Ripple SEC

Ripple Says It’s Expecting To Win The Lawsuit, Planning To Go Public

By Eric • January 27, 2022 4:14 pm • Comments

Ripple, one of the global leaders disrupting payment processing, took steps to strengthen its financial position by repurchasing $200 million in Series C shares. Ripple CEO Brad Garlinghouse announced the redemption of Tetragon Financial Group’s shares, which were held by a UK-based investor.

Ripple, the global payments leader is presently valued at $15 billion, setting a new high. Ripple’s supporters think that the company is bolstering its financial sheet in preparation for its planned IPO.

The buyback has nearly doubled the value of Ripple. Meanwhile, the company’s token payment processing cryptocurrency remained stagnant.

Trending: Ripple Spells Out Penalty Terms To SEC

The price of $XRP not also rising in value strikes a blow through the heart of the SEC argument that the token is a security. The SEC has been claiming for over a year now that the cryptocurrency is a workaround security offering for Ripple. If $XRP is security for Ripple, then a company doubling in value would theoretically cause the cryptocurrency to also double in value.

According to the SEC, the sale of $XRP by Ripple Labs, Garlinghouse, and co-founder Chris Larsen constituted an unregistered securities offering. The case was launched in December 2020 against the defendants. Garlinghouse anticipates that the litigation will be resolved this year, further strengthening the companies position if they win.

According to Bitcoin.com:

In December 2019, the company raised $200 million in the Series C funding round, led by Tetragon. SBI Holdings and Route 66 Ventures also participated. According to reports, the company’s valuation was $10 billion after the Series C funding round.

Noting that “slow down” is not in Ripple’s vocabulary for 2022, Garlinghouse proceeded to explain the progress of Ripplenet and Ripplex in follow-up tweets Wednesday.

Regarding Ripplenet, he said that the network has a volume run rate of more than $10 billion today. In addition, Ripplex is “establishing a multitude of capabilities to the XRP ledger – NFTs, CBDCs, interoperability bridges, sidechains, and so much more,” the executive explained.

In December, Garlinghouse similarly said that Ripple had their strongest year ever despite the ongoing lawsuit brought by the U.S. Securities and Exchange Commission (SEC) over the status of XRP cryptocurrency.

Ripple has a further diversification plan scheduled to begin in 2022. The payments behemoth intends to provide a wide range of functionalities to the XRP Ledger. Ripple’s On-Demand Liquidity (ODL) partners and developers are eager to collaborate in order to improve the network’s capabilities.

DaCryptoGeneral, a crypto analyst and trader, assessed the Ripple price movement and forecasted an altcoin rise. The price of ripple is now stabilizing within a possible symmetrical triangle, and analysts believe a breakout is imminent. 

DaCryptoGeneral has set a $2.31 price goal for Ripple.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

 

Search ProCoinNews