After the lawsuit “Ripple would go public”, says Japanese Financial Giant.
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Never underestimate the Ripple effect. This time, it hit a huge Japanese bank, Mizuho Financial Group. After a partner of the Ripple, SBI Group, announced that they would be going public with their investment in Ripple, the ripple effect hit the Tokyo stock exchange. The ripple effect was so strong that the ripple effect caused SBI Group to go public with their investment in Ripple.
The Ripple company is in the middle of a lawsuit. The lawsuit was filed by a rival company that argues that Ripple is defrauding investors by selling cryptocurrency tokens that are falsely being promoted as the next big thing in cryptocurrency. The founder of Ripple, Chris Larsen, has said that Ripple is not a cryptocurrency, but is, instead, a currency exchange system.
After filing with the Securities and Exchange Commission (SEC), Ripple will go public, SBI’s CEO said. Brad Garlinghouse, CEO of Ripple Labs, says he is very positive about the progress made so far in court.
Charges of selling unregistered XRP tokens were filed by the SEC in December 2020, alleging Ripple Labs and its executives illegally sold $1.3 billion worth of XRP to buyers, according to the SEC. Although XRP is a centralized cryptocurrency, it offers benefits to the banking system. If the lawsuit leads to a favorable outcome for the company, the stock price will almost certainly rise.
The SBI Holdings CEO also shared his thoughts on the ongoing debate on whether XRP is a security or not, but the Japan Financial Services Agency has already stated that XRP is not a security. I think Ripple will win the final verdict in the US. SBI Holdings has been a long-time partner of Ripple, and both companies are looking to grow together in Asia.
Residual ripple and SEC claim
In January 2020, Brad Garlinghouse, CEO of Ripple, said in Davos that his company would lead the way in a boom of IPOs. Crypto/blockchain IPOs are coming in the next 12 months.
He said we won’t be first or last, but I expect we’ll be at the top, it’s a natural progression for our business. On the other hand, these plans are probably inactive. Although Coinbase shares are already listed on Nasdaq, Ripple is currently in a legal battle with the Securities and Exchange Commission.
The largest external shareholder of Ripple, which is classified as a cryptocurrency in Japan, has long supported XRP. As recently as December, Kitao had said that Ripple’s legal troubles in the US would have little impact on the company’s global operations.
XRP is ranked 4th in the crypto-currency rankings. At the time of writing the value is $1.40 with a variation of 3.76%. During the 24 hours, trading volume was $8,035,907,958. Moreover, the currency has a market value of $63,145,964,031. The maximum bid is 100,000,000,000, the total bid is 99,990,831,162, and the tradable bid is XRP 45,404,028,640.
According to the CEO of SBI, it is clear that there will be a recovery after the SEC process is over. If the lawsuit leads to a favorable outcome for the company, the stock price will almost certainly rise.
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