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"GOOD NEWS" FOR RIPPLE? AN XRP UPDATE



 Ripple Lawsuit – The Relevance

The SEC's court case against Ripple has been going on for almost 2 years now . The SEC's primary charge is the sale of $1.3 billion worth of securities without authorization.


Should XRP be classified as a security (security token), the legal dispute will clearly be in favor of the SEC. However, Ripple's legal team is working hard to prove otherwise and classify XRP as a bitcoin-like digital asset (utility token). The verdict of this case is interesting for the entire crypto market as the court case can be used as a precedent in the future.


Good News Ripple

Is there good news?

The answer from “Bill”, a legal expert closely following the Ripple vs SEC case, is clearly a yes. Bill takes that belief from a new letter from the SEC. In this letter, the arguments that speak against Ripple should only be minor. He also notes that the wording of some of the arguments is very unclear and in need of interpretation.


The founder of CryptoLaw also reported on the case on Twitter. The expert on crypto rights sees a serious mistake that the SEC made: All XRP sales and offers were lumped together and not considered individually.


Specifically it says:


The good news for Ripple is that the SEC has not offered any specific sales with contracts. No specific transactions, just all transactions. I don't know how to do that.


Court judgments relating to cryptocurrencies are currently still rare. Even the SEC will not yet know the best way to handle such a case. It still remains open who will have the upper hand in the end. November 21 is the next big date in the lawsuit. Here the two opponents will submit their edited answers.

Ripple engineer leaves project

A long-term relationship comes to an end. Ripple's Director of Engineering says goodbye to the company and the cryptocurrency market in general after almost ten years. This was announced by Nik Bougalis on Sunday.


He says goodbye:


"All good things..."


My decade-long journey at Ripple has been fantastic (albeit exhausting and all-consuming). I have to work on a project I love for a goal I believe in. But this journey will end in a few weeks.


360 million XRP moved

Large amounts of Ripple are currently being moved to various exchanges. Whale Alert drew attention to transactions of around 360 million XRP ($150 million) that were moved in the last 24 hours alone.


Part of this transferred XRP, 100 million XRP to be precise, was moved by Ripple Labs. Tonight at just after 12, the XRP worth around $45.5 million were transferred to an unknown wallet.

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