Ripple gives two cents on SEC ruling, locks new set of XRP
- 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.”
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.
— Whale Alert (@whale_alert) August 1, 2023
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.
We began these reports to voluntarily provide updates given our XRP holdings. Sadly, they were used against us in the SEC lawsuit – however, we remain steadfast in our commitment to transparency but I suspect they’re going to look a bit different moving forward https://t.co/oANR6WCG09
— Brad Garlinghouse (@bgarlinghouse) August 2, 2023
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.