XRP is up 25% since Sept. 16, leading the top 100 cryptocurrencies.
On September 20, XRP hit $0.4249, a 15-week high. Behind this performance, social media chats are flooded with stories of a return to the “good times.”
Behind the execution are a series of positive developments, including the possible conclusion of the ongoing SEC litigation.
SEC litigation may end soon
In December 2020, U.S. securities regulators filed a lawsuit against Ripple, its CEO Brad Garlinghouse, and its chairman Chris Larsen for selling unregistered securities.
Defendant was alleged to have sold $1.3 billion You’re violating “long-term protection” by using XRP without proper registration.
It’s not the first time the SEC has taken similar action against a cryptocurrency company, but Ripple is the first to stand up and actively defend its position.
After nearly two years of discovery, the consensus is that the SEC’s actions hurt investors. Additionally, numerous allegations against senior SEC officials, including a conflict of interest with former Commissioner William Hinman, have cast doubt on the lawsuit’s legitimacy and regulatory impartiality.
General Partner of Orca Capital Jeff Seekinger It was recently noted that both parties agreed to expedite the lawsuit, which would require Judge Torres to make a phone call as to whether XRP is a security, effectively ending the lawsuit. Become.
April 2021, CEO of Japanese financial company SBI, Yoshitaka Kitaosaid Ripple will go public once the SEC litigation is over a move both Garlinghouse and Larsen back.
XRP adoption continues as ODL sales surge
21 September 2022, ripple Announced expanded partnership with Philippines-based I-Remit.
The company already uses Ripple’s On-Demand Liquidity (ODL) service to provide cross-border payment solutions. However, starting today iRemit will expand its use of ODL to include internal financial management. I-Remit President Harris D. Jashirud said:
We are thrilled that the next chapter in our established partnership with Ripple will further leverage ODL for financial management and provide the best possible service to our customers.
ODL leverages XRP to bridge two fiat currencies, enabling fast and low-cost payments without the need to pre-fund accounts in the destination market.
up to date ripple report Sales increased 57% from $1,354 million in the first quarter to $2,126 million in the second quarter. The surge is due to increased adoption of ODL, including the addition of Lithuania-based remittance provider FINCI.
However, sales volume decreased quarter by quarter, from $1.1 billion to $862 million. Macro factors were blamed.