Ripple Shares Sold Out, Braces for Key Events in XRP Lawsuit

The recent key development for the Ripple vs. SEC lawsuit could make the XRP the sole cryptocurrency asset with regulatory clarity in the US. These events also triggered Linqto’s Ripple shares to be sold out, as confirmed by Nick Burrafato, Director of Digital Assets for the private investment platform. 

The demand for Ripple XRP was reignited in recent weeks, rising as the blockchain finds more solid footing on the lawsuit filed by the United States Securities and Exchange Commission. Ripple is also showing signs of optimism. It bought back shares it issued immediately after securing $200 million worth of funding in the Series C funding round led by Tetragon. SBI Holdings and 66 Ventures also participated in this key event.

XRP is a digital asset built for payments.In 2019, a fundraiser valued the XRP at $10 billion. The company then bought the shares back for a $15 billion valuation, offering its investors a 50% profit margin. This move also helped the blockchain take equity away from Tetragon, the same company that sued Ripple for $175 million when the infamous SEC lawsuit was made public. 

February 2022 will be a busy month for legal matters between Ripple and the SEC. The coming days will offer key reveals for the future of the digital token, XRP, and may become a precedent for the crypto space. February 17 is the deadline to unseal Ripple’s memos to the public.

Ripple Shares Sold Out, Braces for Key Events in XRP Lawsuit

The SEC is also scheduled to file its motion for partial reconsideration regarding the DPP ruling, set to be briefed on February 25, released by Judge Sarah Netburn. Ripple has one week to respond to the SEC’s scheduled motion. 

As it stands, Ripple has the upper hand in the lawsuit. While the plaintiff is expected to drag the lawsuit further, the current concern for the SEC is that Ripple will uncover enough material to end the lawsuit quickly. 

Show More

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button