- Jeremy Hogan argues that the SEC’s case against Kik Interactive is substantially different from the case against Ripple in terms of judge.
- Analisa Torres might have a better understanding of the technology and not just rely on the SEC’s case authority.
The XRP community’s favorite lawyer, Jeremy Hogan, posted a video to talk about the fulcrum in the U.S. Securities and Exchange Commission (SEC) litigation against Ripple, and why Ripple “dodged a bullet” (without giving legal or financial advice, of course). Hogan discussed that judges play a critical role in very complex litigation, as they must cover a very broad area of law and cannot be an expert in every field.
The case of Kik Interactive v. SEC illustrates this very clearly. In October 2020, New York Judge Alvin Hellerstein ruled that Kik’s digital currency was a security and granted the victory to the SEC. “Ripple is lucky this is not their judge,” Hogan said. Hellerstein was in his 80s, and as court transcripts show, he didn’t know what a blockchain-based token was, nor a distributed ledger.
So during Ripple’s pretrial conference, Hogan paid particular attention to U.S. District Judge Analisa Torres’ choice of words. The 61-year-old Harvard graduate expressed herself very selectively, using both the SEC’s preferred term for XRP, “digital asset,” and Ripple’s term, “cryptocurrency,” which may mean she understands the difference:
And the only reason she would use both terms is to show impartiality. But that also means that she understands already, even this early in the case, why the terms used are important, and what’s the difference is between them. That’s just to me a sophistication and understanding what the case is all about.
That’s why Kik Interactive lost – Ripple not?
As Hogan elicited, this was not the case with Kik’s judge, which is why Hellerstein asked the SEC lawyers about previous court decisions on which he could base his decision. However, this is something the SEC has been working on and spent from 2017 to 2019 “putting together this case authority.”
So when a judge asks about prior judicial decisions, the SEC was “ready with six or seven cases, they could site as persuasive.” This, Hogan said, was critical to Kik’s defeat:
So what I could summarize from my review was that Kik Interactive was probably dead in the water. This judge was either not capable or going to be flexible enough to make a nuanced interpretation of law that an emerging technology case would require, and therefore I believe Kik lost.
Regarding Ripple’s judge Analisa Torres, however, Hogan has a better feeling because she is “curious,” as Hogan said in reference to a transcript from a civil case.
This judge is curious once to get the truth of the situation and is willing to think outside the box. This jives with the fact that she is already up-to-speed enough to understand the nuance between a digital asset and a cryptocurrency in a legal context. But perhaps most important I see a humanity in this judge […]
I am sure Ripple has done their research, knows all about this judge and are tailoring their arguments to show her how a security designation at this juncture would harm thousands and thousands of XRP holders. That is the key to me. This judge needs to understand […] the potential devastation impact on tens of thousands of people who are or have been holders of XRP.
Here’s how Ripple is expanding its footprint in Asia Pacific
Ripple is partnering with another company in Singapore to expand its services for cross-border payments in the Asia Pacific. The new partnership is aimed at expanding RippleNet’s footprint in the region by offering the fundamental infrastructures for cross-border payments for banks.
Ripple had a plan to acquire a 40% stake in Tranglo company, and the new partnership follows that intention. The first country to receive the results of the new partnership in the Philippines, and new corridors will be launched after that.
Providing the Structure for Cross-Border Payments
There are many opportunities in the Asia Pacific area for companies that are solving payment challenges. Cross-border payments are among the essential needs of banks and citizens in that region because many of the people work abroad and help their companies by sending money from other countries.
Ripple is among the most active blockchain companies that have a considerable focus on this area. The RippleNet solution has helped many big banks launch corridors for cross-border payments, and the new partnership with the Tranglo company is aimed to expand these services.
Tranglo will launch its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines in six months as the first result of the partnership with Ripple. More corridors will be introduced in the coming months. The Philippines is a very good target region for this partnership because this country is the third-largest remittance-receiving country in Asia.
Tranglo is among the best companies in East Asia, helping cross-border payments for citizens. It has supported existing RippleNet corridors in the Asia Pacific before. Companies like BKK Forex, DeeMoney, and Siam Commercial Bank use Tranglo services. These new connections help the company process more currencies in the region.
Ripple execs believe the Singapore company can help them very well in expanding footprints in the Asia Pacific region. Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said:
“The strong traction with Tranglo in the past 6 months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia Pacific, a region which is often tricky to navigate. Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights.”
New partners using the RippleNet solution for payments means more customers for Ripple. It always has been a great goal for the company, and it seems to be working based on numerous partnerships. All of these incidents can help the XRP coin, too, by increasing the demand.
Ripple Forecast and XRP/USD Analysis October 21, 2021
XRP/USD are trading at 1.1307 and continue to move within the growth and bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $53,450,449,348. Moving averages indicate a short-term bearish trend for Ripple. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop a small correction of the asset and a test of the support level near the 1.0785 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 1.2505.
Ripple Forecast and XRP/USD Analysis October 21, 2021
In favor of raising the XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.9505. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.8505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.2205, which will indicate a breakdown of the upper border of the downward correction channel.
Ripple Forecast and XRP/USD Analysis October 21, 2021 imply an attempt to test the support level near the 1.0785 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 1.2505. An additional signal in favor of the growth of Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.9505 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.8505.
UAE exchange expands partnership with Ripple, for cross-border payments
The Ripple-effect can be felt in various corners of the world including the United Arab Emirates. Al Ansari Exchange, the UAE-based foreign exchange and money transfer company announced the expansion of its partnership with Ripple to deliver cross-border payments.
In doing so, Al Ansari exchange will be leveraging RippleNet in conjunction with MoneyMatch, a leading money transfer technology company. RippleNet’s assistance will allow the exchange to carry same-day remittances along with support from MoneyMatch. The services will initially only offer Malaysian ringgit.
The CEO at Al Ansari exchange, Rashed A. stated,
“Adopting this technology on the cloud via our partnership with Ripple and MoneyMatch is in line with our commitment to provide our customers with more flexible, faster, safer and more innovative money transfer solutions.
Together, we are carving new benchmarks in the industry, with an end goal of redefining customer experience and taking our services to the next level internationally.”
This has been in line with the exchange’s initiatives to contribute to UAE’s fintech agenda and will also play a role in the “Projects of the 50.” Ripple’s technology will gain more prominence in the region given Al Ansari was among the largest and longest-standing exchanges, focused on expanding their network.
According to Navin Gupta, Managing Director, South Asia, and MENA, at Ripple,
“We view this partnership with MoneyMatch as a continuation of that ethos, and we’re excited to be partnering with them to improve cross-border payments in key remittance corridors with RippleNet Cloud.”
The General Manager of RippleNet, Asheesh Birla, had earlier noted that the APAC region remained Ripple’s busiest region of customer demand and transaction growth. It had earlier facilitated a corridor between India and UAE, given the high remittance volume. As UAE advances its fintech standing, Ripple has been contributing to change the face of cross-border payments.