Ripple XRP Ledger Co-Creator Stops The Selling Spree, Bullish Trend Nearby?
19 Juli 2022 - 1:00PM
NEWSBTC
Since December 2020, Ripple hasn’t rested from negative
anticipations of a crash. Instead, the crypto that seemed promising
from inception started plummeting when the United States Securities
and Exchange Commission (SEC) sued it. The accusation was that the
company raised more than $1.3 billion illegitimately. As a result,
SEC held the co-founder Christian Larsen and Bradley Garlinghouse,
the CEO, accountable for the illegal gains. The court case has
already lasted for more than one year. But, surprisingly, on April
14, Ripple CEO Brad Garlinghouse stated that the fight had gone
very well. Moreover, his statements and results seem to have
yielded favorable fruits for the crypto. Related Reading
| Liquidations Cross $230 Million As Ethereum Barrels Past
$1,400 In recent news, Ripple co-creator Jed McCaleb declared his
intentions to stop dumping XRP. McCaleb is also the founder of
Stellar and holds at least 5 million Ripple coins as of writing. In
the past, McCaleb had already sold most of his 9 billion XRP
holdings. He continued selling his XRPs until it now remains 5
million only. But recently, have decided to keep the remaining
coins to secure his family. The Ripple CTO jokingly told sources
that he wouldn’t be selling his XRP coins. Instead, he will hold
them awaiting when the coins spikes in price. According to him, if
1 XRP sells at $589, he will become a rich man. Another news
revealed that the CTO had earlier sold more than half of his
remaining 5 million XRP. But after a few days, he bought another
2.8 million coins to top it. McCaleb mentioned that his decision to
add up to the coin was sudden. However, he disclosed that his mind
wouldn’t rest until he replaced the coins. In his statement,
there’s a possibility that his remaining XRP coins will provide the
security he needs for his family in the future. Ripple And SEC
Court Issues Continue Amid all these, the battle between SEC and
Ripple is still ongoing. A recent report revealed that the
presiding magistrate rejected the SEC’s attorney-client privilege
claims. Instead, Judge Sarah Netburn refused the claims and
mandated that every document must be disclosed. The Securities and
Exchange Commission insisted on concealing documents about William
Hinman’s speech. But the Judge refused such a notion, instead
calling the act hypocritical. SEC maintains that the document is
irrelevant to cryptocurrency regulation while implying that Hinman
depends on SEC counsel for advice. Related Reading | TA:
Ethereum Outpaces Bitcoin, Why ETH Could Rise To $1,500 The
document they seek to hide carries where Bill Hinman declared that
Ethereum isn’t a security. These documents and others like it will
help Ripple fight against SEC. That’s why the commission is
fighting to conceal it. Featured image from NewsBTC, chart from
TradingView.com
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