Ripple 
$0.512579 CEO Brad Garlinghouse announced positive developments for XRP and the crypto community. Garlinghouse stated that a new era has begun for XRP and Ripple and that institutional interest in XRP products continues to increase.
Corporate Interest in XRP Products Is Increasing
While publishing the Q3 2024 XRP Markets Report, Garlinghouse said that he was evaluating XRP ETF applications from Bitwise Invest, Canary Capital and 21Shares. These developments increase the demand for XRP from institutional investors.
“The message from the market is clear – institutional interest in XRP products is stronger than ever,” said Brad Garlinghouse.
SEC’s Credibility is Weakening
Ripple CEO stated that the US SEC’s pressure on crypto has decreased and the agency has lost its reputation. The SEC’s attitude towards judicial authorities in crypto cases undermines its credibility.
Progress Has Been Made in Ripple’s Legal Process
Ripple executives stated that their filing with the US Court of Appeals for the Second Circuit sets a strong precedent for the crypto community. The court criticized the SEC’s efforts to classify XRP as a security.
The report highlighted that Ripple’s lawsuit, which affected the price of XRP, also includes the launch of the RLUSD stablecoin, development activities on the XRP Ledger, and partnerships that support growth.
Ripple’s XRP reserves decreased by approximately 245 million to 4,436,713,796 units, and the total coins in ledger escrow decreased by 600 million to 38,900,000,005. XRP price has been trading sideways by 1% in recent days and is currently at $0.51.
However, Ripple, led by Brad Garlinghouse, reported that the average daily transaction volume of XRP in the third quarter was $600-700 million and the XRP/BTC ratio increased by 27%.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
