Members of the XRP Army — supporters of XRP have started an online movement to pressure some Crypto exchanges to relist the XRP amid Ripple facing a lawsuit from the United States Securities and Exchange Commission (SEC).
There is zero risk for Coinbase and others to now relist XRP. https://t.co/oCGiy2HSQq
— Michael Arrington (@arrington) March 22, 2021
Supporters of XRP are momentarily placing their bullish bets on XRP as Jeremy Hogan, a lawyer that understands the ongoing event, at the U.S court revealed Judge Sarah Netburn handling the XRP case saw it more as a currency than security.
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“My understanding about XRP is that not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether,” the judge said, according to Hogan.
At the time of writing this report, the seventh most valuable crypto traded at $0.573704 with a daily trading volume of over $11 billion. XRP is up 11.21% for the day.
The fast-rising crypto currently has a market value currently at about $26 billion. It has a circulating supply of 45.4 billion XRP coins and a maximum supply of 100 billion XRP coins.
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Recall some months ago some leading Crypto exchanges including Coinbase, OKCoin, Coinbase, Bittrex, Bitstamp, OSL, CrossTower, and Beaxy cut ties with XRP, thereby dampening market liquidity in the XRP market as the crypto exchanges listed above announced that they would suspend trading of XRP, while others will delist XRP entirely.
In a court document recently filed by Ripple some days ago, the word “denies” comes up about 440 times as Ripple refutes the SEC’s allegation that the fintech engaged in an illegal initial coin offering when they first issued XRP to investors.
“Ripple denies it engaged in any offering of securities; denies the inaccurate characterization of the legal advice Ripple received regarding XRP; and denies that it engaged in a single ‘offering’ of XRP.”
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Such gains will surely calm the nerves of many XRP investors disturbed by the ongoing legal tussle between Ripple and a powerful financial regulator.
Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The crypto is known as XRP and transfer times are super-fast.
Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.