SEC v. Ripple, the only thing in the way of an XRP bullish run – FXOpen executive

Rick Steves

“XRP will be here and that type of framework will continue to grow exponentially whereas the traditional system including that on which the SEC has based its entire existence will continue to be overshadowed by it.”

XRP, the digital asset that is indirectly on trial in the ongoing SEC v. Ripple lawsuit, is the fourth cryptocurrency by market cap – excluding stablecoins – only behind Bitcoin, Ethereum, and Binance Coin.

The coin used to rank higher, only below Bitcoin, but much has changed since then. In 2018, the then-SEC Director of Corporation Finance, William Hinman, gave a famous speech stating that Ethereum and Bitcoin were not securities.

The digital asset space was hungry (and still is) for regulatory clarity and that speech provided enough room for institutions to make their moves with the little information at hand, which paved the way for a ETH frenzy.

Three years later, it turned out that Hinman’s speech was only his “personal opinion” or so the SEC and the ex-official claim. Or they used to.

The SEC wants its speech-related internal documents kept from being disclosed in fact discovery, which led the plaintiff to change the tune and state the speech was part of the regulator’s public guidance.

Unconvincing is what probably most feel about the SEC, but Magistrate Analisa Torres will be the judge of that.

In the meantime, the SEC is also trying to argue the SEC internal documents have become irrelevant for the case following the court’s denial of the individual defendants’ motion to dismiss the case.

The Ripple counsel seems to be increasingly tired of the SEC’s motions to delay the handover. The company wants to enter the summary judgement schedule by mid-May and get this case over with.

Ripplenet, ODL, CBDCs, NFTs, and a Ripple IPO

Tied to the XRP lawsuit, the blockchain giant is unable to successfully grow to its potential. Its flagship products, Ripplenet and On-Demand Liquidity, are expected to accelerate onboarding once the court case is over. The same goes for its Central Bank Digital Asset (CBDC) solution. On top of that, the long desired plan to go public via initial public offering will remain a mirage until a settlement or a court ruling clear the way.

Like Ripple, XRP is expected to see better days soon as its price is linked to the adoption of Ripple’s network.

We spoke to Natalia Zakharova, Head of Business Development at retail and institutional FX broker FXOpen, who recently told Finance Feeds that a Ripple settlement may trigger the price of XRP to skyrocket.

We queried about how much the XRP lawsuit is affecting Ripple’s client onboarding. Ms. Zakharova painted quite the bullish picture for XRP.

“There is so much flexibility afforded to the financial world by blockchain-based protocols such as Ripple, that it is very unlikely that any institutional partner will be concerned with this matter once it is concluded and settlement has been reached.

“Most institutional partners which have begun to use tokenized methods such as XRP are very much on board with the modern, digital economy and are likely to be thinking that XRP will be here and that type of framework will continue to grow exponentially whereas the traditional system including that on which the SEC has based its entire existence will continue to be overshadowed by it. It’s just evolution and progress”, said the FXOpen executive.

“Therefore the market demand, and the infrastructural development are likely to continue. Once it’s over and that is out of the way, it will be a case of onwards and upwards.”

Read this next

Digital Assets

Midas launches investment strategies for the ‘crypto winter’

Midas.Investments has released three new investment strategies on its custodial CeDeFi platform, creating new opportunities during the ‘crypto winter’.   The platform merges diverse approaches to digital asset management into single-click products to let investors gain steady profits in any market conditions — including the ongoing bear market. a custodial CeDeFi platform, CeDeFi: Unlocking the […]

Digital Assets Wallet adds several ERC-20 tokens

The product expansion includes representatives of the DeFi world, the Metaverse, and the largest stablecoins.

Market News

Savvy Investors to Profit Whether the Stock Market Rebounds or Not

Equities have gone up enormously since the low. SP500 has gained 13.88% since June 17. In August, the indices drifted sideways. On Wall Street, veteran investors expect a move in either direction.

Industry News

Wall Street-backed MEMX obtains SEC approval for options trading platform

The company has raised more than $135 million in funding from 18 stock trading and investing heavyweights, including BlackRock, Citadel Securities, and Morgan Stanley.

Industry News

Amundi US launches ESG strategy that seeks to outperform S&P 500

Amundi’s Responsible investing team includes more than 45 specialists, and its ESG analysis covers more than 13,500 issuers across debt and equity.

Industry News

Verto launches embedded FX payments solution

The Verto API automates currency conversions, tracks payments and exchange rates in real-time, and is being launched in the follow-up of a $10 million in Series A funding last year.

Industry News

SEC awards over $16m to whistleblowers after another successful enforcement action

The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice.

Digital Assets

Ripple submits most succint explanation of Hinman issue in XRP lawsuit

It might be useful to get up to date as this could be the end of the road for the SEC.

Retail FX

TradingView integrates first Brazilian broker, Órama Investimentos

Órama offers all kinds of investment products, from fixed income to crypto-related funds.