- Ripple and the XRP community can celebrate a win today after Phemex’s decision to relist XRP, a move that follows a vigorous #relistXRP campaign.
- This relisting could be the first one of many as institutions gain confidence that Ripple might win the case brought against it by the SEC.
Phemex, one of a number of exchanges that delisted XRP after the SEC filed a lawsuit against Ripple has announced it is relisting XRP. Afraid of the repercussions that would result from a US court ruling XRP as a security rather than a token, a majority of US-based exchanges, and a few abroad, delisted XRP. The move led to an XRP price plunge at the time, but prices have since recovered.
The exchange, founded by former Wall Street traders and investors, made the announcement in a blog post in which they further introduced 8 other spot trading coins. These are Basic Attention Token (BAT), Chiliz (CHZ), Decentraland (MANA), Enjin Coin (ENJ), SushiSwap (SUSHI), Synthetix (SNX), Graph (GRT), and Maker (MKR).
Why relist XRP now?
When it delisted XRP, Phemex stated that the action was motivated by the SEC’s lawsuit against Ripple Labs, Inc. and the resulting actions by a number of other exchanges. In its relisting, the exchange has said that there has been high demand. Just a couple of weeks ago, the XRP community began a vigorous campaign on social media, urging all crypto exchanges to relist XRP. With a huge following, the campaign gained great traction.
Is the social media campaign getting to exchanges? It might very well be.
Additionally, with prices in recent weeks performing exceptionally and volume growing fivefold in the first two weeks of April, exchanges are missing out on huge profits.
Unfortunately for XRP enthusiasts, no major US-based exchange has shown any intention to relist the digital asset. There are however recent court proceedings that have renewed confidence among XRP holders that Ripple can win the lawsuit.
Ripple still attracting new partners
Beyond delistings, the lawsuit was also a major controversial issue with Ripple’s partners and in the weeks that followed, it lost a few. The biggest of them was MoneyGram who despite initiating the split, expressed a desire to partner in the future. Despite the fallouts, Ripple CEO Brad Garlinhouse has recently stated that since the lawsuit, the company has gained over 20 new partners.
"I find a certain irony with bringing a lawsuit against us personally." / PART 1 pic.twitter.com/d0dN8IdqQA
— Julia Chatterley (@jchatterleyCNN) April 1, 2021
In the latest partnership, Ripple has onboarded three new universities to its University Blockchain Research Initiative (UBRI). This is a blockchain accelerator program by the company from back in 2018. Of the three is the first university partner in Africa – the University of Capetown. The other two are Reykjavik University, and New York University Abu Dhabi (NYU Abu Dhabi).
XRP price update
Since topping mid-month, both price and daily trading volume have sunk. At the time of press, XRP is exchanging for $1.38 from earlier highs of $1.95. The volume on the other hand has dropped to the $10B levels after earlier peaking at $35B.
In a move that could boost XRP adoption, Ripple CTO David Schwartz has confirmed on Twitter that he is now advocating for lowering of XRPL reserves. Currently, users need a minimum of $20 to open an XRP wallet, he suggests that this be slashed to $5. Earlier in the year, Schwartz floated the idea saying he would begin supporting this if XRP stayed above $1.
I now personally advocate lowering the XRPL reserves from 20/5 to 10/2. (I have not discussed this with anyone at Ripple. (Thinking about it, I probably should have.) It is my personal position.)
— 𝙳𝚊𝚟𝚒𝚍 𝚂𝚌𝚑𝚠𝚊𝚛𝚝𝚣 (@JoelKatz) April 27, 2021
This however remains in the hands of validators to vote to push for the change or not.
XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal
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.
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.
XLM May Get in Trouble If XRP Deemed a Security: XRP Researcher
A researcher from the XRP community believes that XLM and Stellar may get in trouble should the SEC deem XRP a security
Researcher Leonidaz Hadjiloizou has posted a tweet, in which is asks the opinion of the XRP community about which side in the Ripple-SEC legal battle the company’s co-founder and former CTO Jed McCaleb would take, if he were to do it.
According to Hadjiloizou, should the SEC win and XRP is deemed a security, then Jed and his company Stellar which he created as a rival to Ripple will be in for hard times. If the court rules that XRP is a security, then McCaleb broke the law by selling these potentially unregistered securities – 9 billion of them that he received from Ripple as compensation as part of the Settlement Agreement.
What is most likely? Jed testifies as an expert witness for Ripple or the SEC?
PS1:If he believed XRP is a security then he broke the law by selling unregistered securities after the lawsuit was filed.
PS2:XLM might get in trouble if XRP is deemed a security on a technical lvl.— Leonidas (@LeoHadjiloizou) October 16, 2021
Besides, Hadjiloizou says that if XRP is announced a security, then the native token of Jed’s Stellar, XLM, may also get in trouble and, perhaps, face similar accusations.
So far, no legal action has been filed by the SEC against Jed McCaleb, even though he co-founded Ripple Labs together with Chris Larsen. The latter and the CEO Brad Garlinghouse, along with Ripple Labs, are the defendants in this legal case of the SEC against Ripple.
Jed has been selling his 9 billion XRP in parts, however, he has not sold any coins since September 1.
Ripple Shifts 33.8 Million to Huobi in Past 2 Weeks, After Allocating 100 Million XRP for It
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.
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.