Tag Archives: xrp

XRP Price Analysis for May 15th XRP Switches to Correction

On Friday, May 15th, the XRP rate is correcting after the recent growth. The cryptocurrency is generally trading at 0.2023 USD.

On D1, XRP/USD keeps forming an uptrend after a correction. Upon correcting from 50.0% Fibo, the quotations are trading near 38.2%. At the current stage, this may signify the end of the pullback and further growth. If the pair breaks away 50.0% Fibo, it has all chance to reach the next step at 61.8% inside the ascending channel. The MACD histogram is in the positive zone, and the signal lines have formed a Golden Cross, which additionally signals the continuation of the uptrend. The goal of the growth is near 0.2584 USD.

On H4, the pair keeps growing inside the ascending channel. It is currently testing 38.2% Fibo. A breakaway of this level will let the price proceed to the next checkpoint of 50.0% Fibo. The Stochastic has formed a Golden Cross, which signals the continuation of the growth. The goal is at 50.0% Fibo.According to the cooperative investigation by the watchers from the UCL Blockchain and Imperial College London, Ripple uses its capabilities to carry out voluminous transactions inefficiently. The results of watching money transfers from October 1st until December 31st show that only 2% of the transactions in the Ripple network are meant for payment. By the way, productive transactions are mostly connected with the Huobi exchange.

Among fundamental news, note the information that Ripple must be starting the work n a new credit product based on the blockchain. Such a conclusion may be made from this vacancy. The main object of work must be a product meant for business interests and covering for the demands of the companies that have troubles with current capital. We may deduct a rough scheme of the product: it might be quick credit for current capital; it is formed fast, calculated easily, and repaid soon. Such a product may yield high demand, keeping in mind the number of companies that Ripple is already working with.

Article Produced By
Dmitriy Gurkovskiy

https://themerkle.com/xrp-price-analysis-for-may-15th-xrp-switches-to-correction/

Heiko Closhen, Entrepreneur

Why Traders Shift From Ethereum And Bitcoin Networks In Droves To XRP

Why Traders Shift From Ethereum And Bitcoin Networks In Droves To XRP

According to recent research conducted by Ripple, traders swap bitcoin (BTC) and ethereum (ETH) for XRP for their exchange balance transfers.

Xpring’s data scientist Shae Wang noted that the recent financial market instability has put cryptocurrencies networks to the test. The increased trading volumes witnessed, sparked network congestion on both ethereum and bitcoin. This subsequently made it very difficult to move these two currencies in and out of exchanges. As a result, most traders opted for XRP for convenient exchange balance transfers.

Traders Use XRP For Interexchange Transfers To Escape High Fees And Delays On ETH And BTC Networks

When there are increased trading activities, network congestion on both BTC and ETH networks reaches exceptionally high levels as transaction fees for both assets skyrocket. This causes the traders to shift to XRP as an alternative rebalancing asset. Transaction fees and gas prices are metrics that show the overall health of the ethereum network. When the fees are high, it means that users are paying a premium to have their transactions confirmed. Wang observed that when ETH fees surge, XRP cross-exchange transfers also increase in tandem. In other words, there is a clear correlation between skyrocketing ethereum fees and XRP interexchange transfers. For instance, Wang cites that during the March 12 bloodbath, ETH transaction fees increased by as much as 400% while XRP cross-exchange transactions soared 226%.

XRP Fees Remain Stable Despite Market Conditions

Wang also argued that XRP indeed works as a bridge currency.

“It’s possible that traders do not hold enough XRP for rebalancing or liquidation, leading to converting their ethereum into XRP, to use as a bridge currency.”

This suggests that there is an increase in XRP/ETH trading activities on days when there is a notable increase in ETH fees. When both BTC and ETH experience a hike in transaction fees, XRP fees remain the same. And even though traders flocked to XRP for interexchange rebalancing, transaction fees did not increase, the researcher added.

Déjàvu

The head of Developer Relations at Xpring, Warren Paul Anderson, noted that this trend was also witnessed in 2017. Notably, it led to the creation of xRapid -now known as On-Demand Liquidity (ODL). Back in 2018, the launch of xRapid brought out the XRP bulls as the asset’s value grew. The bottom line is, creating an efficient and resilient network that makes it easy for users to move money everywhere is Ripple’s core agenda. According to Xpring’s Wang, “strong evidence that these features are value-add for users gives our everyday work fulfillment. It’s also an incentive to continue focusing on them.”

Article Produced By
Brenda Ngari

Brenda is a crypto and Blockchain enthusiast and has been crafting articles for at least a year. She has a solid background in Economics and Finance. When she is not writing crypto stories, she’s spending quality time with her family and friends or trying out different cuisines in the kitchen.

https://zycrypto.com/why-traders-shift-from-ethereum-and-bitcoin-networks-in-droves-to-xrp/

Heiko Closhen, Entrepreneur

Cryptocurrency Startup Ripple Facing New Lawsuit on Its Handling of XRP

Cryptocurrency Startup Ripple Facing New Lawsuit on Its Handling of XRP

Financial technology company Ripple and its CEO Brad Garlinghouse are again facing a new lawsuit over the sale and marketing of the cryptocurrency XRP.

Stephen Palley, a blockchain and digital currency lawyer at Anderson Kill, revealed the allegations of the new class-action suit filed on Friday at the Northern California District Court. “In what is getting to be old hat, yet another lawsuit against Ripple and Mr. Garlinghouse saying that XRP is an unregistered security, created out of thin air, and serves no real purpose except to make a couple of people really rich.”

The suit claims Ripple, the largest holder of XRP, has marketed the token to the public to raise more than $1 billion. It further alleges that the crypto startup made false and misleading statements about the cryptocurrency to increase demand. The case was filed by lawyer Pavel Pogodin of Puerto Rico-based Consensus Law on behalf of plaintiff Bitcoin Manipulation Abatement LLC, which previously filed a $150-million lawsuit against cryptocurrency derivatives exchange FTX.

“You do have to chuckle at the irony of a plaintiff that looks like it was created as a litigation vehicle making this charge.” The lawsuit is the latest in a series of cases the San Francisco-based company faces. A complaint filed in 2018 by former XRP investor Bradley Sostack alleges the company sold XRP as an unregistered security and engaged in false advertising. Ripple denies the allegations and says the XRP Ledger is beyond the company’s control and would continue to operate without Ripple’s involvement.

Article Produced By
Daily Hodl Staff

https://dailyhodl.com/2020/05/05/cryptocurrency-startup-ripple-facing-new-lawsuit-on-its-handling-of-xrp/

Heiko Closhen, Entrepreneur

XRP Friendly Giant SBI in Deal to Use World’s Largest Bitcon Mine’

XRP Friendly Giant SBI in Deal to Use ‘World’s Largest Bitcon Mine’

Crypto-keen Japanese financial giant SBI has confirmed plans to collaborate with Whinstone,

an American company that is currently building what will become the United States’ largest data center – and what its operators claim will be the world’s largest Bitcoin (BTC) mining facility. The deal, per a joint press release, will see SBI team up with the American company, which is owned by Frankfurt-headquartered mining operator Northern Data. SBI’s mining arm SBI Crypto will set up shop in the new data center in Texas.

The companies revealed that they had been in talks regarding possible cooperation since the start of 2019. The new deal will see the American and German companies work with SBI Crypto on developing more “projects related to blockchain technology,” as well as “joint software development and deployment.” SBI appears to have alluded to the new Texas project in its most recent presentation to shareholders, where it stated that it was closing down one international mining facility and looking to move into the American market. The news comes hot on the heels of an SBI investment in crypto risk management platform Elliptic. And SBI’s blockchain spending spree will likely not end there.

The press release’s author wrote,

“SBI Crypto is also positioned for potential equity participation in Northern Data.”

Northern Data unveiled its plans for the facility last year. The facility is set to mine Bitcoin, and will have a 1-gigawatt capacity. Its constructors say the arm will be ready by the end of Q4 2020, and are building it in a patch of land purportedly over 400,000sqm in size.Meanwhile, SBI is know for praising Ripple (XRP), also stating that XRP is the most “practical and usable” token around. SBI and Ripple have a deep business partnership, and Yoshitaka Kitao, CEO of SBI, is a member of the latter company’s board. Also, SBI is among the investors that injected USD 200 million into Ripple in December 2019. Moreover, the holding aims to issue XRP tokens as company-wide shareholder rewards.

Article Produced By
Tim Alper

Tim Alper is a British, South Korea-based journalist, a regular contributor to Cryptonews.com, who covers cryptocurrency and blockchain related news daily, writes in depth analysis pieces about the latest trends in the cryptocurrency and blockchain space. Tim has over 12 years of media experience. He has written for the BBC, the Guardian, the Jewish Chronicle, Chosun Ilbo and many other media outlets, covered cryptocurrency and blockchain related news. He has also collaborated on media projects with the likes of Samsung, Sony, LG, Hyundai, Korean Air, TÜV SÜD and Shell.

https://cryptonews.com/news/xrp-friendly-giant-sbi-in-deal-to-use-world-s-largest-bitcon-5783.htm

Heiko Closhen, Entrepreneur

XRP Is Beating Bitcoin in 2020 But This Crypto Whale Is Still Betting on BTC

XRP Is Beating Bitcoin in 2020 – But This Crypto Whale Is Still Betting on BTC

‏‏‎ ‏‏‎ ‏‏‎The CEO of crypto investment bank Galaxy Digital is clarifying his recent comments on XRP and Bitcoin.

At last week’s LINC 2020 conference in Orlando, Florida, Mike Novogratz said he believes Bitcoin will outperform XRP by a wide margin in 2020. Now, Novogratz has unleashed a tweetstorm to explain his bearish call on the third-largest cryptocurrency. He admits that XRP’s performance so far this year – along with the altcoin market at large – has taken him by surprise. At time of publishing, XRP is up 43% in 2020, while Bitcoin is up 36%. However, Novogratz says the institutional investors he’s talking to remain focused on BTC.

“This year the broader alt market, including XRP has outperformed BTC. This has surprised me. That said, I see more and more large accounts getting educated and set up to be accumulators of BTC and believe on a risk adjusted basis it’s the best place to bet on crypto.” Novogratz says Bitcoin has cemented its status in macro portfolios as a digital store of value, but investments in other cryptocurrencies are speculative in nature or “venture bets.” Some might be able to offer lasting value if they prove to be useful. “BTC has found a place as a weapon in macro portfolios as digital gold – a hard asset. All other cryptos are venture bets and will only have lasting value if they become a product that is useful. Ethereum might be the trust level people build on. If it does, it’s a great bet.”

However, the Galaxy Digital CEO points out that both Ethereum and XRP are still in the “proving phase.” Novogratz ends his tweetstorm with a reminder that Ripple still owns more than half of the total supply of XRP. He says Ripple will have to distribute the XRP it owns sensibly while building a real-world use case. “The price of XRP will be determined like all prices. If there are more buyers than sellers (and the company has a lot of control here) the price will rise. The company needs to distribute in a rational way at the same time building a real and scalable use case. I hope they do.” Novogratz certainly has a track record as an investor in the world of crypto. The former hedge fund manager told Bloomberg he sold $250 million in Bitcoin and Ethereum before the 2017 bubble burst.

Article Produced By
Daily Hodl Staff

https://dailyhodl.com/2020/02/08/xrp-is-beating-bitcoin-in-2020-but-this-crypto-whale-is-still-betting-on-btc/

Heiko Closhen, Entrepreneur

Bulls Ignition: Ripple’s XRP On The Verge Of Topping Back 02

Bulls Ignition: Ripple’s XRP On The Verge Of Topping Back $0.2

XRP has been weaker than the rest of the major cryptocurrencies,

however, the digital asset might be looking for an explosive move upwards. According to Coinmetrics, the correlation between XRP and BTC has been increasing significantly lately. Bitcoin has been able to break from its recent daily downtrend and has formed a bull flag that was confirmed a few days ago. If the correlation between both assets keeps increasing, XRP could very easily just follow Bitcoin’s steps and break above $0.2 which would mean a break out of the current downtrend. XRP is really facing no major resistance levels until $0.233 aside from the 12 and 26-period EMAs. The RSI continues to be overheated for XRP but it’s not in the oversold area right now, trading volume has been dropping significantly again.

XRP Long Term Still Bearish

It’s important to remember that even if XRP can turn bullish in the short-term, its long-term outlook is still quite bad. The digital currency has crashed over 60% in the last 6 months and has continued its monthly downtrend since December 2017. The weekly chart has also been in a downtrend for the majority of the time. XRP attempted a trend change back in September 2018 with a huge pumping week of +103% that unfortunately led nowhere. The digital asset lost most of the gains in the next 2 months and created another weekly downtrend. The next attempt at a trend change happened in May 2019 with a good amount of followthrough but was still not enough and XRP crashed back down again within 2 months.

Conclusion

XRP’s total market dominance has been decreasing significantly from a high of 11% back in January 2019 to its current low of 4.3%. Although XRP’s future looks quite dull, the digital asset can still see decent gains in the short term. If the correlation with Bitcoin increases further, XRP bulls could look for a weekly trend change as long as Bitcoin continues to post gains.

Article Produced By
Lorenzo Stroe

Skilled Journalist and Financial Technology Writer successful at Creating Unique pieces that tell Intriguing stories. Contact: Lorenzo.Stroe [at] zycrypto.com

https://zycrypto.com/bulls-ignition-ripples-xrp-on-the-verge-of-topping-back-0-2/

Heiko Closhen, Entrepreneur

Jed McCaleb has sold half the XRP he received left with 45 billion

Jed McCaleb has sold half the XRP he received; left with ~4.5 billion

                                

The culmination of 2017 bull-run gave rise to scores of crypto millionaires and a few billionaires.

Jed McCaleb, co-founder of Ripple was one of the very few who made the list. On his exit from Ripple in 2013, McCaleb held 9 billion XRP and had signed a contract with Ripple to ensure that no huge XRP dumps would take place. However, there have been allegations of McCaleb selling hoards of XRP, but an active XRP member put these allegations to rest. Twitter user @LeoHadjiloizou identified accounts used by Ripple to send XRP to McCaleb’s XRP selling wallet and charted out the sales of XRP over-time by the co-founder. Leonidas tweeted, According to their deal, Ripple has control over McCaleb’s XRP and it holds it in 3 distinct accounts and 1 account through which it sold XRP via Bitstamp.

Thus, the wallet addresses mentioned by Leonidas, are associated with Ripple and indicate a moving of XRP from their wallets to the address that sells McCaleb’s XRP.  The chart provided by the Twitter user called attention to the sale of XRP and compared it to the daily CoinMarketCap volume. Even though the chart reflected similarities between McCaleb’s XRP sales and XRP volume on CMC, the Twitter user pointed out that a “huge” percent of the total volume was fake. The sale of XRP took place according to the deal with Ripple and saw a no-sell period between January 2019 and June 2019, indicating that McCaleb’s XRP sale has not amounted to a large figure that could cause market instability.

Leonidas added:

“… a huge % of the total volume is fake. I wanted to check if the sales are being calculated based on a different metric, like the volume from crypto compare. The graph doesn’t seem to suggest that anything changed.”

After revising a few details from the contract in February 2016, the new deal asked McCaleb to donate 2 billion XRP and noted that even though he retained ownership of the 5.3 billion XRP, Ripple will control its release. According to the data, the co-founder has managed to sell half the XRP he received and was left with approximately 4.5+ billion more.
Namrata Shukla

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

https://ambcrypto.com/jed-mccaleb-sold-half-xrp-he-received-left-with-4-5-billion/

Heiko Closhen, Entrepreneur

Crypto Exchange CoinField Bringing Stock and Fiat-backed Stablecoins on the XRP Ledger

Crypto Exchange CoinField Bringing Stock and Fiat-backed Stablecoins on the XRP Ledger

CoinField’s sologenic is a sophisticated ecosystem aiming to facilitate investing and trading of on-demand tokenized assets, including Stocks and ETFs from 25+ global exchanges on top of XRPL.

                              

Last Tuesday, Canadian cryptocurrency exchange CoinField revealed in a press release details

on its new project Sologenic. The innovative idea is to make stocks such as Tesla and Apple tradable on

the popular XRP ledger.

“We’re making it easy for people around the world to have access to different global stock exchanges via the blockchain.” said Bob Ras, CoinField CEO, and added “Imagine living in Tokyo and being able to trade assets from NASDAQ, HKEX, LSE, Deutsche Boerse, and major exchanges on one secure platform. This platform tokenizes stocks on the XRPL as demanded, allowing you to trade it against any cryptocurrency and spend in real-time anywhere.”

For market-making and liquidity, Sologenic deploys SOLO Coins (?), which are issued on the XRP ledger to ensure that liquidity transactions take place in a matter of seconds. They work as a dynamic bridge between crypto-assets and traditional assets by being paired directly with fiat as collateral to settle with third-party brokerage firms.

On Sologenic, users can invest, trade, and tokenize assets such as stocks, ETFs, and fiat on-demand with ultra-fast and efficient transactions in real-time. For example, a tokenized stablecoin of TSLA or USD is presented as TSLA? or USD?. These stablecoins are tradable and redeemable against XRP and SOLO on both CoinField exchange and XRPL DEX. The new tool merges the most tried and true aspects of traditional financial markets with all the efficiency benefits of cryptocurrency technology, especially the transaction

speeds of XRP.

“Ultimately, Sologenic helps the mass adoption of cryptocurrency by allowing people to invest in stocks. It’s a WIN-WIN for everyone!” – Bob Ras, CoinField CEO

SOLO will be available for trading on CoinField’s existing exchange and major global crypto exchanges. Moreover, the company announced an upcoming Decentralized XRPL Exchange. The exchange built on top of the XRP ledger enables users to trade issued tokenized assets for SOLO or XRP.

SOLO Community

Sologenic is a community-based ecosystem where users can participate in different decision making events and benefit from the SOLO Community Fund (SCF) and the SOLO Expansion Fund (SEF). Developers are encouraged to contribute to the Open Source SDKs and other decentralization initiatives. Users can voluntarily participate in multiple time-based reward programs and receive up to 20% rewards annually. SOLO holders are eligible to obtain a free Crypto Card which enables them to spend their SOLO coins instantly anywhere in the world. Cardholders will receive a monthly rebate up to 2% on the total amount spent via these cards.

Article Produced By
Bitcoin Garden

This content is brought to you by the Bitcoin Garden staff.

Heiko Closhen, Entrepreneur

Ripple Avoids Securities Question in Motion to Dismiss XRP Lawsuit

Ripple Avoids Securities Question in Motion to Dismiss XRP Lawsuit

                             

 

Ripple has filed a motion to dismiss a lawsuit claiming it violated U.S. securities laws

by selling XRP. In a new filing posted early Friday, attorneys for Ripple pushed back on allegations made by XRP purchasers suing the company, its subsidiaries and executives. Notably, the motion to dismiss specifically claims that the plaintiff, Bradley Sostack, does not have standing to file a complaint, rather than address claims that XRP is a security.

In the motion to dismiss, Ripple states that the plaintiff failed to bring a case within three years of the initial offering (which would have been 2013), meaning the statute of repose expired; that the plaintiff did not “plausibly allege” that he purchased XRP during the initial offering; and that the plaintiff did not “plausibly allege” that any of the defendants actually sold the XRP that he bought. Notably absent from the motion to dismiss is a full-fledged argument over why XRP is not a security. Indeed, the filing only addresses the question in a footnote (footnote 19), which states that XRP is not a security “because it is not an ‘investment contract.'”

The filing goes on to say:

“Purchasing XRP is not an ‘investment’ in Ripple; there is no common enterprise between Ripple and XRP purchasers; there was no promise that Ripple would help generate profits for XRP holders; and the XRP Ledger is decentralized.”

The footnote also adds that “because XRP is a currency,” it cannot also be a security under law. The filing states that the court itself does not need to determine “whether XRP is a security or currency for purposes of this motion, which assumes Plaintiff’s allegation that XRP is a security.” The filing also states that “the federal Departments of Treasury and Justice publicly concluded that XRP is a ‘convertible virtual currency,'” in its “factual background” section. “This is consistent with the CFTC’s position that virtual currency is a commodity,” the filing states. “Nonetheless, Plaintiff alleges that XRP is a ‘security’ under federal and state law, … and that Defendants have offered and sold XRP despite its non-registration with securities authorities.”

Moving to dismiss

Ripple’s actual arguments focus on when the most recent case has been filed, with the first hinging around the fact that XRP entered the market in 2013.

The filing states:

“… under Plaintiff’s own allegations, Defendants offered XRP to the public throughout 2013 through 2015. Accordingly, the three-year statute of repose expired as of 2016 (three years after the sales cited in the May 2015 settlement) and in no case later than May 2018 (three years after the May 2015 settlement agreement in which ‘Defendants acknowledged that they had sold XRP to the general public,’ Complaint ¶ 25). The Securities Act claims in the Complaint, filed August 5, 2019, are therefore untimely and barred by the statute of repose.”

The filing adds that the plaintiff does not claim he bought XRP directly from Ripple or another defendant, but rather, “he was part of the ‘general public’ who purchased XRP through transactions in a two-week period in January 2018.” “The necessary inference is that he bought and sold XRP through a secondary trading exchange,” the filing says. The response also states that plaintiff’s consumer protection claims under California state law (rather than federal securities law) should be dismissed because the statutes require a securities claim. As a result, the response says, the complaint should be dismissed with prejudice

(meaning plaintiffs would not be able to re-file the suit).

“Leave to amend should be denied because amendment would be futile.”

Year-long case

Ripple’s filing comes a month and a half after the plaintiffs filed an amended complaint, alleging the company, affiliated entities and individuals violated both state and federal securities laws. The new complaint, filed by law firms Susman Godfrey and Tayler-Copeland Law, alleges that Ripple, its subsidiary XRP II, Ripple CEO Brad Garlinghouse and others violated securities law by selling XRP. In a first, the complaint borrowed from the U.S. Securities and Exchange Commission’s digital assets framework, drawing parallels between the SEC’s analysis for what constitutes a security and Ripple’s alleged actions. The case itself stretches back to early 2018, when XRP purchasers first began filing lawsuits against Ripple. The complaints alleged that Ripple sold XRP, using the proceeds to fund its operations. The cases were consolidated into the current form.

While the class has not been certified yet, Thursday’s filing is still the first time Ripple has had to respond to the substance of the complaints against it. At the heart of the matter is the question of whether XRP is a security. Some of Ripple’s detractors claim it is, one that is issued and managed by Ripple. The startup disagrees, saying XRP is a token created by Jed McCaleb (now at Interstellar), Arthur Britto and David Schwartz. It remains to be seen whether the case proceeds to a jury trial, or if settlement talks occur first. However, the filing notes that there is a hearing scheduled for early next year, and the attorneys say they are willing to argue the motion then.

Legal team shake up

Friday’s filing comes just days after Ripple brought Damien Marshall and Kathleen Hartnett, two lawyers with Boies Schiller Flexner LLP, on board to work on the case (a judge approved their appearance for the case on Sept. 17). They join Skadden Arps attorneys Peter Morrison, John Neukom and Virgina Milstead, who have been listed on the docket but whose names did not appear on the filing Friday morning. On Thursday night, former SEC Division of Enforcement director Andrew Ceresney also applied to join the case as a lawyer for Ripple. Ceresney is currently an attorney with Debevoise & Plimpton, an international law firm based in New York, and his name appeared on Friday’s filing. He previously represented Ripple against one of the previous class action lawsuits, filed by plaintiff Ryan Coffey, alongside former SEC Chair Mary Jo White. That case was voluntarily dismissed, and White’s work for Ripple appears to have ended around that time.

Article Produced By
Nikhilesh De

Nik is a business reporter at CoinDesk with a focus on regulators, lawmakers and institutions. He was previously a news, science, technology and community reporter and editor with The Daily Targum. His work has been featured in The Nation and referenced by The Washington Post, ZDNet, Gizmodo, NJ Advance Media and The Philadelphia Inquirer. He owns less than $20 in BTC and has no other crypto holdings.

https://www.coindesk.com/ripple-avoids-securities-question-in-motion-to-dismiss-xrp-lawsuit

Heiko Closhen, Entrepreneur

Ripple Says Final Guidance’ From UK Regulator Hands XRP Long-Awaited Regulatory Clarity

Ripple Says ‘Final Guidance’ From UK Regulator Hands XRP Long-Awaited Regulatory Clarity

                                

Ripple’s global head of government relations says a “final guidance”

issued by the UK’s Financial Conduct Authority is offering long-awaited regulatory clarity for XRP in the country.On July 31st the FCA published its final guidance defining which crypto asset activities it regulates. It lists XRP alongside Bitcoin and Ethereum, which have both been declared by the agency as exchange tokens – not securities.

“The FCA is therefore publishing the Final Guidance as consulted on with some amendments to provide greater clarity on what is and isn’t regulated. This includes making the important distinction as to which cryptoassets fall inside the regulatory perimeter clearer. Consumers should be mindful of the absence of certain regulatory protections when considering purchasing unregulated cryptoassets. Unregulated cryptoassets (e.g. Bitcoin, Ether, XRP etc.) are not covered by the Financial Services Compensation Scheme and consumers do not have recourse to the Financial Ombudsman Service.”

Ripple’s Michelle Bond first brought the new document to light on Twitter.

“The FCA now lists XRP in the company of BTC and ETH, both of which were previously classified as exchange and/or utility tokens (and not a security token). This is exactly the kind of regulatory clarity the industry needs.” Ripple is battling a federal court case filed by a number of XRP investors who accuse the company of selling the digital asset as an unregistered security. he investors recently filed an amended complaint against the fintech company, claiming that the development of the XRP ledger and the success of XRP are dependent on Ripple’s efforts. Ripple has until September 19th to file its response.

Article Produced By
The Daily Hodl Staff

https://dailyhodl.com/2019/08/15/ripple-says-final-guidance-from-uk-regulator-hands-xrp-long-awaited-regulatory-clarity/

Heiko Closhen, Entrepreneur