Ripple could go public soon as it suggested it will walk out of the legal charges that it faces in the US which inevitably sent the whales on a buying spree so let’s read more in our latest Ripple news.
Payments company Ripple could go public soon after the ongoing case with the US Securities and Exchange Commission is settled. In December 2020, Ripple was charged with the unlawful sale of the $1.3 billion worth of unregistered securities which is still going on today. However, it seems that the startup is quite positive that both parties will reach a settlement.
According to Japanese Financial Services from SBI Holdings which holds a stake in Ripple said that Ripple is considering going public when all the things with the SEC are done. CEO Yoshitaka Kitao who also has a seat in Ripple’s board of directors said on the earnings presentation that the IPO will pay off SBI Group’s investment:
“After the current lawsuit, Ripple will go public. The current CEO wants to do this. Chris [Larsen] wants to do this. We have been investing in fintech companies, and we adopt that technology in our group, and also we spread that technology across the industry. That is SBI Group’s basic strategy.”
Ripple’s CEO Brad Garlinghosue also affirmed that the company made good progress in the courts and stated that many federal agencies in the US like the Department of Justice and the Treasury already see XRP as a non-security so there’s nothing to worry about. In the meantime, the XRP supply distribution shows that the large investors or whales, are giving XRP their vote of confidence and the buying spree behind the cryptocurrency skyrocketed over the past week. Analytics platform Santiment registered 12 new addresses with more than 1,000,000 XRP that joined the network in a short period of time. These whales hold up to $1.6 million worth of this altcoin. The latest increase in the number of big investors coincided with a 74% price increase. Additional buying pressure will help the corss-border remittances tokens retest the previous ATH.
Ripple already made two small victories in court so we can even expect to see the case dropped.
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