As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of regulatory battles and IPOs. The latest developments surrounding Ripple and XRP have piqued my interest, to say the least.
In their most recent update on the X platform, SBI Holdings’ CEO Yoshitaka Kitao indicated that the process for a potential Ripple Initial Public Offering (IPO) will commence shortly following the resolution of the ongoing lawsuit with the Securities and Exchange Commission (SEC). While Ripple had been aiming to debut on Wall Street through an IPO, this legal dispute has temporarily halted those plans.
On the contrary, recent advancements in this lawsuit indicate that it’s moving forward more than before. In fact, last month, the US Securities and Exchange Commission (SEC) filed an appeal notice in its ongoing dispute with Ripple. Yet, legal experts speculate that the SEC might choose to abandon their appeal, especially given the possibility of leadership change at the agency approaching.
As a researcher, I’ve just come across some interesting insights from Brad Garlinghouse, CEO of Ripple. Contrary to popular speculation, it appears that going public through an Initial Public Offering (IPO) is not currently a top priority for Ripple. This is because the company is financially robust and doesn’t require additional funds through a public offering at this moment in time, given its strong financial standing. However, Garlinghouse didn’t rule out the possibility of an IPO entirely in the future.
2022 saw Ripple’s CEO express their intention to delve into Initial Public Offering (IPO) following the resolution of the ongoing lawsuit. This statement from Ripple leadership provides more clarity and significance to this anticipated move.
Ripple’s XRP Rally to Continue Ahead?
The digital currency XRP, issued by Ripple, has experienced a significant surge over the weekend, surpassing the $1 mark for the first time in three years. Currently, XRP is trading at $1.13, representing a 5.04% increase. Its market capitalization now stands at approximately $64.5 billion. While it remains significantly below its all-time high of $3.84, analysts remain optimistic about its future prospects.
On Thursday, the price of XRP picked up speed as 18 U.S. states lodged a lawsuit against the Securities and Exchange Commission (SEC) and its officials such as Gary Gensler, accusing them of excessive and unconstitutional interference in the regulation of the cryptocurrency market.
It’s anticipated that Gary Gensler will step down from his position prior to the inauguration of the Trump administration in January 2025. The incoming SEC chairman’s appointment is viewed favorably by the XRP community, as they perceive it as a beneficial move for the altcoin.
Courtesy: Coinglass
Conversely, the fluctuation in XRP’s future trades has been causing its price to rise. On Sunday, the number of open XRP/USD futures contracts hit an all-time high of 2 billion tokens, worth approximately $2 billion considering current market values. However, despite this surge, there seems to be a slight inclination among traders to take short positions, with around 51% wagering against further price rises for XRP.
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2024-11-18 14:27