Ripple Inc and it’s native token XRP has grabbed enormous attention in recent times as the major exchanges started delisting XRP amid the US SEC lawsuit controversy.
XRP token recovered after Ripple said it is ready to engage with SEC regarding the lawsuit proceedings.
XRP Recovers As Ripple Ready To Engage With SEC
The price of XRP plummeted badly, incurring significant losses to Ripple; however, now the company has managed to damage control. Ripple Inc issued a public statement in which it said that it is ready to co-operate and engage with the United States Securities and Exchange Commission. The announcement turned positive for XRP token and its price recovered by 15 percent after the announcement.
After the SEC filed a lawsuit against Ripple for distributing unregistered securities in the United States, significant wallets and cryptocurrency exchanges began suspending XRP deposits and trading on their platform. OKCoin, Coinbase, Bitstamp, Beaxy are some of the prominent exchanges that suspended XRP trading on their platforms after the speculation revolving around the status of XRP token. Ripple has said that the Lawsuit has Muddied Waters for the cryptocurrency exchanges, traders and market makers. The Lawsuit has propelled an uncertainty in the cryptocurrency markets that will eventually harm the cryptocurrency community which ” they’re supposed to protect.”
Ripple also called out for the lack of regulatory clarity in the United States for cryptocurrencies and digital assets. Ripple has earlier been stringent in its stance adjudicating that XRP is an open-source cryptocurrency and not a security.
“For eight years, we’ve built products that help hundreds of customers solve pain points around global payments,” Said Ripple. The company said that it would defend its case in the court and “finally get clarity for the U.S. crypto industry.”
Ripple is based in San Francisco and managed to gain massive growth in recent times; however, now as the company faces regulatory action, it might move out of the U.S. Recently SBI Holdings CEO Yoshitaka Kitao indicated that Ripple is considering Japan for its global headquarters. Ripple CEO Brad Garlinghouse also advocated Japan as one of the most preferred choices for Ripple headquarters.
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