Ripple CEO Brad Garlinghouse reports record activity, also with XRP. But lawsuits in the United States are blocking the market there. In New York, the judge tightened the trial schedule.
If Ripple (XRP) didn’t go through the mammoth process with the United States Securities and Exchange Commission, the company and its cryptocurrency would be on the verge of an absolute breakthrough in business – or so it is. said CEO Brad Garlinghouse in a television interview with financial news agency Bloomberg. But the lawsuit in New York, which has been going on since December 2020 and which the United States Securities and Exchange Commission initiated, blocks Ripple in the United States. According to Garlinghouse, 95% of Ripple’s customers are now from outside the United States and employees are increasingly employed overseas. Ripple is headquartered in San Francisco and has in the past toyed with relocation due to US regulations in the crypto industry.
Referring specifically to Ripple’s core business, Garlinghouse referred to an eightfold increase in sales in Q1 2022 compared to Q1 2021. He specifically meant RippleNet including XRP via On-Demand Liquidity (ODL). In this arrangement, Ripple simplifies cross-border transfers for banks and financial service providers by using XRP as a bridge currency and Ripple’s network providing confirmation of a transaction within seconds. According to Garlinghouse, this product now generates billions in sales every quarter. Since Ripple is a private company, it does not have to provide detailed revenue figures. In the last quarter of 2021, Ripple spoke in its voluntary report of XRP demand for ODL at a record $1 billion.
News from the court for Ripple – judgment still possible in 2022?
Garlinghouse took advantage of the appearance on Bloomberg to attack the SEC again. While his company also shows how the crypto industry is driving innovation around the world, the SEC’s anti-crypto stance is causing job migration from the US and worsening competitiveness. Garlinghouse had made such allegations many times before.
But in the process, which is seriously hampering Ripple in the US, the court has now taken legal observers by surprise. Just a few days ago, the SEC and Ripple jointly presented a timetable that would have meant the end of negotiations shortly before Christmas and a judgment in 2023. Ripple had agreed to a compromise so as not to delay the process further. But in an unusual move, the court did not accept the proposal supported by both parties and set the exact deadlines a full month earlier. Such as trial observing lawyer James Filan by Twitter shows, the end of negotiations is now scheduled for November 15, 2022. Filan’s professional colleague, Jeremy Hogan, interprets this stage Twitter as an indication that the court intends to close the case later this year.
Conclusion: Ripple inspires cautious optimism
The trading numbers that Ripple and CEO Garlinghouse will release in 2022 are a giant leap forward for XRP. In the past, Ripple’s technology for international money transfers was in demand, but customers did not use XRP. This seems to be changing at a rapid pace and it could be that Ripple’s entry into Tranglo turns out to be the king’s move. Because Tranglo is now the benchmark for practical use cases of Ripple and XRP and is not influenced by the SEC in its Asia-Pacific division.
The signs in the field are also good for Ripple. In terms of content, watchers and Garlinghouse see Ripple on the road to victory and the SEC in trouble. The hint with the fence post to an accelerated end to the Ripple process is certainly in place. If XRP is allowed to become legal again in the US, Ripple could overtake it – optimists say.
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