Ripple CTO David Schwartz clarifies that while XRP Ledger began as a copy of Bitcoin in 2011, it has since evolved and relinquished some of its similarities, addressing flaws and establishing a more sustainable digital asset for payments.
Despite a recent crash, Ripple's largest token holders are accumulating massive amounts of XRP in anticipation of a potential bull market and the outcome of the SEC case.
There is speculation that a partnership between MoneyGram and Ripple may be reinstated, following Ripple's court ruling that XRP is not an illegal security and its return to Coinbase's listings after its legal win against the SEC.
XRP rallied on Sunday, avoiding dropping below $0.50 for the second consecutive day, while Ripple has until September 1 to respond to the SEC filing and the SEC has until September 8 to address any response. Capitol Hill is being watched for potential developments in US crypto regulation.
Dig Perspectives, a prominent figure in the XRP community, is more excited about XRP becoming a world reserve currency than achieving a potential $25 price surge. This challenges the conventional discourse surrounding cryptocurrencies, and while some experts are skeptical, Ripple CTO David Schwartz is more optimistic about digital assets challenging the dominance of the US Dollar as the world reserve currency.
Crypto analysts predict that the price of XRP may reach $0.60 after the SEC's change in strategy regarding Ripple Labs, with data suggesting that large XRP investors are preparing for a potential price rise.
Top executives from Ripple, Brad Garlinghouse and Chris Larsen, have provided their availability for the upcoming trial in 2024 in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), as the SEC appeals the court's ruling that XRP is not a security.
XRP, one of the largest tokens by market cap, has lost a significant amount of value due to bearish sentiment in the market and the impact of Ripple Labs' court ruling with the SEC, reversing its gains from earlier this year.
The Securities and Exchange Commission's (SEC) chances of defeating Ripple in court are slim, as experts believe the court has thoroughly studied all arguments over the years and is unlikely to overturn its previous decision. If the SEC does succeed, it could have significant implications for the crypto market, leading to many companies relocating out of the United States and a decline in cryptocurrency prices.
Prominent cryptocurrency figure Ben Armstrong shares a video update highlighting the importance of XRP, emphasizing its nature, functionality, transaction efficiency, community engagement, diverse use cases, and the clarity of its regulatory status in the US.
Two more attorneys have withdrawn from representing the US Securities and Exchange Commission (SEC) in its lawsuit against Ripple over XRP offerings, leading to speculation that lawyers are leaving in anticipation of the regulator losing the case.
Western Union is considering using Ripple's blockchain technology and XRP token to optimize capital and settle transactions, reflecting a growing trend of major financial institutions incorporating cryptocurrencies into their business.
Former SEC officials’ testimony could have classified XRP as a non-security, undermining the SEC’s allegations against Ripple CEO Brad Garlinghouse.
### Summary
Ripple (XRP) has seen a significant rise in price due to a bullish trend in the cryptocurrency market, positive news about partnerships, and its growing popularity in South Korea. Financial institutions are adopting Ripple's technology for cross-border payments, validating the utility of XRP. However, caution is advised as the market remains highly volatile, and XRP's future performance is uncertain.
Ripple attorneys are preparing for the SEC's appeal in the lawsuit, with a focus on the Howey Test and former SEC official William Hinman's speech, while XRP is at risk of closing September with losses based on historical trends and struggles to start an upward trend.
Lawyers representing Ripple in its lawsuit with the SEC argue that the regulator has not met the requirements to request an appeal in the case regarding the classification of XRP as a security for sales to retail investors.
A recent transfer of a large amount of Ripple's XRP token from Binance to an undisclosed wallet has sparked speculation about its potential impact on the token's price amid the ongoing legal battle between Ripple and the SEC.
Ripple has objected to the SEC's motion to file an interlocutory appeal, arguing that the SEC failed to establish the conditions necessary for approval; meanwhile, Ripple's XRP token has seen a strong start to the month with high on-chain metrics.
Ripple opposes the SEC's request for an immediate appeal in the recent lawsuit ruling, arguing that the appeal does not meet the necessary requirements and will only prolong litigation.
Large traders in the US drove buying demand of XRP after Ripple's court victory over the SEC, with Coinbase experiencing stronger levels of buying, according to digital asset research firm Kaiko.
The U.S. SEC is seeking an appeal in the Ripple Labs lawsuit, arguing that there are contentious legal issues surrounding the court's application of the law and the Howey Test that warrant a review. The SEC is requesting a stay on proceedings until the resolution of the appeal.
Ripple's chief legal officer criticizes the SEC's latest submission as a "contradictory shift" and highlights SEC Chair Gary Gensler's inconsistency and appetite for expanded regulation.
Ripple Labs' legal counsel accuses the SEC of hypocrisy for seeking an appeal in the recent XRP court ruling after claiming that the rules were clear and must be followed.
Ripple plans to continue fighting the ongoing lawsuit with the SEC over allegations of breaching securities laws in the sale of its cryptocurrency XRP, with the company asserting that XRP is not a security and seeking to expand its business globally.
A federal judge ruled that Ripple's sales of the token XRP to retail purchasers were not unregistered sales of "securities," while another judge ruled that the stablecoin UST and the token LUNA were sold as "securities," setting the stage for the SEC's suit against Coinbase and creating legal uncertainty for the broader crypto industry.
Lawyer John Deaton, who represents XRP token holders in the Ripple-SEC lawsuit, has officially submitted his notice of appearance in the LBRY lawsuit as an Amicus Curiae on behalf of Naomi Brockwell, founder of Crypto Law, showing his active engagement in legal proceedings surrounding cryptocurrency regulations and actions.
Ripple CEO Brad Garlinghouse believes that XRP could become the next Bitcoin if it successfully addresses a multi-trillion-dollar problem and leverages its competitive edge in the regulated traditional finance sector.
The trading volume of XRP, a cryptocurrency, has surged since the start of 2023, surpassing other altcoins, following a court decision declaring it not an unregistered security, resulting in its relisting on major US exchanges; however, XRP's price has decreased from its peak in mid-July.
The US District Court of New York has rejected the SEC's request to appeal the ruling that XRP is not a security for retail sales, stating that the SEC did not offer a convincing justification for an appeal.
A federal judge has rejected the U.S. Securities and Exchange Commission's bid to appeal its loss against Ripple, causing XRP's price to rally by 5%.
XRP prices rose after Ripple obtained a license to offer key services in Singapore and the SEC lost a bid to appeal the Ripple case, causing trading volumes to spike to $1.7 billion.
XRP, the native token of the Ripple protocol, is the best-performing asset among the top 50 cryptocurrencies, up nearly 4% in the past 24 hours and 6.2% over the week, fueled by a federal judge's decision and Ripple's acquisition of a payments license in Singapore.
The recent court order denying the SEC's interlocutory appeal against Ripple has divided crypto lawyers and commentators, with some considering it a win for Ripple, while others caution against excessive enthusiasm and point out that the SEC can still appeal the case after the trial.
A U.S. federal judge rejects the SEC's bid to appeal against Ripple, causing XRP's price to rally, while FTX founder Sam Bankman-Fried's trial continues with a dispute over the evidence, and a new data platform developed by the Bank for International Settlements could support future regulation of the crypto market.
A US judge denied the Securities and Exchange Commission's attempt to appeal a ruling that digital tokens are not securities when sold to the general public, dealing another blow to the agency's efforts to regulate the crypto industry.
A crypto analyst expresses bullish sentiment on XRP after a US court rejects the SEC's attempt to appeal a decision in Ripple's favor, stating that XRP sales did not violate securities laws, while also sharing bearish sentiments on Ethereum and bullish expectations for Bitcoin's support level.
