In the long run, we aim at making cryptocurrency a utility worldwide
Greetings from Nigeria, if you've been a part of the Crypto-sphere for at least since 2020, you'd know one of the biggest threats we faced in this space. A lawsuit was placed over Ripple in December 2020, the US. Security and Exchange Commission filed an allegation against the XRP company, stating that the CEO Brad Garlimghouse, and co-founder/chairman Chris Larsen sold over $1 billion in XRP, the SEC claims that the San Francisco-based firm Ripple, violated U.S. securities laws for over seven years by selling $1.3 billion worth of XRP tokens. While this lawsuit caused a lot of nuisance in the Crypto-space, SEC tend to have ignored the utility attribute of ripple. The claim focused on ripple selling tokens to retail customers without actually registering with the regulatory agency which displaces its based function. The Final segment of the year was just sensed to be a big bag party, especially for the XRP holders, but in a quick flash, the SEC lawsuit turned things around, crashed the Ripple setup, Dumping the price as holders began to panic over attaining lost in investment, this kept the ripple price stagnant at a certain range, and also caused dis-listing from some exchanges.
However, it was not the end of the road for Ripple after all, according to research and few data I picked up, Ripple recently responded to the SEC lawsuit some days back. Ripple (XRP), created far back as 2012 by the company then known as Ripple Labs addressed all SEC comments filed in the lawsuit.
“The functionality and liquidity of XRP are wholly incompatible with securities regulation. To require XRP’s registration as a security is to impair its main utility,” the response said.
The design and set up of the ripple system, as stated on its website, is to enable people to break free of the “walled gardens” of financial networks – that is, credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays.
The Ripple serves as a decentralized body if I interpret this right, so registering with a security and Exchange Commission totally takes it out of the brought up motive, so from this instance the propounded allegation is flawed.
The digital currency, XRP, acts as a bridge currency to other currencies. It does not discriminate between one fiat/cryptocurrency and another, and thus, makes it easy for any currency to be exchanged for another. reference Giving credit where it suits, the Ripple setup grants it a lot of edge over most cryptocurrency as it is non-resistive to any currency including fiat or cryptocurrency.
In a rather long blast back, recorded 93-page filing, Ripple responded to each of the SEC’s comments on Lawsuit against XRP, Ripple stated that XRP is not a security or investment contract, and the firm’s sales or distributions of XRP are likewise not investment contracts. So many references were made to shill this project back to life, and partaking to that, here's a news report that sparks Hope!
Back To Soaring Days - Great Timing!
“Traditional Crypto-Pump groups are being copied and legitimized by WallStreetBets-style crowd-pumps, and are now turning their burning gaze from dogecoin to XRP,” Jehan Chu, co-founder and managing partner at Hong Kong-based Kenetic Capital, told Coin Desk
The cryptocurrency jumped 56% to $0.50944 to hit the highest level since Dec. 22, according to CoinDesk 20 data. That was the biggest single-day percentage gain since Dec. 21, 2017.
The double-digit price rise was likely fueled by members of a Telegram-based group called Buy & Hold XRP (t.me/pumpxrp), which came into existence on Saturday. The group’s membership hit Telegram’s 200,000 ceiling within the first 24 hours, forcing a migration to a new official channel with a similar title but a different link (t.me/pumpxrpofficial)
While this approach becomes the trending, right from the stock market to the Crypto-sphere, this space is finally getting the credits and attention it deserves, all proper campaigns and rallies are thrown round to defend the underrated or unlawfully wounded projects, which in this case Ripple!
This is what the Ripple price and chart looks like at the time of writing this. Some predictions were made that Ripple would survive the lawsuit and bounce back, and from the looks of things, it's slowly approaching that end-to-(a)new beginning for Ripple Coin. XRP is currently trading above $0.5 with a 24hrs high of $0.755421, and from this slow recovery, Ripple looks to reach and surpass its all time high of $3.40. So did you panic-sell? Well it's only a normal thing to have done, to be honest I have never owned a ripple coin, but I guess it's time to grab a few, just in case, but still applying caution throughout.
In No Time Soon To Moon, Welcome Back Ripple, We Missed You!