Ripple, the blockchain firm behind the digital asset XRP, has been facing off against the United States Securities and Exchange Commission (SEC) in a protracted legal battle. Yet, despite this ongoing conflict, Ripple has still managed to survive and even prosper in spite of the cryptocurrency market’s turbulence. In December 2020, the SEC accused Ripple and its co-founders of an unregistered cryptocurrency offering worth $1.3 billion, causing a downward slide in the worth of XRP.
This resulted in a massive xenophobic response from exchanges who delisted XRP, perpetuating the negative sentiment surrounding Ripple. Yet, the blockchain firm dug in against the adversarial legal force and relentlessly challenged the SEC’s insistence that XRP is a security, arguing that it is indeed a digital asset and must not be complied with US security regulations. Amid the legal hardball, Ripple also pressed onward with a few positive initiatives, expanding its blockchain network,called RippleNet,and nourishing its global partnerships.
RippleNet tweaked the frequencies of international payments, as major financial names, like Santander, American Express, and Standard ChartChartered,flock to be intermediaries within the PoS system. Ripple then forayed into unexplored territories as well, teaming up with the Bhutanese central bank to introduce a centrally-maintained digital currency. In the end, XRP has been consistently regaining value and strengthening its key position in the crypto market cap, showing off some commendable tenacity and resourcefulness.
Ripple’s persisting fight does send critical ripples through the entire cryptocurrency industry. The ongoing legal proceedings may have extensive consequences,but an eventual success would certainly be an inspiring sign for the crypto world and help usher in much-needed regulatory lucidity. Ultimately, the glowing journey of Ripple against legal red tape speaks volumes about its not to be underestimated strength and traction. As the dust from the SEC-Ripple dispute settles,we wait to see what the outcome will be – and cross our fingers for the positive result.