As an analyst with a decade-long career in the ever-evolving world of cryptocurrencies, I find myself both intrigued and cautiously optimistic about CoinCheck’s recent announcement to list XRP, along with five other digital assets. The timing couldn’t be better for Ripple, given the court victory they scored against the SEC earlier this year. This win not only serves as a morale booster for Ripple but also sends a positive message to the entire crypto industry that perseverance can pay off in the long run.
In a recent tweet, Japanese cryptocurrency exchange CoinCheck announced the listing of the seventh largest digital currency XRP. Aside from that, the platform is listing five other cryptocurrencies – Ethereum (ETH), Shiba Inu (SHIB), NEM (XEM), IOST (IOST), and Enjin Coin (ENJ).
On August 30, the platform initially shared news about the impending listing of these digital assets – marking their first post. Notably, CoinCheck, ranked 48th globally, occupies a significant spot on the CoinMarketCap ranking of crypto exchanges worldwide.
As a crypto investor, I’m thrilled about the recent listing of XRP following Ripple‘s court victory. This triumph, hailed by Ripple’s CEO Brad Garlinghouse as more than just a win for Ripple after three years of legal skirmishes with the SEC, is also seen as a significant milestone for the entire cryptocurrency sector. It’s moments like these that remind us of the resilience and potential of this groundbreaking industry.
At the close of the first week in August, Judge Analisa Torres denied the SEC’s demand that Ripple pay a $2 billion fine and penalty. This decision could serve as an indication for other cryptocurrency companies, suggesting that such penalties might not deter them from allegedly violating securities laws in the future. Additionally, the SEC aimed to recover damages caused by their lawsuit against Ripple throughout the legal proceedings.
The judge directed Ripple to make a payment of $125 million, which was significantly lower than the substantial sum proposed by the Securities and Exchange Commission.
In the last day, XRP experienced a 3.48% drop and subsequently a small rise that added approximately 1.2% to its value. Currently, one XRP token is being traded for around $0.55611.
Ripple unlocks another billion XRP
This past week, the powerful blockchain entity Ripple unveiled another round of escrow-released funds, freeing up approximately one billion XRP tokens.
Approximately $555,890,057 worth of cryptocurrency was ultimately re-secured in the escrow account, which is a typical practice by Ripple.
For approximately seven years now, the company has been regularly releasing a billion XRP per month, with 80% of the newly accessible coins being returned to escrow. Lately, Brad Garlinghouse suggested that some of these escrowed XRPs could potentially be destroyed or rendered permanently unusable in the future. However, he also expressed a willingness to consider different ideas regarding this matter.
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2024-09-04 12:12