It has been over two and a half years since the lawsuit between the blockchain payment firm, Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) began. Throughout this time, Ripple has experienced both ups and downs in its business operations. Recently, a vocal XRP advocate unveiled that Brazilian bank Rendimento was the first to fully adopt Ripple’s blockchain for payments in the cloud. According to the advocate, many companies have partnered with Ripple, but the impact isn’t seen in the price of XRP. The reason given is that these firms, like Rendimento, are not utilizing XRP due to regulatory uncertainty.
Popular XRP advocate and attorney, John Deaton commented on the tweet, stating that many people are underestimating the impact of the lawsuit on Ripple’s business and the growth of the digital currency. While Ripple is gaining traction in foreign markets, Deaton emphasized that the US remains a crucial market for the company.
In light of these insights, Rendimento mentioned that it would not use the digital currency because of regulatory reasons. Thus, if the lawsuit concludes, we might see more integration of XRP alongside Ripple’s technology. Ripple’s business relationship with one of its primary partners in the US, MoneyGram International, deteriorated in the early days of the lawsuit. MoneyGram parted ways with Ripple amid uncertainty about its future due to the ongoing legal battle.
Mainstream payment companies were not the only ones affected by the lawsuit, as many cryptocurrency trading platforms also delisted XRP for trading. This decision sparked outrage from the XRP community. If the Ripple vs SEC lawsuit comes to an end soon, as predicted, Ripple may have better prospects for its operations in the United States, regardless of the outcome.
In conclusion, the ongoing Ripple vs SEC lawsuit has caused a notable impact on Ripple’s business operations and XRP’s growth, particularly in the essential US market. The outcome of this legal battle may lead to increased integration of XRP alongside Ripple’s technology, offering brighter prospects for the company. As the crypto community eagerly awaits the lawsuit’s conclusion, it is essential to stay vigilant and conduct thorough market research before investing in cryptocurrencies, as the author or publication does not hold any responsibility for personal financial losses.
Source: Coingape
