Ripple’s Chief Technology Officer and one of the initial architects of the XRP ledger, David Schwartz, explained what the firm wants to do as a result of the SEC litigation.
In a recent interview, Schwartz contradicted the SEC’s claim. He said that Ripple was searching for proof that XRP was close to BTC and ETH. He then went on to state,
“The markets consider XRP to be similar to other coins, we consider them to be similar and all the evidence consider them to be similar.”
Looking at the bigger picture, XRP has recently seen good market activity, reaching a new two-month peak in the aftermath of an altcoin surge, more than making up for the losses suffered as a result of the SEC’s litigation.
Schwartz shed light on the major drivers of the surge, pointing out that the latest Coinbase re-listing rumour and Ripple gaining access to SEC documents may have played a role. However, he admitted that there was no way to determine what triggered the price trigger.
XRP holders just need to be worried about the case’s volatility. Schwartz, on the other hand, assured that the odds of their boat sinking were almost zero, considering the massive market cap size.
Except in the worst-case situation, where government action causes Ripple to suspend activities, Schwartz assured investors that there was nothing to worry about. He said,
“People acting in their own self-interest are not going to let the system die if there is a way for them to save it.”
This unity, he pointed out, was holding the system together. He added,
“If everybody wants to fix the system, and no real obstacles appear, then they’ll will come together to fix it.”
Jeremy Hogan recently provided his legal opinion on the worst-case situation as well. He demonstrated, by citing comparable examples, that the end result will not be so bad. “XRP would surely not sink to nothing,” he declared.
At press time, XRP was traded in the pink, with a 24-hour jump of 4.89 percent. The majority of business conditions and case-related events have favourably impacted XRP’s price rally, and traders seem to be optimistic on the same.
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