Ripple (XRP) sees a 2.64% rise, trading at $0.5864. Recent rally shows signs of a slowdown, yet XRP remains bullish in the medium term, with gains of 5% weekly and 12% monthly. Impressive year-to-date gains stand at 73%. Many speculate that from here onwards, XRP is unstoppable. XRP is eyeing a $0.9 target to attain new ATH soon. In yet another move, the crypto giant has just unveiled a groundbreaking market report that offers a compelling glimpse into the current state of its legal battle with the formidable U.S. Securities and Exchange Commission (SEC) – an epic clash often referred to as the XRP case.
Major Updates Creating a Ripple Effect
This report delves deep into the aftermath of an astounding turn of events on October 19, when the SEC made an unexpected decision. It was on that fateful day that all lingering charges against Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, were not just dismissed but were done so “with prejudice.”
This move essentially puts an unalterable end to the allegations, completely ruling out any potential for future claims against these critical figures. Furthermore, this definitive decision eliminates the need for a trial initially set for April 2024.
Remedy Stage is Crucial in All Aspects, Here’s Why?
With these legal proceedings evolving, both sides are transitioning into the remedies stage. Here, the court will deliberate on what, if any, appropriate remedies should be applied, taking into account the court’s ruling that certain institutional sales can indeed be categorized as sales of securities.
This latest development adds to a string of recent victories for Ripple, including a pivotal verdict on July 13 that firmly established XRP as a non-security. It also follows an October 3 judgment that rejected the SEC’s appeal.
Despite the ongoing legal challenges within the United States, Ripple has made substantial strides globally. Most notably, the company recently achieved a significant milestone by securing a payment institution license from the Monetary Authority of Singapore (MAS). This accomplishment is a testament to the growing importance of Ripple’s cryptocurrency payments business, especially in the strategically vital regions of Southeast and East Asia.
How will Ripple’s 892M XRP buy affect trading?
In Q3 2023, Ripple sold over 892 million XRP tokens. Out of their total holding of 46.5 billion XRP, 41.3 billion is in escrow. This division was detailed in the report, with one category for operational use and the other comprising tokens held in escrow, accessible at a controlled rate of one billion per month. Additionally, approximately 5% of XRP trading now occurs on U.S. exchanges since trading resumed on July 13. There’s also a noticeable trend towards XRP trading against stablecoins like USDT rather than traditional fiat currencies.