Cryptocurrency News

Ripple’s CEO Said That SEC Lawsuit Did Not Stop The High Demand For XRP Based Products

According to Brad Garlinghouse the CEO of Ripple during the Bloomberg interview, the demand for XRP products is on the rise despite the SEC lawsuit. Recall that XRP has been charged by the US to be a threat to security.

The US bank used XRP products in the US and the case has been ongoing since last year. They have blocked all ripple transactions and banned them on exchanges in the US. 

However, the ban did not stop the growth of Ripple products. The CEO Brad Garlinghouse has stated that most exchanges and users of Ripple products are outside the US. The Ripple-based product Ripple net is still in high demand from people and exchanges not operated in the US, the rate of use increased 8 times higher in quarter 1 of last year which is worth Billions of dollars. They are employing people to work with the XRP products outside the US. He also stated that 95% of those who patronize the products are outside the US and this is quite sad.

The Ripple Net online payment forum is currently in over 55 countries.  The COE also confirmed that there was a huge growth on the Ripple net platform from 2021 till now.

The Ripple CEO also Emphasized that the reaction of the US SEC towards RippleNet is unnecessary. He expressed his disappointment in the action taken against them which has strained their Operation in the United States. The United States is the place the Ripple Journey started and was supposed to have been a ground for massive industrial activities for the Ripple network. He noted that the Lawsuit will not only affect Ripple but will also reduce the employment opportunities for people in the US as these opportunities are enjoyed by others outside the US.

XRP Ripple Network Token Possible Future Prediction

The Ripple network dates back to 2011 and was invented by Jed McCaleb. It was officially launched in 2012 and was used by other financial institutions in 2017.

The XRP token touched its all-time high in 2018, it was worth $3.84 in January 2018, but it declined that same year. In 2020, it became highly volatile experiencing a low and high momentum.

The Ripple Network Token XRP has been experiencing high volatility in the past two years due to SEC regulations. XRP token Price at the time of writing this report is $0.6485 with a 0.81% increase as shown in the Binance exchange. But since there seems to be a ray of light in the case we may see a spike in the price of XRP up to $1.9 by the end of 2022.

In 2023, the price of XRP may decline unless it breaks the resistance point of $1.9 then it may pump to $3, this price may linger at this point without stability until 2025. But if there is a break of resistance at this point we may see XRP at $5 shortly.

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