Amid a slight drop in the Ripple (XRP) coin market, attention is being paid to the U.S. Securities and Exchange Commission (SEC) litigation schedule and prospects for results.
As of 11:30 p.m. on the 6th, Ripple was trading at 496 won, 0.20% behind the previous day on the cryptocurrency exchange Upbit.
Recently, Ripple’s market capitalization has increased to $18 billion, beating competitors Cardano (ADA, about $17.7 billion), Solana (SOL, about $15 billion), and Dodge Coin (DOGE, about $9.3 billion) as well as BUSD, which currently has a market capitalization of about $17.8 billion.
According to YouTube, a media outlet specializing in cryptocurrency on the 30th of last month, Ripple (XRP) sold XRP tokens worth $408 million in the second quarter of this year.
This is an increase of about 49% compared to the previous quarter.
Total sales accounted for 0.47% of global XRP transactions.
In particular, the forces that hold large amounts of Ripple saw that all of the XRPs held by Ripple co-founder Jed McCaleb were sold, and the Ripple and SEC lawsuits were gaining momentum.
Ripple prices do not seem to be rising easily even in the face of increasing adoption of Ripple.
Meanwhile, Ripple recently signed a partnership with Formopay, a Singapore payment company.
Crypto News Flash, a media outlet specializing in cryptocurrency, said Ripple’s CEO Brad Galinghouse expressed confidence that he could win the lawsuit against SEC in the U.S.
In an interview with Exios fintech reporter, Gallinghouse reportedly expressed confidence, saying, “The law is on the side of Ripple and SEC will not be able to prove XRP as securities.”
“Even if we lose the lawsuit, we will continue to operate it,” he stressed.
In December 2020, SEC sued Ripple founders Brad Garlinghouse and Chris Larson for violating the Securities Act.
It raised $1.38 billion worth of cash by issuing 14.6 billion ripples to investors without SEC registration.
In the meantime, Brad Gallinghouse, CEO of Ripple, a blockchain overseas remittance project, said that the long legal battle with the SEC is nearing its final stage.
