Connect with us
Active Currencies 14363
Market Cap $2,744,768,368,838.70
Bitcoin Share 50.94%
24h Market Cap Change $8.32

Ripple gives two cents on SEC ruling, locks new set of XRP

3min Read

Ripple’s official response to the partial win against the SEC called the regulatory’s authority’s lawsuit nothing but a propaganda. Days after the win, XRP didn’t seem in the best of spirits.

Ripple news

Share this article

  • The blockchain firm, Ripple, pointed out that both the judgment protects institutions and retailers.
  • Ripple sent 800 million XRP to its escrow wallet.

Ripple [XRP] finally gave an in-depth response to the partial win it had against the U.S. SEC on 13 July. Although the firm expressed its gladness shortly after the ruling, its latest Q2 market report provides a lot of clarity on certain misconceptions about the case.


How much are 1,10,100 XRPs worth today?


While Ripple published the report on 31 July, it only went public on 2 August. According to Ripple, SEC’s lawsuit against it was misguided and a “quest for political power.” 

Clarifying misconceptions

However, Ripple also addressed some misinterpretations of the judgment. According to the firm, XRP is not just security in some corners but in all areas. Accusing the SEC of being a propaganda merchant, Ripple said,

“The statement that the same “thing” can be sold to buyer “A” as part of a simple buy/sell transaction and also sold to buyer “B” as part of an investment contract is a non-controversial statement of the law. What finds no basis in the law is the SEC’s propaganda to the contrary.”

Ripple also addressed some comments that pitched their tent with the notion that the judgment favored institutional investors over the retail cohort. The blockchain company explained that the sentiment was nowhere true saying that,

“Consumers need protection, but not all roads lead to the SEC. If the SEC’s overreach has exposed a regulatory gap, that gap is not for a court to fill (and certainly not for the SEC to fill without legal authority).”

Meanwhile, the crypto wallet sleuth Whale Alert noted that Ripple once again locked 800 million XRP by sending it into an escrow wallet.

XPR locked again

As a rule of thumb, Ripple locks XRP occasionally to ensure that market there is a balance between supply and demand in the market. In the report, Ripple also mentioned its XRP balance on the ledger, and in escrow. The report shed light on its holdings:

“XRP that it currently has available in its wallets, and XRP that is subject to on-ledger escrow lockups that will be released each month over the next 42 months.”

Ripple CEO Brad Garlinghouse also commented on the report. He noted that the SEC had once used the firm’s transparency against it. But this time, the regulatory agency cannot do that.


Is your portfolio green? Check the Ripple Profit Calculator


Lately, another judge handling the Terraforms Labs matter opined that the Ripple ruling was wrong. As of this writing, the sentiment around XRP was no more as optimistic as it was before. 

As of this writing, XRP’s 30-day performance was a 43.16% hike— a drawdown from the incredible rise when Judge Torres declared XRP a partial winner.

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.