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Kang-hoon
Wed, June 26, 2024 at 07:38
Kang-hoon
Hello, Annie.
Today, I have some interesting news about Ripple and its ongoing lawsuit with the SEC.
Annie
Oh, that sounds intriguing!
What's the latest update?😊
Kang-hoon
Ripple President Monica Long recently discussed key opportunities and challenges regarding the Ripple vs SEC lawsuit, payments, RLUSD stablecoin, XRP ETF, and more.
Annie
Wow, that's a lot to cover!
What did she say about the lawsuit?
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Kang-hoon
Monica Long mentioned that the company has made significant progress after the district court's decision that XRP is not a security, ruling against the SEC.
This clarity has allowed Ripple to focus on other use cases and expansion.
Annie
That's a relief for Ripple, isn't it?
But has the SEC backed down at all?
Kang-hoon
Not really.
The SEC continues its agenda against the crypto industry, challenging the growth of crypto, blockchain, and other related technologies in the U.S.
Annie
That's unfortunate.
How is Ripple coping with this pressure?
Kang-hoon
Despite the pressure, Ripple has enhanced its payments infrastructure, XRP Ledger, and custody services through Metaco.
They've also announced various partnerships in XRP ledger developments and custody services with banks and other financial institutions.
Annie
That's impressive!
What about the RLUSD stablecoin?
How does it fit into their strategy?
Kang-hoon
The RLUSD stablecoin is expected to provide additional advantages in Ripple's business, especially in markets with less liquidity.
It won't compete with XRP but will help grow its adoption, driven by DeFi and institutional investors.
Annie
Interesting.
Who will manage the reserve for RLUSD?
Kang-hoon
Standard Custody, which Ripple acquired earlier this year, will manage the reserve for RLUSD.
Annie
Got it.
And what about tokenization?
Is Ripple involved in that too?
Kang-hoon
Yes, Ripple has infrastructure for RWA tokenization.
Recently, Ripple and Archax extended their collaboration to bring hundreds of millions of dollars of tokenized real-world assets on the XRP Ledger.
Annie
That's a big move!
Are any major financial institutions involved?
Kang-hoon
Indeed.
Wall Street giants like BlackRock, JPMorgan, and Goldman Sachs have shown interest in this technology.
Annie
Wow!
And what about the XRP ETF?
Is there any progress on that front?
Kang-hoon
Monica Long is optimistic about seeing issuers filing for an XRP ETF due to several positive factors.
XRP and Bitcoin are the only crypto assets with clarity from the U.S. government.
Annie
That's promising!
What did Ripple's CLO say about the SEC's demands?
Kang-hoon
Ripple CLO Stuart Alderoty criticized the SEC for bad faith and their demand for $2 billion in fines.
He believes the SEC has issues with Ripple's thriving business.
Annie
Do lawyers and former SEC officials think the SEC will appeal?
Kang-hoon
Many anticipate that the SEC may not file an appeal against Judge Torres' summary judgment.
The crypto community is awaiting her verdict on penalties and final judgment, likely to come in July.
Annie
I see.
How is XRP's price reacting to all this?
Kang-hoon
Currently, XRP is trading under $0.48, with a 24-hour trading volume slump of 27%, indicating traders' lack of interest amid the uncertainty and bearish sentiment.
Annie
That's quite low.
So, overall, would you say this news is good or bad for Ripple and the market?
Kang-hoon
Overall, I would say this news is a positive development for Ripple.
The clarity on XRP, the progress in infrastructure, and the potential for an XRP ETF all point to a bullish outlook for the company and the market.
Upon comprehensive consideration, this news is perceived as a 😍Bullish.