Read the XRP price prediction for 2023–24.
On November 14, the presiding judge in SEC v. Ripple granted 16 companies’ requests to file an amicus brief in the case. Entities such as Coinbase, the Blockchain Association, and the Chamber of Digital Commerce will now be able to show the court that XRP is not a security. This was a significant development in the case, given the SEC’s recent victory in a similar case against LBRY, a New Hampshire-based crypto start-up.
The SEC won a lawsuit against cryptocurrency startup LBRY on November 7th. The crux of this case resembled Ripple’s case, which worried investors and stakeholders about the precedent it would set. However, it quickly became clear that some key differences between the two lawsuits made them appear less threatening than they initially appeared.
According to a CoinShares report published earlier this week, investors are confident in Ripple’s victory in this landmark case. This is because XRP investment products have seen consistent inflows for three weeks in a row.
In other news, Ripple CTO David Schwartz took to Twitter to offer former FTX employees a job at Ripple. This offer, however, is only valid for employees who were not involved in compliance, finance, or business ethics.
On the business front, Ripple revealed significant developments concerning its European expansion. The company shared its progress with Lemonway in Paris and Xbaht in Sweden. Businesses in France and Sweden can now use Ripple’s on-demand liquidity.
Ripple announced a partnership with MFS Africa, a leading fintech firm with the largest mobile money footprint on the continent, on November 15. This collaboration aims to simplify mobile payments for users in 35 countries.
At press time, XRP was trading at $0.37, down 3% in the previous seven days. Its market capitalization at press time was $19.19 billion, with a 24-hour trading volume of $887 million.
Concerning The Platform
Ripple’s partnership with Tokyo Mitsubishi Bank in 2017 was a watershed moment. Following that, it briefly became the second-largest cryptocurrency by market capitalization. A year later, Ripple made headlines again for its collaboration with international banking conglomerate Santander Group on a cross-border transaction app.
At the moment, Ripple has almost no competitors. They are the leading crypto firm, serving financial institutions worldwide. As the number of partnerships increases, so will the value of XRP. After all, it is the medium of exchange for all RippleNet-enabled cross-border transactions.
