Ripple token or XRP is an independent digital asset, native to the Ripple Consensus Ledger. Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency (XRP).
Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
According to Alderoty, the SEC has just a measly 10% chance of winning the appeal. That is, if the regulator truly goes through with it.
Bitnomial plans to launch margin-based, physically settled XRP/USD futures contracts, fueling speculation about a future spot XRP ETF.
This latest development underscores the engagement and adoption of the XRPL in the last few months.
The surge in XRP options activity is undoubtedly a bullish signal for the cryptocurrency.
Recent developments in the SEC vs. Ripple case could also influence XRP’s price.
The SEC noted that the court has recognized Ripple’s “willingness to push the boundaries” of the summary judgment order, indicating a likelihood of future violations.
With the $125 million penalty, legal experts Attorney Bill Morgan and James Murphy also known as MetaLawMan, speculate that both sides will appeal.
Judge Analisa Torres stated that the case “does not involve allegations of fraud, misappropriation, or other more culpable conduct” by Ripple. The judge reduced penalty by 94% from the SEC’s demand of $2 billion.
As per the Kaiko data, the inability of top exchanges to allow XRP trading during the suit resulted in a strong surge in XRP trading interest that has shot up since the ruling.
The team revealed that the reset is meant to create a more reliable and functional testing ground for developers and users.
The recent price drop has been accompanied by a bearish crossover on the two-day MACD, indicating that sellers currently dominate the market.
The market is also reacting to ongoing speculation about a potential settlement between Ripple and the SEC.
Ripple will contribute $10 million to OpenEden’s TBILL tokens, which is part of their larger investment strategy focused on tokenized financial assets.
Drawing on this TVL metric, the price of XRP is also not looking good amid a general market decline. The token is currently trading at $0.6065.
The US SEC has toned down on crypto regulation thus giving the impression of an upcoming resolution with Ripple on XRP institutional sales.