Ripple Labs CEO Brad Garlinghouse is committed to instilling confidence in XRP by penning a rare public show of support for the cryptocurrency in a cryptic tweet where he declared that he is 1,000% behind the digital asset. On X, his announcement was accompanied by a photo displaying an XRP logo tattoo on his arm, marking his belief in the project’s future for life. The tattoo quickly went viral after crypto influencer Digital Asset Investor shared it on his X feed. He noted that getting a tattoo, especially for someone over 50 with a Harvard M.B.A., wasn’t just a casual show of support. It signalled a deep, long-term belief. Garlinghouse replied with just two words: “1,000%.” Ripple ends legal war with SEC The long battle between Ripple and the SEC is winding down. While the company had initially resisted the court’s conclusion that sales of institutional XRP were securities, it has since withdrawn its cross-appeal. This is a tactical retreat, and it’s evidence that Ripple is ready to proceed. Earlier this month, Judge Analisa Torres denied a coordinated plea from Ripple and the SEC for an indicative ruling. With the case stalled, Ripple decided not to push the litigation on the final prong regarding institutional sales. Instead, the firm will respect the court order and look for lawful opportunities to distribute XRP to institutions. Brad Garlinghouse announced the company’s new posture in a public statement that they had closed that chapter once and for all, and they can now focus on the most important place – building the Internet of Value. Ripple has used the term “Internet of Value” for a while now to describe its larger goal—frictionless cross-border asset transfer in worldwide payment systems. Now, with the shackles of litigation off its wrists, Ripple is increasingly zeroing in on realizing its vision. Ripple drives XRP ecosystem growth with renewed focus Ripple’s pivot towards development & expansion is already paying off. In June, the XRP Ledger witnessed a more than 7x spike in daily active addresses, indicating higher network usage. At the same time, transaction volume is increasing, indicating more use of XRP in real-world use and trading. Market sentiment has also shifted. The buzz around a US-approved XRP exchange-traded fund (ETF) is building after Canada greenlit three XRP ETFs just days ago. Analysts think there’s a 95% chance XRP ETF will be here soon. This would make XRP available to institutional buyers and retirement accounts, driving liquidity and confidence in the market. Ripple has released version 2.5.0 of the XRP Ledger (XRPL). This release includes substantial power enhancements and sets XRPL apart from its nearest competition with Ethereum and Solana. The improvements include faster and less expensive throughput and compatibility with smart contracts, fundamentals for developers who intend to build DApps on XRP. The update also improves the XRPL’s chain interoperability, a requirement in the future of finance. However, in the growing layer-1 blockchain space, the upgrade signals that Ripple wants to be a force once again, not just for a payments protocol but as a dApp development and execution platform, too. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
