Ripple Reveals Its Plan Of Defense Against The US SEC: Report

Ripple reveals its plan of defense and strategy for fighting against the US SEC lawsuit which was launched at the end of 2020. New reports are showing sneak peeks on how Ripple plans to defend itself so let’s read more in today’s ripple news.

The price of XRP over the years could play a key role in Ripple’s defense and sources that have knowledge of the legal strategy say that the platform plans on showing that these news stories and rumors have no impact on the XRP price. A key example from 2019 shows that XRP traded sideways once it announced a strategic partnership with the payments giant Moneygram. XRP shifted in price multiple times from $0.4288 to $5055.

Ripple reveals its plan and also wants to spotlight the payment products which have nothing to do with XRP and show how great the business model is despite the token. The company is also trying to make the case that it was here for years even before XRP Was created. XRP has healthy liquidity in the markets which also has nothing to do with its native company. Also, they plan on making the case that routine sales of this asset are too small in comparison to the overall trading volume of the coin.

Ripple will also argue that the XRP sales were made without buyers realizing that they were actually purchasing from Ripple as the company believes in and this means that the transactions couldn’t be an investment contract after all. As recently reported, According to Ripple CEO Brad Garlinghouse, Ripple tried to settle with the US SEC but to no avail.

Ripple plans on pushing the XRP ledger to central banks despite the ongoing lawsuit with the US Securities and Exchange Commission. The cross-border payments company wants to hire three central bank technical partner managers in London, New York, and San Francisco. Whoever fills these positions will be tasked with designing and also deploying central bank digital currency projects which is why Ripple plans on pushing this project, no matter the lawsuit. Ripple is known for its high turnover and it is now advertising for 27 open positions overall. The company hired Devraj Varadhan recently to serve as the new senior vice president of engineering.