Ripple President Clears the Air on Lawsuit and XRP ETF

Ripple president Monica Long talked about key opportunities and challenges regarding Ripple Vs SEC lawsuit, payments, RLUSD stablecoin, XRP ETF, and more. The status quo in the XRP lawsuit amid recent developments and clarity on XRP from courts turned Ripple president bullish on a potential XRP ETF.

Ripple President Monica Long Weighs on Ripple and XRP

Monica Long, president of Ripple, said the company has come a long way after the district court’s decision on XRP as not a security, ruling against the U.S. Securities and Exchange Commission (SEC). The clarity on XRP allowed Ripple to focus on other use cases and expansion.

SEC has not slowed down its agenda against the crypto industry, challenging the growth of crypto, blockchain, and other related technologies in the United States. Despite stringent pressure, Long claimed Ripple has boosted payments infrastructure, XRP Ledger, and custody services through Metaco. Various partnerships were announced in XRP ledger developments and custody services to banks and other financial institutions.

RLUSD stablecoin will bring additional advantage in Ripple business and entry in markets with less liquidity. The stablecoin will not compete with XRP, but help in growing its adoption driven by DeFi and institutional investors. Standard Custody, which was acquired by Ripple earlier this year, will manage the reserve for RLUSD.

Ripple has infrastructure for RWA tokenization. Recently, Ripple and Archax extended their existing collaboration to bring hundreds of millions of dollars of tokenized real-world assets on XRP Ledger. Wall Street giants such as BlackRock, JPMorgan, and Goldman Sachs have moved towards the technology.

Monica Long remains bullish on seeing issuers filing an XRP exchange traded funds (ETFs) due to several positive factors. XRP and Bitcoin are the only crypto assets with clarity from the US government.

Also Read: Ripple CEO Slams SEC Chair for Saying Crypto Executives “Go to Jail”

XRP Lawsuit Nears Ruling

Ripple CLO Stuart Alderoty stated the SEC to put aside its demand for $2 billion in fines. He slammed the SEC for bad faith and clearly having issues with Ripple Labs’ thriving business.

Lawyers and former SEC officials anticipate the SEC may not file an appeal against Judge Torres’ summary judgment. The crypto community awaits Judge Torres’ verdict on penalties and final judgment in the remedies phase, which is likely to come in July.

Meanwhile, XRP price continues to trade under $0.48 this week, with the price currently trading at $0.473. The price failed hold upside level amid the uncertainty and bearish sentiment. The 24-hour trading volume slumped 27% and indicates traders’ lack of interest.

Also Read: Top Reasons Why Shiba Inu Coin Price Soaring, Check Target Price As Whales Buy

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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