Ripple SEC Challenges – November-3-2023
Cryptocurrencies News – Over the last five years, the value of XRP has gone up by 33%. This is surprising because Ripple, the company behind XRP, is dealing with legal issues. These problems come from the Ripple SEC (U.S. Securities and Exchange Commission) situation. Even with these hard times, XRP is doing well. It’s being used for sending money across borders and for swapping different kinds of money.
Legal Fights and XRP’s Growth
Ripple has been fighting in court with the SEC. The SEC said Ripple sold XRP in a way that broke the rules. But Ripple’s leaders, Brad Garlinghouse and Chris Larson, said XRP is not a security but a currency. They had a win in court in New York, which made the SEC take back their lawsuit. Still, the SEC wants Ripple to pay $770 million for not following the law. The XRP price feels the effects of these court fights. It also follows the changes in Bitcoin’s price, which often leads the way for smaller cryptocurrencies. If big companies like BlackRock or Grayscale get approval for a Bitcoin ETF, it could also help XRP’s price.
The Future of XRP
What the SEC’s boss, Gary Gensler, thinks about crypto could change the future for XRP and other similar coins. Right now, even though big banks once thought about using XRP, it’s not widely used. Back in October 2018, XRP’s price was at $0.45. The market for coins like XRP is now watched more closely by the government. Despite these hurdles, Ripple is still supporting XRP and is working to keep its place in the market.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.