Ripple’s October Highlights: Swell 2024, Legal Disputes, and Market Hurdles
Ripple has had a busy month in October, to say the least, as the firm unveils its highly anticipated event, Ripple Swell 2024.
Ripple has had a busy month in October, to say the least, as the firm unveils its highly anticipated event, Ripple Swell 2024.
Swell is well-known for bringing together industry executives, inventors, and regulators to explore the future of blockchain technology and its influence on global payments and the DeFi ecosystem.
As the tide of opportunity rises, the promise of blockchain lifts all boats. @dan_pantera and @bgarlinghouse take us home to close out the 8th annual #RippleSwell. 🌴 pic.twitter.com/2goGrSbepa
— Ripple (@Ripple) October 17, 2024
This year’s event in Miami is especially crucial since Ripple hopes to highlight its progress and discuss future strategies, particularly as it navigates legal problems with the SEC.
Ripple Partners with IRC to Revolutionize Humanitarian Aid Using Blockchain
Meanwhile, Ripple has committed $1 million to research how its future RLUSD stablecoin and cross-border payment solutions may improve cash relief and financial transfers in crisis areas.
On October 16, Ripple launched a new cooperation with the International Rescue Committee (IRC) to enhance humanitarian relief delivery using blockchain technology.
Ripple and IRC to Transform Humanitarian Aid Using Blockchain Technologyhttps://t.co/b5D45ObWUr
— John Morgan (@johnmorganFL) October 16, 2024
Ripple will use its global payments network and open-source solutions on the XRP Ledger (XRPL) to create a positive social impact.
The startup focuses on how these technologies might support cash assistance programs and cross-border transfers. They would also assist those affected by crises in their recovery and rebuilding efforts.
Ripple’s Senior Vice President of Strategic Initiatives, Eric Van Miltenburg, described the agreement as an important move forward in the company’s objective to use blockchain for global benefit.
He noted that Ripple is excited to use the IRC’s knowledge to broaden its humanitarian initiatives and assist disadvantaged communities in accessing critical resources promptly, safely, and efficiently.
Ripple vs. SEC: Key Legal Developments as SEC Faces Form C Deadline
This week marks another big step forward in the ongoing legal struggle between cryptocurrency business Ripple and the United States Securities and Exchange Commission (SEC). According to Fox Business journalist Eleanor Terrett, this is an important day for the next developments in the Ripple vs. SEC court case.
According to the Court’s directions, October 16 is the final deadline for the US SEC to file a Form C. A Form C is a procedural file that specifies what a party plans on appeal.
BREAKING: SEC FAILS TO FILE FORM C BY THE DEADLINE. THE APPEAL IS TERMINATED.
— Documenting Ripple 📚📜 (@RippleArchive) October 17, 2024
Terrett indicated in an X (previously Twitter) post that the SEC’s Form C will contain key information on its intended appeal of Judge Analisa Torres’ July 2023 court decision, which determined that programmatic XRP sales were not securities.
Similarly, Ripple is expected to follow the SEC’s appeals process shortly. The corporation will file a Form C of its cross-appeal within seven days after the regulator’s filing. That is, if the SEC files a Form C today, the crypto business is likely to file its own within the next week.
Ripple’s submission is likely to describe its counterarguments and explain the scope of the cross-appeal. After submitting both Form Cs, Ripple and the SEC will work out a briefing timetable, after which the agency will have a period of 90 days to submit its first legal brief.
Ripple’s Prolonged Legal Battle Casts Uncertainty on XRP Price Stability
This elongated legal battle could have severe consequences on the XRP price, which has already been in a state of stagnation since the SEC filed its lawsuit.
The cryptocurrency has been trading around the $0.5 mark for years, only seeing slight upticks to $0.6 when market conditions become more favorable. However, this price increase is always short-lived as XRP often declines to the $0.5 mark once again
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