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If Ripple Goes Away, XRP Will Keep Trading: CEO Brad Garlinghouse

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Ripple CEO Brad Garlinghouse has made an appearance on HBO to slam the SEC lawsuit.

In the latest episode of documentary-news program “Axios on HBO,” Ripple CEO Brad Garlinghouse said that XRP would continue trading even if Ripple went away to make a case against classifying the token as a security.

If you own a security, it gives you ownership of a company, right? If Ripple goes away, XRP’s gonna keep trading.

Garlinghouse adds that the U.S. is the only country in the world that has alleged that the token could be a security.

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Ripple was slapped with a lawsuit by the U.S. Securities and Exchange Commission back in December, which accuses it of offering XRP as an unregistered security.

However, as the recent Tetragon ruling shows, the court will have the final say in determining the token’s regulatory status.

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It’s bad for the whole industry

The Ripple executive—who was also named as a defendant in the lawsuit along with ex-CEO Chris Larsen—says that the SEC’s enforcement action will negatively affect the whole industry:

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This isn’t just bad for Ripple. It’s bad for crypto broadly in the United States and it’s driving that activity, it’s driving that entrepreneurial activity outside of the United States. I think that definitely bodes poorly for the crypto industry at large.

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Ripple

Ripple Shifts 33.8 Million to Huobi in Past 2 Weeks, After Allocating 100 Million XRP for It

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Ripple fintech firm has sent almost 40 million XRP to Huobi since October began from the 100 million allocated for it in the first place

Data provided by the analytics platform Bithomp that works with XRP transactions, over the past eighteen days, Ripple distributed ledger tech provider has shifted 33,805,080 XRP to the major digital exchange Huobi.

One third of Ripple’s 100 million XRP shifted to Huobi

This amount of crypto equals to $38,790,225. The size of weekly transactions has been changing since September 29, when Ripple allocated a whopping 100 million XRP lump to be sent to Huobi in regular transfers – it started as 1,542,780 XRP, continued as 2,309,580. So far, Ripple is moving 1,911,150 XRP lumps to Huobi.

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Image via Bithomp

The exchange has recently announced its withdrawal from mainland China and by December 31 it plans to stop crypto trading against CNY.

XRP becomes number one choice for UK retail investors

At the time of writing, the sixth largest cryptocurrency, XRP, is changing hands at $1.15, showing a mild rise of 2.54 percent, as per the data provided by CoinMarketCap.

As reported by U.Today earlier, a recent report by a leading trading platform eToro stated that the majority of retail crypto investors in the UK now prefer XRP as their top asset. Cardano’s ADA is the second favorite.

Ripple Labs has recently joined the Digital Pound Foundation to help UK authorities work the CBDC they are developing – digital pound sterling.

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XRP is UK’s most popular crypto as analyst expect massive gains

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  • In a recent report by the eToro trading platform, XRP emerged as the most popular cryptocurrency in Q3 2021.
  • Ripple has partnered with Digital Pound Foundation to support the creation of the UK’s central bank digital currency, the “Digital Pound Sterling.”
  • Analysts are bullish on XRP price, predicting a big move in altcoin within the next two days.

In the third quarter of this year, XRP became the number one cryptocurrency in the UK, according to social trading platform eToro. XRP holders are bullish on the proceedings in the SEC v. Ripple case. 

Analysts predict a big move in XRP, bullish on the new partnerships

eToro, the social trading platform, recently revealed that XRP is UK’s most popular cryptocurrency, followed by Cardano (ADA). Crypto traders in the UK have put more funds in XRP than any other crypto in Q3 2021. 

The year-on-year increase in XRP price is over 100%; despite higher gains in Bitcoin and Ethereum, traders held on to XRP for its volatility and risk-adjusted returns. 

Interestingly, XRP has witnessed a spike in retail and institutional adoption over the past few months. Ripple collaborated with the Digital Pound Foundation and prepared to work in line with the firm’s objectives to work with global banks and resolve issues related to CBDC development. 

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XRP is engaging with centralized institutions for the development of CBDCs. After announcing its partnership with Bhutan’s Monetary Authority, Ripple works with the UK’s central bank for the “Digital Pound Sterling.”

Ripple has positioned itself to be a bridge in CBDC development. Nearly 80% of central banks are currently exploring CBDC development, and the Ripple network’s engagement with centralized institutions is expected to boost XRP’s utility. 

The world’s sixth-largest cryptocurrency started at $0.22 in 2021 and hit a high of $1.9 in April before further correction. 

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Cryptocurrency analyst @Koolaid_crypto has predicted a big move in XRP price over the next two days. 

FXStreet analysts have evaluated the XRP price trend and predicted that the altcoin would skyrocket to $2 with a rise in trade volume. 

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XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

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The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.

Ripple Opposes SEC extension appeal to save XRP from an isolated bear run

While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.

The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.

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SEC supports extension appeal with pending motions

The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.

“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.

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