π¨ This week may be the week that Judge Sarah Netburn gives the ruling that will end with the Ripple and SECβs lawsuit. According to the experts, a favorable ruling for Ripple could force the SEC to settle. On other matters, the last week has not been good for XRP and crypto market which keeps finding new lows. π₯
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π What are we going to talk about in today’s XRP video?π
β° CHAPTERS:
0:00 Intro
1:05 Good news for Ripple
2:03 Judge Sarah Netburn
3:05 Article posted by Forbes
4:36 Ripple is very versatile exchange network
6:14 Conclusions
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This could be a week with good news for Ripple. For those that missed the latest updates on the case, on June 7, the Securities and Exchange Commision and Ripple attended a court conference scheduled by Judge Sarah Netburn. The conference call was open to the public which allowed interested parties to listen to what was going on.
The main reason for this conference was to focus on the SECβs claims that all documents relating to William Hinmanβs 2018 speech should fall under the attorney-client privilege.
As you may know in 2018, the former SEC Director of the Division of Corporation Finance, William Hinman said that Bitcoin and Ethereum were not securities.
The SEC claimed the speech was based on his personal opinion and not that of the SEC. Ripple requested a series of emails exchanged between Hinman and SEC members regarding this speech, which made the Securities and Exchange Commission change its mind claiming that those documents fell under the attorney-client privilege.
Judge Sarah Netburn, questioned at least six SEC motions to shield the Hinman speech-related documents, which ended up not going very well for the SEC. Now, the court ruling could decide the outcome of the case.
A ruling in favor of Ripple Lab may force the SEC into an early settlement. The SECβs attempts to shield the documents raised speculation that the content could be materially damaging to the SEC case. This consensus has fueled the speculation that the SEC would settle in the event of an unfavorable ruling.
There is no scheduled ruling date, there are rumors that the ruling could be at any time, having the investor on edge with the possibility of a settlement between the SEC and Ripple.
Itβs not been a good week for XRP or any other cryptocurrency that continues to end up in the red. The total cryptocurrency market volume has increased indicating that investors are selling their crypto holdings.
While experts are still hopeful that the XRP has a bright future coming, the numbers seem to show exactly the opposite.
According to an article posted by Forbes, the XRP has a great number of advantages but also some big disadvantages. Letβs take a closer look at this analysis of the now 8th biggest crypto.
As you know Ripple serves as a trusted agent between two parties in a transaction as the network can quickly confirm that the exchange went through properly. Ripple can facilitate nor only the exchange of XRP, but also a variety of fiat currencies and other cryptocurrencies, such as Bitcoin.
The network deducts a small amount of XRP, a cryptocurrency, as a fee to any user making a transaction using the network.
El Lee, board member of Onchain Custodian said βThe standard fee to conduct transactions on Ripple is set at 0.00001 XRP, which is minimal compared to the large fees charged by banks for conducting cross-border paymentsβ
Pat White, CEO of Bitwave said βRipple was designed from the very beginning to essentially be a replacement for SWIFT (a leading money transfer network) or to otherwise replace the settlement layer between major financial institutions,β
Among the main advantages is the fast settlement. It takes days for a bank to complete a wire transaction, and in the case of Bitcoin for example it would take minutes or potentially hours for transactions to be verified. In the case of XRP, transaction confirmations are incredibly fast. They generally take four to five seconds to be completed.
Ripple is also a very versatile exchange network. The transactions processed by Ripple network are not only by using XRP.
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