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XRP Lawsuit: Court granted Ripple’s Motion to Seal in 3-additional documents dispute

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The latest update in the XRP lawsuit saw the court grant Ripple’s motion to seal exhibits of Defendants’ October 22, 2021, response to the Securities and Exchange Commission’s (SEC) October 15, 2021 filing regarding the plaintiff’s submission of three additional documents for in camera review.

According to Ripple’s seal appeal, the defendants had already conferred with the SEC, and the plaintiff understood that it did not object to filing these materials under seal. Furthermore, the defense noted that both exhibits filed under seal are designated confidential by the SEC itself. However, the plaintiff did not take an absolute stance against and for the redaction or seal of the mentioned documents. 

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Ripple stated that the exhibits are part of “discovery materials filed with the court in connection with discovery-related disputes,”, which were also deemed confidential by the producing party, i.e., the SEC. Henceforth, the defendants argued that they are not judicial documents and are not entitled to a presumption of public access.

“Exhibit A is a privilege log, dated September 2, 2021, and revised on September 15, 2021, submitted in this litigation and designated as Confidential by the SEC. Exhibit B is a document produced in this litigation and designated as Confidential by the SEC pursuant to the Protective Order.”, Ripple wrote. “Exhibits A and B are part of the discovery materials exchanged between the parties through a “compulsory process to facilitate orderly preparation for trial, not to educate or titillate the public.”, the defense added.

Ripple’s response in 3-additional documents dispute

Recently, the 3-additional documents dispute gained traction with the SEC’s consistent efforts at seeking a protective order. October 22nd, Ripple responded to SEC’s letter with the explanation for its privilege assertions along with a redacted version of the 3-additional documents requested by the defendants for in-camera review. However, what shocked the community was Ripple’s request to disclose these documents to the defense. It appeared almost peculiar how the defendants had been fighting for the in-camera review of documents that they had no exposure to themselves.

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XRP and Other Top Cryptocurrencies Now Accepted by Croatia’s Largest Supermarket Chain

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Crypto is becoming mainstream in Croatia because of Konzum

Konzum, the largest supermarket chain in Croatia, which was founded all the way back in 1957, has begun accepting cryptocurrencies in its online store, according to a Dec. 1 report by Zagreb-based newspaper 24sata.

The lineup of supported digital currencies includes Ether (ETH), Bitcoin (BTC), XRP, Stellar Lumen (XLM) and Bitcoin Cash (BCH), as well two stablecoins (Tether [USDT] and DAI).

Shoppers are now able to buy groceries, hygiene items, household supplies and other items with the aforementioned cryptocurrencies.

Konzum partnered with Croatian fintech company Electrocoin to use its PayCek system to facilitate crypto payments.

They spent several weeks testing the service before the official rollout in the run-up to Christmas.

Crypto is coming to Konzum’s physical stores

Crypto payments will also gradually become available in Konzum’s physical stores throughout the country.

The company will begin with 60 locations that have self-checkouts. After that, new payment options will be introduced in 630 stores of all sizes throughout Croatia.

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XRP Seeks Fresh Rally as Investors Look to Key Events in 2022

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Ripple announced plans to launch Liquidity Hub in 2022 to assist financial services entities in providing customers with the capacity to buy and sell securities

Ripple has announced a financial liquidity hub planned for 2022. XRP seeks a fresh rally past the $1 mark at December’s start amid investors’ hopes for upcoming events in 2022 that might impact the price.

The goal of Ripple’s Liquidity Hub, which will launch in 2022, is to assist financial services entities in offering their clients the opportunity to buy and sell cryptocurrencies. The functionality will provide enterprise clients access to digital assets from a variety of sources, including market makers, exchanges and over-the-counter trading desks, according to the San Francisco-based company.

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Second, according to Ripple CEO Brad Garlinghouse, the ongoing Ripple-SEC lawsuit will be resolved in 2022. ”Ripple is seeing pretty good progress despite a slow-moving judicial process,” according to the CEO. The SEC accused Ripple and its officials of selling $1.3 billion worth of tokens in an unregistered securities offering in December 2020.

XRP/USDT Chart

XRP/USDT Daily Chart, Courtesy: TradinView.com

XRP has improved in price since the Friday sell-off, where it marked lows at $0.87. The cross-border token currently trades at $1. If the buyers of the remittance token push above $1.00, pending buy orders will be filled and market makers will provide more liquidity.

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XRP nodes run by Ripple fell out of sync for over 5 hours, disrupted wallet services

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  • Public XRP ledger nodes “s1” and “s2” run by Ripple fell out of sync with the XRP ledger for over 5 hours yesterday.
  • Non-custodial XRP wallet Xumm was not functioning well, disrupting usage and accessibility. 
  • Ripple engineers to work on increasing public node capacity. 
  • XRP continues flooding exchanges, whale moves 40.4 million worth of tokens and sells on Binance. 

XRP ledger needs improvements to its “Trust Line” related traffic to increase the capacity of nodes to handle simultaneously active users. 

Out of sync XRP nodes disrupt wallet services

Two XRP nodes run and maintained by Ripple and developers, “s1” and “s2,” recently fell out of sync with the network. The disruption lasted 5 hours, and users of non-custodial wallets like Xuum and xrplcluster.com were impacted.

Though XRP has a throughput of 1500 transactions per second (tps), this does not account for “Trust line” transactions on the network. 

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When users plan on receiving payments in anything other than XRP, they need a trust line to that asset’s issuing account. This helps avoid token spam and gives users the power to decide what assets to hold and receive without any negative effect on the XRP wallet or balance. 

The amount of “Trust lines” and tokens on the XRP network has exploded beyond the tested or expected numbers. This has disrupted the activity of the XRP ledger’s public nodes. XRPL public nodes and clusters are being scaled up but aren’t ready for a higher volume of “Trust lines” transactions. 

A cryptocurrency analyst, @WKahneman, shared his outlook on the challenges faced by XRP Ledger in a recent tweet. 

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Transactions on the applications using the two nodes are held up, and switching to other nodes like xrplcluster.com can create backup there. 

Ripple engineers are working on increasing public node capacity. 

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Whales are flooding exchanges with XRP tokens. A mysterious whale recently moved 40 million XRP to Binance and sold the holdings. XRP has failed to recover from the recent price drop. 

FXStreet analysts have evaluated the XRP price trend and predicted a nasty bear trap. 

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