6/24/2023 0 Comments Ripple market watchRipple also filed a Freedom of Information Act (FOIA) request for more information about how the SEC determined the status of ether as a non-security. Last week, Ripple published its official preliminary legal response to the SEC complaint. This spurred rampant misinformation and speculation about the case from the press, analysts, detractors and industry players. On December 22, the SEC filed an enforcement action against Ripple, alleging that the company conducted an unregistered securities offering. SEC Enforcement Action + Ripple’s Next Steps The company’s continued customer traction underscores that ODL has real utility and is solving the challenges with cross-border payments for financial institutions and their customers. In 2020 ODL volumes experienced 12x year-over-year growth, and we’ve signed on more than 15 new customers despite the SEC lawsuit to date. Ripple ended 2020 strong with record customer numbers and high On-Demand Liquidity (ODL) transaction volumes. is out of step with its international counterparts. This further underscores the fact that the U.S. market participants to withdraw from a massive global virtual currency market, close to 90% of XRP volumes remained intact and many market participants moved forward with business related to XRP outside the U.S. regulatory action caused havoc and prompted U.S. traders who sold out of XRP (post-SEC news) seemed to have contributed meaningfully toward the rally in BTC. The overall market rally was led primarily by BTC, with some market participants noting that U.S. By bringing this case, at least $15B of XRP value was lost in the open market – this does not take into account the 50% rally in the rest of the crypto market over the same time period. players, causing many to pause XRP trading. Last quarter, the SEC’s enforcement action against Ripple had a devastating impact on XRP market participants, by escalating uncertainty for U.S. regulatory clarity has continued to stifle American innovation and progress. However, as crypto becomes mainstream, it’s evident that the lack of U.S. Q4 2020 was marked by the phenomenal growth of derivative markets, soaring bitcoin prices, and a record breaking crypto market capitalization, as more investors became more bullish about Bitcoin and adopted crypto into their portfolios. Moreover, Ripple urges others in the industry to follow its lead to build trust, foster open communication and raise the bar, industry-wide. Ripple publishes the quarterly XRP Markets Report to voluntarily provide transparency and regular updates on the company’s views on the state of the XRP market, including quarterly sales updates, relevant XRP-related announcements and commentary on previous quarter market developments.Īs an XRP holder, Ripple believes proactive communication and transparency are part of being a responsible stakeholder.
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