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XRP was created in 2012 by Ripple Labs Inc as a digital currency for cross-border transactions. The main goal of XRP was to provide a fast and secure way to transfer money across borders without central intermediaries, as the technology was based on a decentralized ledger. At its peak, XRP was the third-largest cryptocurrency in the world but there was a significant decline primarily due to legal issues surrounding Ripple Labs Inc., the company behind XRP.
On July 13, 2023, the judge in the case ruled in Ripple’s favor, granting partial summary judgment, allowing that the XRP token is not a security.
As we anticipate a future where the SEC brings increased clarity to crypto, we see an exciting opportunity for progress, creating the potential to accelerate mainstream adoption in the industry.
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Analysis – “XRP (ripple) was going through legal issues with the SEC and was made unavailable to trade on many exchanges. From what the article says, it seems as though the SEC didn’t like how XRP filled their paperwork, but in my opinion, the SEC probably just does not like any coins that are remotely anonymous. At the time of the lawsuit, XRP was traded among the top 3, behind Bitcoin and Ethereum.
The outcome of the lawsuit was that “On July 13, 2023, the judge in the case ruled in Ripple’s favor, granting partial summary judgment, allowing that the XRP token is not a security.” I am not familiar with what a “security” means.” – Easton Nguyen
