Ripple’s XRP is witnessing a strong bullish price action amid a general market uptick and two interesting developments.
First off, the company has forged a new partnership with Uphold, the global Web3 financial platform, to enhance its underlying crypto liquidity infrastructure. On the other hand, the company has also won a landmark victory against the U.S. Securities and Exchange Commission (SEC), as the regulator dropped all charges against Ripple’s co-founder and CEO.
Ripple and Uphold Unite for Cross-Border Payments
Ripple’s flagship product, RippleNet, is a network of financial institutions that use blockchain and crypto technologies to enable fast and low-cost cross-border payments. RippleNet leverages XRP, the native digital asset of the XRP Ledger, as a bridge currency to facilitate transactions across different fiat currencies and networks.
However, one of the challenges that Ripple faces is ensuring sufficient liquidity for XRP in various markets and regions. This is where Uphold comes in. Uphold is a Web3 financial platform that allows users to access over 200 cryptocurrencies, fiat currencies, precious metals, and equities. Uphold connects to 30 underlying trading venues globally, offering deep liquidity, multiple execution paths, and tight spreads.
By partnering with Uphold, Ripple aims to enhance its underlying infrastructure and leverage Uphold’s expertise in providing crypto liquidity solutions. This will allow Ripple to offer faster and more flexible cross-border payments to its customers around the world.
Pegah Soltani, Head of Payments Product at Ripple, said: “Our new partnership with Uphold enables us to enhance our underlying infrastructure, and Uphold’s deep liquidity expertise further underpins Ripple’s ability to offer fast and flexible cross-border payments around the world. We see this as the start of our relationship and are excited about what the future holds.”
SEC Drops Charges Against Ripple Execs
In another positive development for Ripple, XRP, the native cryptocurrency of the Ripple network, has surged by more than 13% over the past seven days, reaching a multi-month high of $0.5865. The rally came after a major legal victory for Ripple and its executives, Brad Garlinghouse and Christian Larsen, who were accused by the U.S. Securities and Exchange Commission (SEC) of selling unregistered securities.
On October 19, Judge Analisa Torres of the U.S. District Court in New York signed an order granting the SEC’s request to dismiss the charges against Garlinghouse and Larsen, effectively ending the case against them. The order also stipulated that the parties should propose a briefing schedule for remedies by November 9 or request that the court set one.
The SEC had alleged that Garlinghouse and Larsen sold more than $1.3 billion worth of XRP to the public without registering it as a security, violating federal laws. The defendants had argued that XRP was not a security but a digital asset that facilitates cross-border payments.
The dismissal of charges against Garlinghouse and Larsen represents a significant victory for Ripple and the broader XRP community, eliminating a major source of uncertainty and legal risk.
XRP Gunning for $0.5865
Amid all this, the price of XRP has been recording decent gains for the past few days. After printing a new high since mid-August, XRP suffered a quick pullback but managed to hold its ground around the $0.5500 mark.
XRP/USD 4-Hour Chart from TradingView
We expect this support level to hold steady for a while as the cryptocurrency acts out plans to retest and possibly overcome the $0.5865 top.
XRP Statistics Data
XRP Current Price: $0.5550
Market Cap: $29.8B
XRP Circulating Supply: 53.4B
Total Supply: 100B
XRP Market Ranking: #5
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