Ripple, the blockchain giant, is riding the waves of success despite the choppy waters of U.S. regulatory challenges. The SEC’s motion for an interlocutory appeal was denied, with Judge Analisa Torres shedding light on the SEC’s inability to present a compelling case for an appeal.
However, amidst this slew of legal victories, it was reported that Ripple has faced a setback with the stepping down of its Chief Financial Officer, Kristina Campbell. While on the flip side, the XRP price has suffered in the last 24 hours. The coin has slipped below the $0.50 mark and has declined by more than 4% in the last 24 hours. While the world is rooting for Ripple to win the case in the US to set a precedent, the company is turning its back on the regulatory hurdles.
Here’s What’s Brewing inside Ripple land
According to Eric van Miltenburg, Ripple’s Chief Business Officer, the company’s global operations are not just afloat but thriving, even in the face of regulatory uncertainties in the United States. In a recent interview with Coindesk, he underlined Ripple’s resilience and strategic prowess, suggesting that they’ve been navigating these challenges as if they’ve already won the legal battle.
Ripple Will Hire 80% Staff Outside US? Do you Feel Protected?
But Ripple isn’t just weathering the storm; they’re setting sail to new horizons. Last month, the CEO, Brad Garlinghouse, boldly announced that 80% of their annual hiring initiatives would be focused on international markets, away from the U.S. The strategic shift is a response to their ongoing legal tussle with the U.S. Securities and Exchange Commission (SEC), signaling Ripple’s intent to explore new opportunities in regions like Singapore, Hong Kong, the U.K., and Dubai.
Even with Ripple’s recent triumph, the cryptocurrency industry is still uncertain regarding regulatory clarity. The ongoing events are poised to have a lasting impact on the crypto landscape. Many experts and Twitter users believe the SEC is unlikely to back down easily. They anticipate the agency will employ tactics to prolong the case, drawing from its history of tenacity in past legal battles.
The Bear Case Scenario for XRP
The prolonged case delay might hinder XRP adoption. Only the final verdict can truly liberate XRP from its current constraints. Yet, there’s another event on the horizon: the potential approval of the Bitcoin Spot ETF. If this happens before the XRP judgment, it could significantly bolster the market, offering XRP an opportunity to ride the anticipated bull run and potentially achieve a new all-time high.
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