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, PrimeXBT Analyst: A New Twist Could Quickly End Ripple Demand And Revive XRP, Forex-News, Forex-News
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PrimeXBT Analyst: A New Twist Could Quickly End Ripple Demand And Revive XRP

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, PrimeXBT Analyst: A New Twist Could Quickly End Ripple Demand And Revive XRP, Forex-News, Forex-News

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, PrimeXBT Analyst: A New Twist Could Quickly End Ripple Demand And Revive XRP, Forex-News, Forex-News

Last week ushered in a major development in the Ripple-SEC lawsuit. On Wednesday, it was revealed that the court had granted Ripple’s request for international evidence. Brad Garlinghouse, the founder of Ripple, had recently filed a motion for international evidence to seek information from various overseas exchanges. In particular, they had requested information from Binance.com.

Ripple’s lawyers explained that documents from Binance.com (and / or other international exchanges outside the US) would provide evidence that the SEC’s lawsuit against Ripple’s XRP sales is invalid under Section 5 of the Ripple Act. 1933 values.

In one of the filings made by the SEC, Ripple’s attorneys discovered that the SEC sued Ripple and its founders for violating Section 5 of the Securities Act of 1933 by conducting worldwide sales. However, Section 5 of the Securities Act of 1933 only applies to sales of securities within the US, and therefore the SEC would not have the right to sue for sales of securities outside of the US. Therefore, suing Ripple for having sold “the XRP security” in international waters outside its jurisdiction is invalid and the SEC should not be at liberty to enforce such a procedure. Ripple has admitted that a large majority of XRP was sold internationally to investors outside of the US.

According to various legal experts, if information from Binance.com could prove that the majority of Ripple’s XRP sale went to investors outside of the US, Ripple could file a petition to dismiss the lawsuit, as the SEC would not have the right to. intervene regardless of whether XRP were securities or not. If the court’s point of view matches that of Ripple’s lawyers, the court could rescind the lawsuit, effectively giving Ripple victory.

Therefore, the next discovery of the information provided by Binance.com is of crucial importance. While some investors are concerned that a “win” in this way will make the status of XRP uncertain and not yet tradable in the US, Ripple and XRP have nonetheless shown that they do not need US investors (Not by choice ) to continue its expansion of public services, continuing to gain international business partnerships and collaborations, which helps XRP price recovery.

Furthermore, the court is unlikely to penalize intermediaries such as exchanges for selling the XRP token within the US, as SEC attorneys specifically recognized in March that cryptocurrency exchanges are not violating any laws by allowing XRP trading. on their platforms. Therefore, the removal of demand could give US exchanges confidence to put XRP back up for sale, which could send a flood of investors to buy XRP.

Ripple making waves regardless of demand

Despite the demand, Ripple has made great strides in its remittance business, the latest being that of SBI Remit tapping into a $ 1.8 billion remittance market between Japan and the Philippines. Japan has publicly acknowledged the status of XRP in the eyes of the Japanese authority, specifying that XRP is a cryptocurrency, not a security. Therefore, this clarity will be useful to Ripple in its attempt to foster partnerships and collaborations with companies in other countries. Ripple has revealed that more such collaborations could be on the way, as the team is busy looking for collaborations with other countries.

According to Ripple’s latest market report released on July 30, XRP daily volume increased significantly in the second quarter from the first quarter, with an average daily volume doubling to $ 4.49 billion in the second quarter from $ 2.260. million dollars in the first quarter. The second quarter also saw 4 of the highest volume XRP days ever recorded.

Additionally, total XRP sales by Ripple, net of purchases, were $ 157.92 million versus $ 150.34 million in the first quarter. Ripple continued to engage in sales to improve the on-demand liquidity (ODL) experience of certain clients, eliminating the need for pre-financing on exchanges and enabling instant global payments. In addition to the ODL Japan-Philippines corridor, Ripple has also partnered with Novatti, a digital banking and payments company listed on the Australian Stock Exchange, to use Ripple’s ODL for cross-border payments and remittances between Australia and the Philippines via from iRemit, a Philippine remittance service provider.

NFT and smart contracts in progress

Recently, Ripple has also introduced support for NFT on the XRP Ledger (XRPL), the native XRP chain. Ripple has already partnered with Mintable, a popular NFT marketplace that has minted 700,000 items last year, to start using the XRPL. Mintable plans to integrate with the XRPL so that creators can sell their works safely, sustainably and efficiently in a more profitable and environmentally friendly way, as the XRPL consumes only around 790,000 KWh per year and is already carbon neutral, allowing mint billions of NFTs, bought and transferred in a more sustainable way.

Additionally, federated sidechains, mini-blockchains that operate alongside mainstream XRP that could enable smart contract capability, were introduced by Ripple’s CTO David Schwartz last month. These chains are on the way and Schwartz anticipates that they will be available on the XRPL in the coming months.

Innovations at Ripple are taking place incessantly despite demand from the SEC, and Asia Pacific is becoming a hot spot for Ripple with the company reporting “remarkable growth” in the region.

Therefore, while choosing to win a lawsuit through a dispute against the SEC’s jurisdictional rights is not the most ideal route, if Ripple is successful, it will remove the stigma of being involved in a lawsuit and free the Ripple team and the XRP token a few more months of pain. And in the unlikely event that US investors are still unable to buy XRP, investors from other parts of the world can certainly do so, especially those in Japan, which is the world’s third-largest economy by GDP.

If this method doesn’t work, Ripple has nothing to lose anyway, as it simply means that Ripple will have to continue the showdown a bit longer. As the case progresses and Ripple announces more positive news about more partnerships, there could come a time when the XRP token becomes immune to the outcome of the lawsuit. As I mentioned earlier in a previous article, people who have needed and wanted to sell XRP would have already done so, leaving the odds in favor of the bulls.

, PrimeXBT Analyst: A New Twist Could Quickly End Ripple Demand And Revive XRP, Forex-News, Forex-News
Kim chua

Kim Chua is an institutional trade specialist with a track record of success that extends to major banks including Deutsche Bank, China Merchants Bank, and more. Later, Chua launched a hedge fund that consistently achieved triple-digit returns for seven years.

Chua is also an educator at heart who developed her own proprietary trading curriculum to pass her knowledge on to a new generation of analysts. Kim Chua actively follows crypto and traditional markets and is eager to find future trading and investment opportunities as the two very different asset classes begin to converge.

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, PrimeXBT Analyst: A New Twist Could Quickly End Ripple Demand And Revive XRP, Forex-News, Forex-News

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, PrimeXBT Analyst: A New Twist Could Quickly End Ripple Demand And Revive XRP, Forex-News, Forex-News

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