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Ripple engages with SEC for XRP use case education, says Ripple official

Anvita M V



Ripple engages with SEC for XRP use case education, says Ripple official
Source: Unsplash

In a recent interview with CNBC, Ripple’s Sagar Sarbhai, Head of Government & Regulatory Relations, APAC & Middle East, discussed the much talked about “XRP is a security,” subject and the SEC.

On being asked if ongoing lawsuits in the U.S alleging that XRP is a security would affect adoption of the cryptocurrency, he said that as far as the U.S is concerned, the Securities Exchange Commission [SEC] will ultimately make the decision regarding the same.

He explained that Ripple has been making continuous efforts to engage with the SEC to educate them about the use cases of XRP.

Further, the Head stated that the company believes XRP is not a security. To back up his statement, he said that there are multiple facts which explain why the company believes so.

The first reason being, when a person invests in XRP, he will not receive a stake in the company or will not receive any dividends from Ripple.

Secondly, he said Ripple and XRP are two different things, and the XRP ledger was there to stay even if Ripple the company seized to exist. He added that given XRP ledger is open source, anybody can use it.

Earlier this year, during a discussion at the Tech Crunch Disrupt, Brad Garlinghouse, the CEO of Ripple stated that XRP is fully decentralized and the company only controlled 7% of the public blockchain.

Next, Sarbhai went on to explain the situation in other parts of the world. Specifically, speaking about Thailand, he said that the country has come up with a new asset class called “digital assets”. The country has decided to allow XRP to be traded among 6 other cryptocurrencies.

On similar lines, he said countries like Australia and Philippines, have categorized XRP and other digital assets as either a commodity or cryptocurrency. The Abu Dhabi growth Market [ADGM] has also classified XRP among other cryptocurrencies as commodities. He concluded by stating:

“So we are not really worried about it, to be honest.”

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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.


Ripple’s XRP records relatively low 24-hour trading volume even as prices hold above $0.35

Guest Author



Ripple's XRP records low 24-hour trading volume; even as coin trumps in third position
Source: Pixabay

The cryptocurrency market has been exhibiting a bullish trend even as Ripple’s XRP steered its way to major declines last week. The digital coin was hovering below $0.40, with very low price action in 2019. XRP was ranked as the third largest crypto-asset with a market cap of $16.03 billion and a price of $0.38, at press time.

However, XRP’s trading volume of $1.28 billion over the past 24-hours painted a different picture. The coin was trading relatively low in terms of its volume.

Ripple’s partnerships and developments did not seem to have had a significant effect on its native cryptocurrency’s trading volume.

The silver crypto, Litecoin [LTC], which is the fifth largest by market cap, recorded a 24-hour trading volume of $4.27 billion, which is nearly four times that of XRP. EOS, the sixth positioned digital asset, stood at a trading volume of $2.04 billion over the past 24-hours.

If the 24-hour trading volume was taken into account, XRP slipped to the seventh position, followed closely by Tron. TRX was closing in with a 24-hour trading volume $858 million.

According to the CoinMarketCap figures, XRP’s trading volume gained momentum on May 14, 2019, registering a massive $5.83 billion in 24-hour trading volume, priced at $0.32, as compared to $1.97 billion the previous day. However, the digital coin endured huge losses over the month as the volume sank soon after. XRP, however, has maintained its price above $0.35.

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