As a seasoned analyst with years of experience in the cryptocurrency market, I find myself highly optimistic about Ripple and XRP‘s current standing, as articulated by CEO Brad Garlinghouse. The rising institutional interest in XRP products, coupled with the apparent erosion of the US SEC’s credibility and reputation, suggests a promising future for this digital asset.
On Saturday, Brad Garlinghouse, CEO of Ripple, shared exciting updates with the XRP and wider cryptocurrency community. Garlinghouse emphasized a promising new phase for XRP and Ripple as there’s an increasing institutional interest in XRP-related products, while the US Securities and Exchange Commission’s credibility and reputation seem to be dwindling.
Ripple CEO Brad Garlinghouse Hopeful on XRP ETF
On November 2, Brad Garlinghouse, CEO of Ripple, expressed positive updates via platform X as they unveiled their Q3 2024 XRP Markets Report. He underscored the beginning of a fresh chapter for both XRP and Ripple.
It was noted by him that the increasing transparency surrounding XRP in the financial markets is significant, as firms such as Bitwise Invest, Canary Capital, and 21Shares have submitted S-1 forms for potential XRP Exchange Traded Funds (ETFs) to the U.S. Securities and Exchange Commission (SEC). Notably, 21Shares has recently joined this list by filing an application for an XRP ETF with the SEC, signifying growing institutional investor interest in XRP.
As a researcher observing the financial market trends, I’ve noticed an undeniable surge in institutional demand for XRP-related products, a point emphasized by Ripple CEO Brad Garlinghouse in his recent statement.
Lately, Grayscale introduced XRP Trust and submitted an application to transform its mixed-asset fund, the Digital Large Cap Fund, into an ETF (Exchange Traded Fund). The Grayscale Large Cap Fund is made up of Bitcoin, Ethereum, Solana, XRP, and Avalanche as its primary assets.
Brad Garlinghouse Says US SEC Losing Credibility and Reputation
The CEO of Ripple stated that the ongoing battle between the U.S. Securities and Exchange Commission (SEC) and cryptocurrency is likely to diminish, as the SEC has sustained multiple losses in court battles. He further mentioned that ignoring the courts’ decisions could harm the agency’s standing and tarnish its image. It is worth noting that U.S. courts have frequently criticized the SEC’s strategy in crypto-related lawsuits, with many in the crypto community accusing Chair Gary Gensler of overstepping boundaries.
In simpler terms, Ripple leaders argue that their appeal case in the United States Court of Appeals for the Second Circuit sets a powerful example for the cryptocurrency industry. Additionally, the Securities and Exchange Commission (SEC) has chosen not to contest the classification of XRP as a non-security.
In the most recent court submission, the appeals court has issued a command that the U.S. Securities and Exchange Commission (SEC) is to submit their initial argument for the appeals in the SEC vs. Ripple lawsuit by January 15th, 2025.
Ripple Made Major Progress
Based on the Q3 2024 XRP Market Report, the ongoing legal action against Ripple significantly influences the price of XRP. Yet, it’s important to note that other factors such as the planned launch of the RLUSD stablecoin, advancements in the XRP Ledger, and partnerships designed for growth also play a role.
As an analyst, I observed a significant decrease in my Ripple XRP holdings, which fell approximately 245 million to 4,436,713,796 units. Additionally, I noted that the total coins held in escrow on the ledger decreased by around 600 million, now amounting to 38,900,000,005 coins.
Over the past day, the value of XRP remains relatively unchanged by about 1%, and it’s currently being traded for approximately $0.51. Compared to its peak of $0.65 last month, the price has dipped almost 20%.
During the third quarter, as a researcher, I observed that the company headed by Brad Garlinghouse, CEO of Ripple, reported an average daily volume (ADV) for XRP ranging between $600 million and $700 million on major exchanges. Furthermore, I noted a significant 27% rise in the XRP/BTC ratio over the same period.
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2024-11-02 11:39