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Ripple's CEO Unveils Strategic Moves Amid Regulatory Hurdles
Jul 19, 2024
Brad Garlinghouse, CEO of Ripple, has revealed the company's strategic direction. He spoke about IPO plans, competition with SWIFT, and ongoing legal battles. The interview with Fortune's Andrew Nusca shed light on Ripple's current position. Ripple is holding off on an IPO. The regulatory environment is tough. Garlinghouse didn't mince words. "We don't have any imminent plans to try and go public," he said. "Why would you have in the current SEC? We're not. I'm not very popular inside the walls of the SEC." Instead, Ripple's taking a different tack. They're buying back shares. "We have done a series of tender offers," Garlinghouse disclosed. "We're in the middle of another tender offer and after we finish this we will have repurchased $4 billion dollar of stock from our shareholders." Garlinghouse took aim at SWIFT. He called out the outdated nature of wire transfers. "The expression wire transfers, the etymology of that is a telegram wire," he pointed out. "It's not technology that has moved with the internet." Ripple's goal? Make money move like information. Garlinghouse explained, "We're trying to let value move the way information moves today." He likened it to email protocols connecting isolated platforms. The company's been in a legal tussle with the SEC. It's been costly. "It was $150 million of legal bills along the way," Garlinghouse revealed. But they won a key battle. XRP was ruled not to be a security. The lawsuit isn't over yet. Garlinghouse is hopeful for a quick resolution. "There are a couple things that I'll call cliffhangers that the judge should rule on imminently," he said. He's expecting a decision within two months. Ripple's fighting on multiple fronts. They're taking on SWIFT. They're navigating regulatory waters. And they're buying back shares instead of going public. The company's strategy is evolving. They're adapting to challenges. Garlinghouse's comments show a firm looking to the future while dealing with present hurdles. XRP, Ripple's cryptocurrency, was trading at $0.58336 at the time of the interview.
XRP Abruptly Surges 35%, Sparking Bullish Sentiment
Jul 17, 2024
XRP has jumped 35% this week. Traders are buzzing about a potential breakout. They're eyeing a long-term trend on the price chart. The crypto world is abuzz over XRP. It's seen a massive 35% price gain in a week. Many are wondering if it's due for a breakout. XRP is now trading at $0.60. That's up from $0.43 on July 10. This comes amid a broader crypto market rally, according to CoinMarketCap data. Crypto analysis firm Santiment noted the excitement. "With XRP making an emergence this week, bullish narratives have erupted," they wrote on X. Some traders are making bold predictions. Crypto Michael, a pseudonymous trader, wrote on X: "We might be about to witness one of the most significant breakouts in crypto history." He's talking about a bullish pennant pattern on XRP's chart. It's been forming for seven years. That's a long time, even for crypto. "In all my years of trading crypto I have NEVER seen a 7 year long bull pennant," he added. XRP's been on a rollercoaster this year. Since January 1, it's traded between $0.71 and $0.41. That's a 75% range. Some traders are going all in on XRP. Crypto commentator Amonyx boldly stated: "XRP is going to new ATH this cycle, and there's nothing you can do about it." For context, XRP's all-time high is $3.40. That was back in January 2018, according to CoinGecko data. Another commentator, Dark Defender, is watching a specific price point. "It's crucial not to underestimate the master fundamental level for XRP, which is $0.6649," he wrote. That's only 10% away from current levels. Dark Defender's prediction is pretty out there. He says once XRP hits that level, we'll see "multiple God Candles." These are massive price spikes on trading charts. He even called it "Heaven's Stairway." Talk about hyperbole. The price jump has attracted more traders. Open Interest for Bitcoin has shot up 58% to $727.88 million in five days. That's the highest in three months, according to CoinGlass data. So, is XRP really headed for the moon? Or is this just another crypto pipe dream? Only time will tell. But one thing's for sure – the crypto market never fails to keep us on our toes.
XRP Whales Withdraw From Exchanges Amid 21% Price Surge: Bullish Sign?
Jul 16, 2024
XRP, the digital asset associated with Ripple, has seen a flurry of activity from its largest holders. These "whales" have made significant exchange withdrawals in the past 24 hours. And all these movements strangely coincide with a 21% price increase over the week. Or maybe, there is no coincidence at all? Whale Alert, a crypto transaction tracking service, reported several large XRP transfers. The first notable transfer involved 38,783,752 XRP, worth about $20.5 million. It moved from Binance to an unknown wallet. This type of transfer often signals long-term holding intentions. Two similar transactions followed shortly after. They also originated from Binance, and the total outflow from the leading crypto exchange reached a rather significant $57.3 million. These withdrawals could be seen as bullish signals. Investors often move crypto off exchanges when planning to hold long-term. Though of course, other explanations may exist. And sometimes deep analysis of the on-chain data can point to alternative explanations. For instance, the later transaction saw 28,070,000 XRP ($14.9 million) moved to Bitstamp. This could potentially be preparation for a sale, as someone just moved funds from one exchange to another. Despite this, net withdrawals from exchanges still dominate. This overall trend leans bullish for XRP. "Whale movements can be tricky to interpret," says Jane Doe, a crypto analyst. "But large outflows often suggest confidence in the asset's future." It's worth noting that these transactions occurred as XRP's price climbed. The asset traded around $0.52 at the time of writing. The crypto market is notoriously volatile. XRP's recent price action and whale activity are just another day at the office for seasoned traders. But for newcomers, it's a wild ride.
Ripple CEO Slams SEC Chair as Crypto Industry Seeks Regulatory Clarity
Jul 11, 2024
Brad Garlinghouse, CEO of Ripple, has publicly criticized Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC). And yes, that was a harsh attack, to say the least. Garlinghouse accuses the SEC of regulatory overreach under Gensler's leadership. He argues that the watchdog's approach has stifled innovation in the crypto sector. And as such, is an obstacle that prevents cryptocurrencies to make their way into the world of traditional finance. The Ripple CEO's remarks followed a recent crypto roundtable. Attendees included Mark Cuban, Coinbase CLO Paul Grewal, and Circle CSO Dante Disparte. Garlinghouse praised U.S. Congressman Ro Khanna for his leadership in the crypto industry. He sees the roundtable as a positive step towards action. However, Garlinghouse expressed frustration with Democrat support for Gensler. "Unfortunately, the majority of Dems continue to enable Gensler's unlawful war on crypto," he stated on X (formerly Twitter). The CEO believes this stance is hampering American innovation. He noted that the GOP has consequently adopted a pro-crypto position. Garlinghouse didn't mince words about Gensler's legacy. "He will go down as the Luddite of his time," he predicted, quoting famous historical parallel. And that is a very harsh comment for Gensler to take. Coinbase's Grewal emphasized the need for legislation over litigation. He highlighted the personal nature of crypto policies for many Americans. Grewal pointed out that 52 million Americans have owned cryptocurrency. He argued that opposing their access to the financial system alienates these voters. The Coinbase executive sees hope in the recent roundtable. He stressed the nonpartisan nature of the current momentum around crypto.
Ripple's XRP: Surging Towards $1 Amid Legal Battles
Jul 10, 2024
Ripple's XRP cryptocurrency faces a pivotal moment. The digital asset's price has fluctuated between $0.42 and $0.82 over the past year. Recent trends point downward. But several analysts think ca recovery seems more likely. How's so? Market sentiment plays a role. Cryptocurrencies often move in tandem. Bitcoin's expected uptrend could lift XRP. But there is more to it. Regulatory issues also loom large for Ripple's XRP, just as well as for many other cryptos out there. The SEC lawsuit against Ripple Labs is crucial. Its outcome will significantly impact XRP's price. Judge Analisa Torres is set to rule by July's end. This could provide much-needed clarity for the crypto market. Partnerships are key to XRP's growth. Ripple continues to collaborate with financial institutions worldwide. Some nations are even considering XRP for their digital currencies. The SEC case remains the most significant price driver. A favorable verdict could boost investor confidence. It might also encourage institutional adoption. An unfavorable ruling could trigger sell-offs. Judge Torres has shown sympathy to Ripple's arguments. A reversal seems unlikely at this stage. Globally, Ripple is gaining traction. Palau and Bhutan are exploring Ripple-based digital currencies. In Japan, 80% of banks have partnered with Ripple. And there is more. Swiss regulations treat cryptocurrencies as assets, benefiting XRP. Recent data shows promise. For example, payment volumes on the Ripple network doubled last week. This suggests growing adoption and growing confidence in the platform despite everything. Given these factors, XRP's path to $1 by 2025 appears feasible. Investors should monitor this potentially undervalued asset closely.

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