XRP Ledger Makes History with 90 Million Ledgers Closed

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As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the ebb and flow of numerous digital assets and blockchain networks. The recent milestone achieved by the XRP Ledger (XRPL) in closing its 90 millionth ledger is indeed an impressive feat that underscores the collective effort and commitment from operators, developers, and the community alike.

The XRP Ledger (XRPL) has achieved a notable accomplishment, having closed 90 million individual transactions or “ledgers.” This significant level was reached in the early hours of Monday, August 12. The primary explorer of the XRP network, XRPScan, highlighted this achievement, emphasizing that it underscores the combined efforts of operators, developers, and the community. With this milestone surpassed, the network now looks towards closing its 100 millionth ledger, a critical goal moving forward.

XRP Ledger Adoption Reaches Wide

As a long-time cryptocurrency enthusiast and investor, I have witnessed the evolution of various blockchain platforms over the years. However, the latest development in the adoption of the XRPL by SBI Holdings, a Tokyo-based financial services company, has caught my attention. I remember when Ripple Labs partnered with Archax just a few months ago, and now we see another significant player entering the scene. The launch of Non-Fungible Token (NFT) services named “Myaku N!” on the XRP Ledger by SBI Holdings is a testament to the growing engagement and adoption of this platform. This move underscores the potential of the XRPL, and I am excited to see where it goes from here as I continue my journey in the ever-evolving world of cryptocurrencies.

Notably, Archax is a regulated digital asset trading platform overseen by the United Kingdom’s Financial Conduct Authority (FCA). This partnership was established with the goal of attracting more institutional investors interested in tokenizing Real-World Assets (RWA) on the XRP Ledger (XRPL). At that time, Ripple recognized the potential benefits this collaboration could bring to both XRP and the XRP Ledger.

As a crypto investor, I’m thrilled to witness Archax’s dream of boosting the acceptance of blockchain and digital assets technology among financial institutions becoming reality. This development not only validates the XRPL as one of the premier blockchains for RWA tokenization but also underscores its significance in the crypto landscape.

As someone who has been closely following the world of cryptocurrencies for several years now, I must say that the recent developments in the XRP Ledger have caught my attention. While it’s always exciting to witness new milestones and advancements, it’s equally important to acknowledge the hurdles these technologies face.

Such a dip in TVL suggested less capital and lesser returns within that time span.

Would SEC Appeal Judge Torres’ Verdict? 

In other updates related to Ripple, a United States District Judge named Analisa Torres fined the company $125 million last week. This penalty was for breaking Federal Securities laws during XRP sales made to institutional investors. Furthermore, she issued an injunction prohibiting future violations of securities law by Ripple Labs.

Despite the monetary penalty being significantly lower than the $2 billion initially sought by the Securities and Exchange Commission (SEC), it remains much higher than the $10 million Ripple had proposed. Nevertheless, Ripple’s CEO, Brad Garlinghouse, expressed satisfaction with the judge’s decision, pointing out that the SEC’s demand for a penalty was reduced by an impressive 94%. He also remarked that the SEC may have gone too far in their initial request, overplaying their hand.

Within the XRP community and the larger cryptocurrency world, there is a belief that the regulator may challenge certain parts of the ruling. One point at issue centers around automated sales of XRP on secondary marketplaces. If the SEC decides to appeal this point, it could potentially cause more instability for Ripple and its associated ecosystem.

One point of debate remains: Does the Howey Test necessitate a written contract for an asset to be classified as a security?

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2024-08-12 17:19