After the recent decision in the Ripple-SEC case, the XRP price has been on the rise. Accordingly, the altcoin made a splash on Upbit, Bithumb and Korbit, South Korea’s largest exchanges in terms of trading volume. Ripple CEO said the company has over $1 billion to distribute!
This altcoin surpasses Bitcoin on Bithumb, Upbit and Korbit
XRP topped the South Korean crypto exchange Bithumb in terms of trading volume. Bithumb has a daily trading volume of $205 million at the time of writing. It is also one of the largest crypto exchanges in South Korea with 170 cryptocurrencies on the exchange list. On the Bithumb exchange, the XRP/KRW trading pair was at $37,619,722, accounting for 26% of all volume. Thus, the altcoin remained the most traded asset, surpassing Bitcoin (BTC).
XRP also ranked first in assets traded on South Korea’s largest cryptocurrency exchange, Upbit. The XRP/KRW pair took the lead, capturing 17.26% of trading volumes, or $149,157,173. We witnessed the same situation at Korbit, another Korean crypto exchange. Notably, the XRP/KRW trading pair reached $1,441,457, accounting for 44.4% of all volume on Korbit.
cryptocoin.com As you follow, District Judge Analisa Torres ruled yesterday that documents linked to a 2018 speech by former SEC Corporate Finance Director William Hinman in which Ethereum was not a security in his opinion could not be sealed by a court order. The recent court ruling gave some hope to prominent lawyers in the XRP community. Lawyers think that the Ripple-SEC lawsuit, which has been going on for more than two years, may be nearing its end. Hogan and Hogan’s attorney, Jeremy Hogan, draws attention to the language of the decision. In this context, he considers that “at least a large part of the Summary Order appears to have already been prepared”.
Ripple CEO: We have over $1 billion to distribute
Ripple CEO Brad Garlinghouse recently said that Ripple is on a mission to expand its offerings beyond providing liquidity. Garlinghouse explained this while speaking at the recently concluded Dubai Fintech Summit. In a clip shared by Eri, a prominent XRP community influencer, Garlinghouse says that Ripple started out as an enterprise-based cross-border payment service provider. However, he emphasizes that he wants to grow beyond that.
Ripple aspires to be more than just liquidity & payments.
Acquisitions in crypto-friendly markets (like UAE and Switzerland), for expansion. pic.twitter.com/yTRMEasngN
— 🌸Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) May 18, 2023
Ripple CEO also underlines that there are four fundamental parts of Blockchain. These are: liquidity, compliance, custody and tokenization. In this context, Garlinghouse comments:
Ripple really aims to be more than just cross-border liquidity payments. I think you understand from this that we are keen to expand into some of the other areas… I think we’re going to look at ‘let’s make acquisitions in markets suitable for these technologies’. In the previous panel, there was a representative from UAE, there was a representative from Switzerland. These are the countries that provide openness for entrepreneurs to invest.
Moreover, Garlinghouse stated that Ripple has over $1 billion in cash on its balance sheet. Accordingly, it confirmed that the company is willing to deploy to other areas of Blockchain technology for growth. According to him, the use of this financial power may be for the acquisition of other firms or for the development of its internal infrastructure.
John Deaton: Ripple is the only company to expand despite SEC pressure
According to a tweet by John E Deaton, CEO of Crypto-Law.us, Ripple is still actively recruiting and buying, despite facing an SEC lawsuit.
Crypto Bankruptcies:@FTX_Official@BlockFi@investvoyager@CelsiusNetwork#Genesis#3AC@BittrexExchange#CoreScientific
Crypto Layoffs:@coinbase@blockchain@ConsenSys@Gemini#Crypto.com#Messari#Huobi
Hiring/Buying while sued by SEC:@Ripple
I see why Ripple’s not 🥰 https://t.co/QcqhbWSjkk
— John E Deaton (@JohnEDeaton1) May 17, 2023
On May 17, Ripple acquired Metaco, a Switzerland-based digital asset custody provider, to help expand its crypto-native infrastructure services to global institutional custody markets. This acquisition aims to improve the company’s services. It also further demonstrates the strength of its determination to remain competitive under legal pressure from the SEC.
Metaco is the latest member of Ripple’s expanding suite of infrastructure services, which includes payment network solutions, XRP Ledger, and On-Demand Liquidity. The acquisition will allow Metaco to access hundreds of existing customers and new capital flows. Thus, it will meet the increasing demands for the services of the Blockchain firm.
