue that the altcoin is simply enjoying the euphoria of a possible Spot Bitcoin ETF approval, which has seen the crypto market resurge. However, there are other developments that the XRP community might need to be aware of, as they could cause the crypto token to continue to rally.

Ripple To See More Liquidity With Latest Collaboration

Blockchain company Ripple recently announced that it had partnered with Web3 financial platform Uphold. As part of the partnership agreement, Uphold is expected to provide Ripple with “enhanced crypto liquidity capabilities” to help facilitate transactions on its cross-border payments infrastructure more efficiently.

The news is significant for the XRP community because Ripple uses XRP as a utility token to help process these cross-border transactions. As such, “enhanced crypto liquidity” will generally translate to more liquidity in the XRP ecosystem, which could ultimately cause a further surge in the token’s price.

Xumm Wallet Records Milestone

XRP-based wallet Xumm announced in a post on its X (formerly Twitter) platform that it had crossed 600,000 active users in the past three months. The wallet happens to be one of the notable ones on the XRP Ledger, as it also announced plans to introduce new functionalities that could see the number of its active users increase exponentially.

In the post, Xumm mentioned that its wallet is set to become 10x more retail-friendly with the redesign they are working on. It also plans to integrate AMM and more DEX activity, which would see the wallet become 10x better. It is believed that the wallet plans to complete this integration once the AMM goes live on the XRP Ledger.

Meanwhile, the wallet’s use cases will also increase as Xumm plans to incorporate XRP’s sidechain Xahua and its ‘Hooks’ feature. These developments are bullish for XRP as they will undoubtedly increase the token’s utility.

NFTs Are Coming To XRP Ledger

Ripple had reportedly been working on tools and services to accommodate tokenized assets and facilitate trading of these assets on the XRP Ledger. The company’s efforts seem to be already paying dividends, as SBI Holdings announced plans to issue its NFT service “EXPO2025 Digital Wallet NFT,” also known as ‘Myakoon’ on the XRP Ledger.

It is believed that this development could open the door for other NFT issuers to launch their NFTs on the network. This is also more significant because of how the tokenized market is projected to grow massively to $13.6 billion by 2027. As such, XRP has the potential to be at the heart of the market when this happens.
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Token price sitting at $0.56 | Source: XRPUSD on Tradingview.com
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Featured image from CoinDesk, chart from Tradingview.com
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Scott Matherson

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October 26, 2023
Crypto Analyst Who Predicted XRP Price Breakout Reveals What’s Next | Bitcoinist.com
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Crypto analyst Alan Santana has been continuously bullish on the XRP price and has previously predicted a breakout for the digital asset. With the rise in the crypto market over the last day, the analyst’s prediction of a surge has come to pass. Now, in an update, Santana reveals what is next for the beloved altcoin.

Predicting The XRP Price Rally

Santana first took to TradingView to share his analysis of the XRP price performance on October 13. This initial post had been made when the price of the digital asset was still trading at just $0.48, and way before the United States Securities and Exchange Commission (SEC) dropped its lawsuit against Ripple’s co-founders.

In this initial post, Santana had referred to the XRP price at the time as “great timing” for an entry and he turned out to be right. The next update from the crypto analyst was on October 16 where he said that the digital asset still had very high growth potential.
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XRP maintains bullish momentum | Source: Tradingview.com
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Then on October 20, after the SEC dropped its charges against the Ripple execs, Santana said that the victory “opens the doors for a 150% rally.” Now, while the XRP price is yet to hit this 150% target, it has already risen 114% from the time of the first post when XRP was trading at $0.48.
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XRP shows strength amid correction | Source: XRPUSD on Tradingview.com
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What’s Coming Next?

In the latest updates of the analysis, Santana explains that “XRP is showing zero signs of weakness.” As the analyst puts it, every single XRP signal across all timeframes has been waxing stronger amid the crypto market resurgence.

The analyst expects a continuation of the bullish momentum with further upside to come. Sticking to the expected 150% rally, the XRP price could run up to $0.6 before running out of steam or hitting major resistance along the way.

“Just as the chart succeeded in predicting a Ripple win and major XRP rally before the event actually took place… The chart is once more saying, ‘forget the doubters, a higher high comes next!’” Santana’s TradingView post reads.

As the analyst predicted, XRP is still showing a lot of strength in the market after crossing the $0.55 mark. Its price is up 4.98% in the last day alone. Its 11.45% weekly surge has brought its market cap above $29.4 billion, while its daily trading volume shows a 200% increase, according to data from CoinMarketCap.
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Best Owie

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October 23, 2023
Curious Patterns Emerge Amid XRP Price Explosion | Bitcoinist.com
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The XRP price saw a rapid increase alongside the rest of the crypto market over the weekend, bringing its price finally above the $0.53 mark. Amid this increase in price has emerged a pattern that suggests what might be going on with the altcoin.

Real Volume Amid XRP Price Rally

In the real volume chart by Messari, an interesting pattern can be seen with the XRP price rally. For one, the real volume shows how trading volume has spiked at various price points. The most notable of these is what happens when there is an XRP price spike.

Volume tends to jump at these points suggesting that there is a high degree of interest in the altcoin. This means that as XRP tokens go on the market, there are eager investors waiting to pick up on this available supply and defend the price.

Mostly, the bulls have been able to dominate during these times where they have been able to maintain support for the price. This was seen when there was a dip to $0.51 as investors in profit rushed to secure their gains. But not too long after, the XRP price was back up, suggesting that bullish investors have continued to maintain dominance at this time.
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Source: Messari
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There has also been an increase in the real volume on Monday, showing high levels of interest in the altcoin. Before trading hours opened on Monday, real volume was already up to $484 million, a 71% increase from Sunday’s real volume figures of $282 million.

Transaction Count Falls Below 1 Million

Since Judge Analisa Torres declared that programmatic XRP sales did not qualify as security contracts, the daily transaction counts on the XRP Ledger have been on the rise. Coupled with the surge that the XRP price underwent, the daily transaction numbers have consistently come in above 1 million.

However, this is starting to change as the XRP transaction counts have fallen below this level. According to data from BitInfoCharts, the total daily transactions over the last day have come out to 931,742 transactions. This is an increase from the October 13 local lows of 765,408 but still lower than its average over the last few months.
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Source: IntoTheBlock
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This could suggest that there is a lower activity in using the blockchain, although it is not a large margin. It could also coincide with investors being more focused on profit-taking due to the increase in the XRP price for now.

At the time of writing, the XRP price is seeing 24-hour gains of 1.77% to trade at $0.5272, according to data from CoinMarketCap. On the weekly chart, the altcoin is recording 5.41% gains.
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Token price rests above $0.52 | Source: XRPUSD on Tradingview.com
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Featured image from IndexUniverse Crypto, chart from Tradingview.com
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Scott Matherson

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October 23, 2023
XRP News: Ripple Lawyer Sends A Message To The SEC | Bitcoinist.com
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Pro-XRP legal expert Bill Morgan has voiced out his sentiments toward the US Securities and Exchange Commission (SEC) following the Commission’s decision to dismiss its claims against Ripple’s executives Brad Garlinghouse and Chris Larsen.

Pro-XRP Lawyer Wishes SEC The Worst

In a series of posts made on his X (formerly Twitter) platform, Morgan stated that he “sincerely” wishes the Commission “all the worst” in the penalties phase of the litigation and hoped that the court awards the “smallest penalties possible.”

The penalty phase that Morgan is referring to is the period in which the SEC and Ripple are expected to meet and settle on the possible fine that Ripple has to pay regarding its institutional sales, which Judge Analisa Torres ruled constituted investment contracts. However, it is believed that Judge Torres might have to step in if both parties cannot agree on a remedy.

Meanwhile, the scheduled trial to hear the SEC’s case against Ripple and its founders has been following the Commission’s dismissal of its claims against Garlingouse and Larsen. The notion that the SEC can immediately proceed to appeal has also been refuted, as Judge Torres will need to give a final judgment (acknowledging the SEC’s dismissal and deciding on remedies for the violation with respect to the institutional sales).
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Token price reacts positively to SEC withdrawal | Source: XRPUSD on Tradingview.com
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Why The SEC Deserves The Worst

In preceding tweets, Morgan had laid a foundation as to why the SEC deserves the worst and his lack of remorse for the Commission following all these losses it has gotten in its case against Ripple. He began by referring to when the SEC first filed its lawsuit against Ripple and its founders.

He noted how the Commission had sought an injunction to stop any future sale of XRP by Ripple and how this would have “ruined Rippled” and “deeply adversely affected the livelihood and lives” of Garlinghouse and Larsen if this injunction had been granted.

According to him, Ripple had done all this despite the fact that there was no allegation of fraud against Ripple and its executives, nor was there any evidence of investor harm. The regulator didn’t stop there as it also allegedly did “everything available to delay the matter and run up the defendants’ legal costs.”

Ripple’s co-founder, Chris Larsen, had voiced similar sentiments when he stated that the SEC had to be held accountable for its actions. He noted how the Commission had come after him and Garlinghouse with baseless claims and that it had actively demolished the country’s global standing as the “home for innovation.”

Featured image from Coingape, chart from Tradingview.com
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Scott Matherson

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October 21, 2023
Ripple Vs. SEC: Appeal Unlikely To Happen Soon, Potential Delay Until 2024 | Bitcoinist.com

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In a surprising twist, the US Securities and Exchange Commission (SEC) has dismissed its case against Ripple executives Brad Garlinghouse and Chris Larsen.

The dismissal agreement, reached by both parties, means that the scheduled trial for April next year will no longer proceed. However, it is important to note that while the charges against Garlinghouse and Larsen have been dropped, the SEC has not abandoned the case altogether.

SEC’s Bid For Ripple Appeal Paused

The development came to light when FOX Business journalist Eleanor Terret reported the dismissal, emphasizing that the SEC’s move did not signify the end of the case but rather the withdrawal of charges specifically against Garlinghouse and Larsen.

This revelation sparked confusion among some, prompting questions about the SEC’s intentions and potential appeals.

Terret addressed these queries, clarifying that the SEC could potentially appeal the judge’s decision made on July 13th, which determined that XRP sales on exchanges were not securities.

However, Terret pointed out that the appeal process would only be possible after a final judgment is reached, which may take months to materialize. Consequently, the SEC’s appeal is not expected until next year.

Executives Find Satisfaction In SEC’s Case Dismissal

While Ripple and its executives celebrated the dismissal as a vindication of their position, legal experts and observers weighed in on the implications.

Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, expressed satisfaction with the SEC’s decision, characterizing it as a surrender by the regulatory agency. The CLO highlighted that this marked the third consecutive victory for Ripple, following the July 13th ruling and the denial of the SEC’s bid for an interlocutory appeal on October 3rd. Alderoty stated:

The SEC made a serious mistake going after Brad & Chris personally – and now, they’ve capitulated, dismissing all charges against our executives. This is not a settlement. This is a surrender by the SEC.

Notably, pro-XRP lawyer Jeremy Hogan suggested that the dismissal increased the likelihood of a comprehensive settlement between Ripple and the SEC, as the remaining legal question primarily pertains to the financial terms of the resolution.

The ongoing developments in the Ripple-SEC case have captivated the cryptocurrency community and beyond.

Ripple’s legal battle, which initially stirred controversy and uncertainty, has now taken an unexpected turn. The dismissal of charges against Garlinghouse and Larsen has opened the door to potential settlement negotiations, while the SEC’s appeal and the final judgment’s timing remain key factors to watch in the coming months.

As the case continues to unfold, stakeholders eagerly anticipate further updates and resolution, hoping for clarity on the regulatory status of XRP and its potential impact on the broader cryptocurrency industry.

XRP’s uptrend on the daily chart. Source: XRPUSDT on TradingView.com

Currently, XRP is trading at $0.5192, experiencing a substantial 6.9% increase in the past 24 hours. This surge in value follows the release of significant news, which has positively impacted both XRP’s price and its overall gains across different time periods.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

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October 20, 2023