Ripple (XRP) is the native token of the Ripple network, and a cryptocurrency that came under a lot of pressure in late 2020. Ripple is a cross-border platform that facilitates banking transactions in a decentralized way.
Last December, the SEC indicted Ripple Laboratories and two of the company’s executives for selling unlicensed securities. In the lawsuit, the SEC argued that XRP was a stock instead of a commodity (like Bitcoin) because it was centrally generated and distributed by Ripple Labs, and was not adopted by financial institutions for its advertised use cases. The SEC claims Ripple executives sold 14.6 billion units of XRP for more than $ 1.38 billion to fund the company’s operations and get rich.
Ripple CEO Garlinghouse said his company is ready to move forward without its XRP settlement platform in case it loses the lawsuit against the US Securities and Exchange Commission (SEC), which claims that XRP is a stock and not a currency.
Meanwhile, the price of XRP rose following growing optimism that Ripple will win a lawsuit from the SEC.
The price of Ripple (XRP) has risen about 100% in the past few days to break out of the $ 1 level for the first time in over 3 years. Ripple XRP ranks fifth on market cap today. This week it turns out to be one of the best performing cryptocurrencies and maintains its position, so much so that in the last 24 hours it has risen by + 3.9% against the US dollar. The XRP / USD pair has been trading above $ 1 for a few days, after climbing + 72% last week. Yesterday, however, it slipped below the dollar in value to touch $ 0.89. If the bulls regain control, we can expect them to push again to regain parity with the dollar.