XRP soars 28% as Ripple executives motion to dismiss SEC suit

Ripple Sign December 2020.JPG

Ripple Labs’ XRP token reached its highest point in over three years Tuesday morning after the cryptocurrency company executives filed a motion to dismiss the US Securities and Exchange Commission’s lawsuit against themselves and the company.

XRP gained 28% to reach a 24-hour high of $1.73 Tuesday. Earlier this month, XRP topped $1 for the first time since 2018 on the back of a broader rally in the crypto space. XRP’s price moves now make it the world’s fourth largest cryptocurrency by market capitalization.

Legal filings from April 12 show that CEO Brad Garlinghouse and chairman Chris Larsen filed a motion to dismiss the SEC’s lawsuit against them permanently. If granted, it would end the lawsuit against them.

The SEC lawsuit filed in December accused Ripple of effectively running a $1.3 billion unregistered securities offering with its sales of XRP, which the regulator deemed a security and not a cryptocurrency.

The motion to dismiss comes after two small victories for Ripple last week, when the court denied the SEC’s request for eight years of financial data belonging to Garlinghouse and Larsen, and rejected the subpoenas served by the SEC on a number of firms that had sought to obtain the executives’ financial records.

XRP isn’t the only cryptocurrency on a tear today. Bitcoin and Ether reached new all-time highs Tuesday morning ahead of Coinbase’s direct listing later this week.

Read more: A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities

Read the original article on Business Insider

Crypto network Ripple gets a foothold in Asia with its 40% stake in cross-border payment firm Tranglo

2021 03 23T153223Z_1_LYNXMPEH2M171_RTROPTP_4_FIDELITY CRYPTOCURRENCY.JPG
Bitcoin’s meteoric rise has boosted crypto hedge funds

  • Ripple is set to take 40% stakes of Tranglo, a global cross-border payment hub focused on APAC markets.
  • This will support rising customer demand in Asia and RippleNet’s On-Demand Liquidity service according to Ripple’s statement.
  • Initially, new payment corridors will be set up in Southeast Asia and On-Demand Liquidity will become available in the Philippines.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Crypto network Ripple Labs said on Tuesday it will acquire a 40% stake in cross-border payment hub Tranglo in an effort to strengthen its market presence in the Asia-Pacific region.

Tranglo’s infrastructure will support existing payment corridors, as well as enable RippleNet customers in additional countries to use the firm’s On-Demand Liquidity service. “RippleNet customers using ODL will also be able to leverage Ripple’s Line of Credit to free up working capital and scale cross-border payments into more markets than ever before” the company said in a statement.

Cross-border payment processing firm Tranglo will support the expansion of the offer in Southeast Asia, starting with the Philippines and then rolling out to other countries, the company said, adding it also offers credit lines to users.

RippleNet uses blockchain technology to make cross-border transactions easier. The XRP token, which runs on Ripple’s network, is one of the most widely traded, alongside bitcoin and Ethereum’s ether.

The digital asset market has been gaining momentum in Asia, despite India’s recent ban on bitcoin. Over 30% of cryptocurrency transactions between mid 2019 and mid 2020 took place in Asia, according to a Chainalysis report.

“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region.” Asheesh Birla, general manager of RippleNet, said.

Ripple is currently dealing with legal issues in the US due to its use of the XRP token. The Securities and Exchange Commission said the company had raised $1.3 billion worth of unregistered securities in the form of XRP, which the regulator believes is a security and not a cryptocurrency. Ripple has repeatedly disagreed.

This story has been corrected to reflect that Ripple does not operate or control XRP.

Read the original article on Business Insider