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The Ripple has been stuck in the long running lawsuit filed by the U.S securities and exchange commission (SEC). Amid the increasing speculation over the outcome of the case, Ripple’s CEO has made it clear what the Payment protocol will be doing about it.
Lawsuit hampering Ripple’s growth
Speaking at the Collision conference, Brad Garlinghouse told the Axios that could move outside the U.S entirely if it loses the lawsuit. He added that “it’s not that we could, we will.” The report mentioned that many businesses have been moving their operations to Miami because of more friendly policies. Meanwhile, Ripple just opened its first office in Canada.
The outcome of the case between SEC and Ripple can put a major effect on the whole crypto industry. Meanwhile, a loss for the XRP can also lead more businesses to exit the country.
Ripple’s native token’s growth has been hampered due to SEC’s implied legal complications. Many U.S crypto exchanges delisted the XRP because of the case. Meanwhile, XRP prices have jumped by over 14% in the past 24 hours. It is trading at an average price of $0.37, at the press time. Its 24 hour trading volume has recorded a surge of 65% to stand at $1.69 billion.
Outcome of case will Impact crypto industry
According to the report, victory for Ripple will hugely impact the growth of the business. While it will give boost other companies to work and join Ripple. However, if it faces a loss then the payment protocol will focus outside the country.
It added that leaving the U.S will cut off a path to growth as it is the largest economy in the world. However, Ripple’s CEO has previously mentioned that the company would be considering an IPO once the lawsuit is over.
Meanwhile, the SEC has submitted the proposed redactions to the defendants’ response to the commission’s brief.
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