The Ripple Labs case has been sending shock waves in every direction ever since its conception in 2020. A short summary is that the Securities and Exchange Commission of USA (SEC) filed a lawsuit against Ripple Labs executives Chris Larson and Brad Garlinghouse for selling unregistered securities. The case took a sharp turn when XRP was delisted by more than 54 crypto exchange platforms in the USA.
However, the Ripple Labs officials remained positive that the digital token would manage to survive in Asian Markets. It should be noted that Ripple Labs has been partnered with Bank of America since 2016 and has a 40% stake in cross-border payment firm Tranglo. All of these associations have been able to grant Ripple labs a chance to stay afloat in the face of the disaster.
One Billion Monthly XRP Installment Withdrawn from Ripple
The San Francisco-based behemoth has already withdrawn a monthly instalment of one billion XRP tokens from its escrow account. Ripple Labs has been following this practice to handle its expenses and settle down debts. Today, the aforementioned volume of XRP is valued at $575.6 million. However, Ripple Labs has now a new big-cost account to settle in terms of attorney fees vs SEC.
The latest escrow transaction was made on April 1st 2021, as noted by crypto tabloid whale Alert. As a rule, Ripple puts 800 million coins back into the escrow and uses the money for investing in promising projects to support the liquidity of its native altcoin. Whale Alert also noted that approx. 122.3 million has been moved around on major crypto exchanges, including Coinbase, with a value of around $6.9 million.
XRP Going to the Latin American Turf to Struck Gold
The 10 billion XRP has been circulated to a Mexico-based exchange by Ripple Labs. Bitso is arguably the largest crypto market in Mexico at the moment. Ripple Labs is an ODL partner with this Latin American crypto giant. Bitso is also collaborating with Ripple to facilitate options for on-demand liquidity tech in the region.
XRP might be doing well in Asia and Mexico, but the US-based ground remains a hard nut to crack. Recently, CoinMarketCap took a shot at XRP when the cryptocurrency exchange tabloid removed the digital token from its top ten trending list. The CoinMarketCap is the world’s most sought-after price-tracking website for digital assets. However, after the end of April fool, XRP was reinstated to its position at 7th on the leaderboard.