The ongoing lawsuit between the SEC and Ripple is yet to receive summary judgment after a complete deposition by all parties. Gary Gensler, Chairman of the SEC, has been criticized for his failure to provide clarity and regulation in the crypto space. Meanwhile, Ripple is moving forward with its product, On-Demand Liquidity (ODL), which is expanding to over 40 countries. Market strategists believe that XRP is currently significantly undervalued and suppressed by the lawsuit, but will head to the moon once the lawsuit is over and Ripple wins or gets a favorable settlement.
Welcome to BitBoy Crypto! My name is Ben. In this article, we will discuss Brad Garlinghouse versus Gary Gensler and some other interesting events surrounding XRP and its lawsuit. The topics we will cover include:
Brad Garlinghouse versus Gary Gensler
Let’s start with a tweet from Brad Garlinghouse, Ripple CEO, where he called out Gary Gensler, the Chairman of the US SEC. According to Garlinghouse, Gensler failed to anticipate FTX’s collapse, despite meeting with its founder multiple times. Garlinghouse is disappointed that Gensler is touting SEC enforcement actions but failed to take action when the alleged fraud came to light.
XRP Lawsuit Update
There is a new schedule for the Ripple lawsuit, as parties wait for the ruling on the Motions for Summary Judgment. The motion to exclude expert testimony is still pending, and it is unclear whether the disputes will be resolved before or at the time of the decision on the motions. District Judge Torres has given out a ruling on the sealing of the motions in the XRP lawsuit.
Ripple to Replace SWIFT
Despite the ongoing lawsuit, Ripple is moving forward. Recently, RippleNet customers have started using ODL for global settlement platforms, and many fiat-based RippleNet customers are upgrading to ODL in several parts of the world. Ripple’s On-Demand Liquidity has been adopted in more than 40 new markets around the world, in the middle of the lawsuit.
XRP Growth and Suppression
The Ripple versus SEC lawsuit has significantly hampered XRP growth both in the US and overseas, and XRP’s price did not surpass its all-time high in the 2021 bull run. However, Ripple’s connections have kept XRP in the top 10 crypto projects by valuation.
Despite the ongoing Ripple lawsuit, the company is making strides forward to help reduce cross-border friction through On-Demand Liquidity. When the lawsuit is finally over, and Ripple wins or gets a favorable settlement, XRP has the potential to skyrocket to the moon, as it is significantly undervalued and perhaps suppressed.