In his own words, Ripple’s CEO, Brad Garlinghouse, “2021 was the best year for XRP despite the fact that the firm is contesting a litigation dispute involving XRP with the Securities & Exchange Commission”. Daily trade volume is 25% while 18% were the weekly price gains for XRP. He also denies the argument that cryptocurrencies are rebellious and says that most of them are in fact complying with the policies and standards prescribed by regulators.
Cryptocurrencies are primarily ‘non-regulated’. Yet, non-regulation does not mean at all that they are ‘illegal’. Instead, they were designed purely by the private sector and subsequently been issued privately as well. However, they simply eliminate the concept of ‘intermediaries’ such as supervisory and regulatory authorities.
Yet, there is the vast majority of people who argue that cryptocurrencies are ‘rebellious’ because they are free from scrutiny or regulation. Denying this argument, the CEO of the company issuing cryptocurrency namely XRP, argued that the majority of cryptocurrencies are complying with the defined laws.
He then went on to discuss the year-to-date performance of his company, Ripple Labs, and the cryptocurrency his company is responsible for issuing. He took a moment of pride in apprising his followers on Twitter that 2021 was the best year ever for XRP. He stated that the on-demand liquid XRP payments, daily trade volume, and on-demand transactions were up by 25% in 2021.
Garlinghouse also said that usually when a company is under litigation with a regulator, the business of the company is doomed. However, despite the fact that SEC had named him and his company in a lawsuit over XRP, year-to-date Ripple’s growth is incredibly phenomenal.
He further suggested that the rally is known as the “Santa Claus Rally” has triggered for only one cryptocurrency which is “XRP”. The value of XRP has once again back on the level of US$ 1. In fact, as of today, the value of XRP has even surpassed US$ 1 but fluctuations are changing price below and above that level.
US$ 1 plus value re-appeared for XRP once it kept surging for more than seven consecutive days at an average of 18%. Lastly, this value was seen long ago and in fact, the last time was coincidently in the month of December 2020. However, since then the dispute of SEC with Ripple Labs soared up. The consequences of the dispute were faced by XRP which was discarded like tissue paper by many crypto platforms.
The litigation is now moving fast and the decision is expected in 2022. In this case, Ripple and its CEO Garlinghouse along with other officials have been named as the defendants. The issue in the lawsuit involves the determination of the status of XRP. SEC claims that XRP is “security” and on the other hand Ripple’s defense is that XRP is not security.