Ripple returns to paper currency stock after 8 months
Expectations for stablecoin launch in the second half of the year
(Seoul = Newsis) Reporter Lee Ji-young = Ripple, a popular domestic coin that gave birth to the phrase ‘Are you fooled by Ripple again?’, soared by more than 70% and returned to paper money stocks (stocks with a price of 1,000 won or more). With an altcoin bull market expected following the election of Donald Trump, attention is being paid to whether this rally will continue.
Ritosok is an expression that came out to ridicule domestic investors who have been bitten by Ripple, which surged at the end of 2017 but has always remained stagnant. This also suggests that there were many domestic investors who invested in Ripple at the time.
According to the industry on the 16th, Ripple soared by 20% the previous day while all the top 10 virtual assets in market capitalization (market capitalization) were slowing down. Even while major stocks such as Bitcoin and Ethereum fell for the first time since Trump’s election, Ripple maintained its recent upward trend.
Due to this rise, it was out of the coin stock category for the first time in 8 months since last March. As of 9 PM the previous day, Ripple recorded 1,212 won, up 20.21% on Bithumb. This is a 76% surge compared to the 680 won level just before Trump was elected on the 6th.
The market’s analysis is that there is enough material for Ripple to continue its rally. First of all, there is a possibility that the lawsuit with the U.S. Securities and Exchange Commission (SEC) will be concluded following Trump’s election. Specifically, the diagnosis is that if the SEC enforcement department is reorganized with pro-virtual asset figures, the lawsuit will be resolved relatively quickly. Ripple’s price rise is evaluated to have been limited due to negative news from the SEC and lawsuits.
Fred Rispoli, known as a lawyer friendly to Ripple, said through CryptoBasic on the 8th (local time), “With the launch of the Trump administration, the SEC enforcement department may be replaced before March or April of next year.” He added, “Therefore, Ripple and the SEC will either reach an agreement soon or “Ripple can conclude the case in a positive direction with the next executive branch,” he said.
The head of Ripple also expressed his expectations about this. On the 7th (local time), Ripple CEO Brad Garlinghouse told Trump through Former CFTC Chairman Brian Brooks, former Acting Commissioner of the Office of the Comptroller of the Currency (OCC), and Robinhood Chief Legal Officer Dan Gallagher. “I recommend it,” he urged.
Ripple’s stablecoin RLUSD, which is scheduled to be launched in the second half of this year, is also an expected factor. This is because entering the stablecoin market, which has grown to 200 trillion won, will also be advantageous for the ongoing initial public offering (IPO).
Ripple-denominated stablecoins are 100% collateralized by cash equivalents such as dollar deposits and short-term U.S. government bonds. The reserve assets will be audited by a third-party accounting firm, and Ripple plans to issue proof materials every month.
Currently, all preparations necessary for stablecoin operation have been completed. Recently, ▲Uphold ▲Bitstamp ▲Bitso ▲Moonpay were selected as virtual asset exchange partners for RLUSD.
Monica Long, CEO of Ripple Labs, said through CoinDesk on the 15th of last month (local time), “We are waiting for regulatory approval from the New York Department of Financial Services to launch RLUSD,” and added, “Ripple has completed all operational preparations.”
However, if the launch of the highly anticipated Ripple spot exchange-traded fund (ETF) is blocked, the rise may be limited. Crypto Briefing, a media outlet specializing in virtual assets, diagnosed on the 2nd of last month (local time), “Approval for the Ripple spot ETF may not be easy,” and “it is not certain whether it will be approved, and it may take time.”
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Source: www.newsis.com
