- Ripple Labs is adjusting its XRP sales strategy ahead of its legal victory against the SEC in July 2023, demonstrating a commitment to regulatory compliance amid ongoing legal proceedings.
- The company’s proactive approach to aligning sales strategies underscores its commitment to fostering sustainable innovation while adhering to regulatory clarity.
As per the latest reports, Ripple Labs is making alterations to its XRP sales strategy preceding its legal victory against the SEC in July 2023. This shift underscores the company’s commitment to compliance with regulatory standards for XRP sales, particularly as its lawsuit with the U.S. SEC progresses into the remedies phase.
As outlined in Ripple’s Q4 report, the company affirms its intention to meet regulatory requirements pertaining to XRP sales amidst the ongoing legal proceedings. This pledge follows a significant court ruling on July 13, 2023, determining that XRP does not fall under federal securities laws.
While acknowledging the court’s scrutiny of certain past XRP sales to sophisticated entities as investment contracts requiring SEC registration, Ripple reveals proactive changes made to its sales practices well in advance of the July ruling. Looking ahead, Ripple is steadfast in aligning its sales strategies with the legal standards established by the court.
Moreover, Ripple emphasizes its commitment to upholding standards of compliance, ethics, and transparency within the cryptocurrency industry. In addition to regulatory compliance efforts, Ripple has actively pursued licensing to ensure clarity in regulations and promote sustainable innovation.
Notably, it has obtained a full Major Payments Institution license from the Monetary Authority of Singapore (MAS) and completed registration as a virtual asset service provider with the Central Bank of Ireland. These achievements complement Ripple’s existing licenses, including the NY BitLicense and money transmitter licenses across nearly 40 U.S. jurisdictions.
Peersyst Technology CEO Unveils XRP Rewards for Validators on XRPL Sidechain
Ferran Prat Tió, the CEO of Peersyst Technology, the firm responsible for developing the XRPL EVM-compatible sidechain, has announced a groundbreaking update regarding validator rewards. In a departure from the conventional model on the XRP Ledger (XRPL), validators on the sidechain will now receive rewards in XRP tokens.
Tió outlined that while the sidechain will maintain its independent operations, validators will be compensated with XRP for their contributions to the network. This strategic move aims at incentivizing active participation and bolstering support for the EVM sidechain, which will integrate with the XRPL via a bridge. Furthermore, Tió emphasized that unlike the XRP Ledger, where transaction fees are burned, the sidechain will collect gas fees in XRP, redistributing them among validators.
The XRP Price Action
Dark Defender, a prominent crypto analyst, has released a comprehensive XRP price analysis indicating a potential surge to an all-time high (ATH) of $18 for the digital asset. Leveraging the ABC Correction chart, a widely used tool in trading circles, Dark Defender suggests that XRP could experience significant upward momentum within its broader trend.
Hi all. We recently checked the #XRP daily frame & discussed the 5 Wave correction in the daily frame has ended.
The weekly time frame & #RSI are slightly underperforming compared to daily and have a Weekly Resistance to break.
The regular ABC corrective wave has also been… pic.twitter.com/IOUwTgiQrF
— Dark Defender (@DefendDark) February 8, 2024
The ABC Correction chart strategy involves identifying three distinct waves—A, B, and C—that signal temporary reversals or pullbacks within the asset’s price trajectory. Dark Defender’s analysis outlines these waves for XRP as follows: wave 1 reaching $0.93, wave 2 dipping to $0.43, and wave 3 potentially concluding between $1.88 and $5.85, with an optimistic target towards $18.22.
While the completion of the regular ABC corrective wave indicates a favorable outlook for upward movement, Dark Defender cautions followers about a potential downturn to $0.3917 if specific conditions are not met. However, the analyst suggests that the likelihood of this decline diminishes if XRP manages to maintain its position above $0.52.
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