Despite Ripple’s solid position in the SEC lawsuit, its native token XRP is starting some tough times.
Since its inception, Ripple has grown at a rapid pace, making XRP one of the world’s most popular crypto tokens. As for the trip, the last six months have been pretty eventful, especially for Ripple and XRP.
Ripple and XRP, before and after the lawsuit
In the third week of December 2020, when Bitcoin was quickly moving towards an unprecedented bull, Ripple, along with its co-founders Chris Larsen and Brad Garlinghouse, was struck down with a $ 1.38 billion lawsuit. In the lawsuit, Ripple, its co-founder and CEO, was accused of illegally selling $ 1.38 billion in XRPs as securities. The case here was that Ripple sold the XRP as collateral, the asset that needed to be registered with the Fed agency.
Aside from all of the other flaws the lawsuit exhibited, the biggest misconception that grew out of it was that most of the market and the crypto community perceived the lawsuit as if the SEC viewed XRP as a security. Which was definitely not the case. However, since the SEC did not provide any clarification on this at any level, a majority of crypto exchanges have delisted or discontinued XRP trading.
During almost the same time that the entire crypto market was booming, XRP quickly declined due to the lawsuit, losing well over half of its value in just 10 days.
Either way, the trial begins the following month and both parties have filed multiple inquiries. Throughout the process, the SEC appears to have lost the most of the ground, while Ripple has remained extremely aggressive.
In the most recent development, the SEC lost its defense against Ripple’s dismissal petition, which demanded testimony from former agency official William Hinman. While many call it a victory, there is much more to the lawsuit.
Fairly enough, at the start of the litigation, many believed Ripple to be a vulnerable position. But it didn’t seem to have come true, as Ripple has closed some critical deals in the recent past and also made some overwhelming hires.
XRP use cases
Because of the various use cases of XRPs, the outlook looks pretty good. Even so, the XRPL[Ripple’s ledger, leverages XRP] Already serves as an adequate public ledger and assists companies around the world in providing their remittance services[involves cross-border payments] cheaper, faster, much safer and more sustainable, Ripple has also presented its network as a bridge for CBDCs[central bank-issued digital currencies]. To strengthen its position in the CBDC market, Ripple is considering running a pilot program.
XRP price promotion
For the folks who are more just interested in the XRP price, it looks a bit tricky in the short term as XRP seems to be going down from 50-day SMA to 200-day SMA. One of the serious events that many observe is the movement of XRP towards a death cross, which when it occurs can cause severe course pain.
Ripple co-founder Jed McCaleb sold nearly 240 million XRP in June, which left many people on the sidelines or empty XRP.
In a long time, if the market regrouping phase ends and the lawsuit goes well, XRP could boom.
In this case, short selling can be a good opportunity. Bexplus could be a good choice for trading XPR.
Last year as the case progressed, many exchanges delisted XRP and traders couldn’t trade it, but Bexplus recently did XRP listed again. You can deposit XRP and make money by lunging or shorting.
Bexplus – Recommended crypto exchange
Founded in 2017, Bexplus is a leading crypto derivatives exchange offering 100x leverage futures trading for a variety of trading pairs – BTC, ETH, LTC, EOS, etc. The company is registered in St. Vincent and the Grenadines. No spread, no KYC requirements, no deposit fee, Bexplus is trusted by customers worldwide including the US, Japan, Iran and Korea.
Intuitive user interface and various trading tools at your disposal
Bexplus is known for its user-friendly interface with powerful toolkits. You can use the toolkits on the left side of the chart to analyze the market trend and place the long or short order on the right side of the interface. Bexplus offers an income statement calculator that you can use to calculate potential profits and fees before entering into a trade.
Another golden feature of Bexplus is that Bexplus wallet with up to 21% annualized interest. With a quick withdrawal and no early withdrawal penalties, you can keep growing your wealth while holding your bitcoin.
Personal account manager and 24 / customer service
Every user can access a personal account manager after registration. Account managers help users better understand how the platform works and share strategies for crypto trading. Customer service handles complaints and questions around the clock via email and live chat.
Top ranking app
The mobile app Bexplus ranks in App Annie among the top 5 keyword search results for Bitcoin trading in 56 countries. This fully functional app gives you the same experience of using a computer, only much more convenient. The Bexplus mobile app has a 24/7 market notification to keep you informed of any major market move. All data and assets can be accessed on all types of devices including Windows, Macbook, Android phones, iPhones and tablets Appstore and Google play.
Benefits and giveaway
Each user can a. claim 100% deposit bonus of up to 10 BTC for each deposit. If you deposit 1 BTC, 2 BTC will be added to your account and the winnings made with the bonus are withdrawable. Bonuses can be used as margin and a larger margin reduces the risk of forced liquidation. Dealers are invited to join the affiliate program and earn up to 50% commission. Bexplus provides you with various marketing materials to help you grow your business!
registration Earn money now and immediately.