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.
Beyond Twitter, XRP holders have been looking for avenues to get involved directly with the SEC lawsuit.
Both Ripple Labs execs have filed to squash SEC subpoenas to six banks that they provide personal financial information as part of the lawsuit.
Garlinghouse announced that Ripple and Youtube have settled and would be working hand in hand “to prevent, detect and take down these scams”.
In its announcement Ripple noted that it is happy with the progress it had achieved with MoneyGram.
Despite its efforts to resist being affected by Ripple’s crisis, MoneyGram might have a few tough months ahead.
The shares of MoneyGram may bounce back to better days as the legal team representing Ripple reportedly had a great showing in the first court hearing.
The complaint claims that Ripple knew that its digital coin could be a security offering after receiving legal advice “as early as 2012” but disregarded it.
The last time XRP dropped to that position was in June 2014, when it fell below the meme coin Dogecoin.
Barring any last-minute changes, Ripple-SEC lawsuit is expected to last all year long as the pre-trial conference has been set for February 22.
Ripple founding member Jed McCaleb continues with his aggressive XRP dumping and has reportedly made more than half-a-billion dollars in gains by selling XRP over the last 8 months.
From Gene Simmons’ list of digital assets, both XRP and Dogecoin have been involved in tremendous gains in the past few days mostly fueled by the WallStreetBets speculation frenzy.
Some analysts in the crypto industry say that the current price of XRP is unsustainable.
The blockchain startup noted that the SEC is unwilling to accept XRP’s utility. The Ripple general counsel also said that the SEC action has unnecessarily created doubt among investors leading to their huge financial losses with falling XRP.
Ripple has already faced a similar case filed against it by the SEC, which alleges that the XRP token is a security and not a crypto asset.
Stu Alderoty’s sense of buoyancy was also highlighted in the post as he revealed that he believes Biden’s administration would make crypto regulation one of their top most priority over the next four years.