Posted 10 months ago | by Catoshi Nakamoto
XRP! It’s the crypto-equivalent to the soap operas suburban women watched in nineteen ninety six. What’s new with Ripple Labs, how has price action been and what can we look forward to next for XRP, including some huge news coming out of Asia. All this and more in today’s Episode of Days of our Lives.. I mean… in today’s XRP update.Read More
Let’s get it!
Welcome to Bit Boy Crypto; home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Everyday on this channel I show you how to make money in crypto. If you like money and crypto make sure to hit that subscribe button. In this video we look at the latest XRP developments and an overview of XRP’s price action.
First off there is big news coming out of Asia that has sent XRP’s price soaring. Ripple Labs announced on their blog this week that XRP is being adopted by the largest remittance providers between Japan and the Phillipines, SBI Remit and Coins.ph. That market alone is 1.8 billion dollars of money flowing out of Japan and into the Phillipines. And Japan has some of the highest remittance fees in the world, well over 10%. This comes at a bullish time for XRP as the markets are swelling. (begin quote) “We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital,” said Nobuo Ando, Representative Director of SBI Remit. He added: “The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.” Let’s zoom out for a moment, this deal is just part of Ripple’s explosive growth in the Asia-Pacific. E-commerce dominance, increasingly mobile populations and increased clarity around cryptocurrency regulations, what a novel idea, helped Ripple with transactions to grow 130% year-over-year. This news sent XRP prices jumping up from .50 to 70 cents in just a few days.
The most traction we’ve seen on the SEC case since our last update has been a letter submitted to Judge Torres from Ripple’s legal team specifically on behalf of Co-Founder Christian A. Larsen and Ripple Chief Executive Bradley Garlinghouse. In December the SEC charged them individually with aiding and abetting the sale of an illegal security. In the new letter submitted to judge Torres, Ripple’s legal team speaks plainly about the statements made by Pierce and Roisman as it relates to the two individual defendants, and asserts that there was a “decided lack of clarity” about whether digital assets are securities. The letter to the Judge defends Pierce and Roisman’s statement as relevant by saying that: “the SEC’s aiding and abetting claim requires the SEC to prove that Mr. Larsen and Mr. Garlinghouse knew or were reckless in not concluding that XRP was a security eight years ago”.
The letter goes on to ask, if questions about what qualifies as a security still persist in the crypto marketplace, then how could Mr. Larsen and Mr. Garlinghouse have had clarity then, if clarity on the issue doesn’t even exist now. The letter asserts that in fact, there is such a lack of clarity for digital assets in general that the aiding-and-abetting claim must fail because the regulations were so unclear that the defendants could not have knowingly aided and abetted the illegal sale of a security. In a tweet about the letter, lawyer Jeremy Hogan said that the SEC response publicly rebukes the two Commissioners’ views that there is no clarity on the issue of whether or not XRP is a security. Ripple’s recent letter to the Judge makes the SEC appear divided, and uncertain of their allegation against Larsen or Garlinghouse.
It looks like this week’s news is a whole lot of “hurry up and wait”. Wait for the Hinman deposition to be released to the public, wait for the judge’s interpretation of commissioners Pierce and Roisman’s statement and Ripple and the SEC’s response. And wait for the results of Ripples Motion for Summary Judgement on Fair notice, and wait to hear more on the fate of the two individuals personally charged with aiding and abetting the illegal sale of a security. Even Though the SEC is standing its ground, the statement made by Pierce and Roisman is a gift to the Ripple Fair Notice Defence, and the XRP legal team is doing everything it can to drive the message forward that they were not given fair notice.
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But there is more good news for XRP as the National Bank of Egypt has come through on their announcement to use XRP for cross-border payments, partnering with LuLu International Exchange. This connects the UAE and Egyptian remittances market that in 2020 was tracked at around 24 billion dollars. That puts Egyptian remittances in the top five of all global remittances, behind India, China, Mexico and the Phillipines. Giving a war-torn country like Egypt access to cheaper ways of exchanging money…and one that’s based in crypto is the kind of bullish news that shows just how robust…and quickly…crypto is taking over the world.
Switching to XRP Defi for a moment; the Flare Network is doing another airdrop of Spark tokens in addition to SGB tokens. SGB tokens are the native token of the Flare Network testnet, Songbird. If you’d been holding XRP since December 2020 you’ll be getting Spark and SGB over the course of several airdrops this year. Flare also provided some clarity to it’s community after there was confusion over the tax implications of getting what could amount to a windfall of free tokens to XRP holders. Flare spoke to tax attorneys Tjong&Hsia. I’ll summarize: Any US recipient of Spark tokens is going to be in a tax puzzle that should be figured out by a certified tax professional. The needlessly complex US tax code is giving headaches to many crypto owners and unfortunately this air drop from Flare in particular is becoming a headache for many in the community.
The price of XRP is sure to be a top performing asset over the short-term and definitely one to watch as adoption continues and news about the lawsuit is released; especially when we hear more details about the Hinman deposition and the Judge’s response to Ripple’s request for a summary judgement on the Fair notice Defence. Based on the murmurs we’ve heard from the courtroom, at this point Ripple’s case is looking very strong and we can’t wait to find out what happens next.
That’s all I got! Be Blessed, Bitboy out.