The market’s recovery from yesterday was short-lived, with the bulk of currencies trading in the red once more. Despite yesterday’s daily high of $0.66, the price of XRP has been unable to breakthrough, and by the end of the day, selling has made the price decline below the $0.60 support level, with the bears pushing the pair farther lower. The seventh-largest cryptocurrency is now trading at $0.61 and has declined by more than three percent.
Ripple Set to Go Public at the End of the Lawsuit
Ripple CEO Brad Garlinghouse stated in a recent interview that the San Francisco-based company would eventually go public. Currently, holding an IPO is not a priority for the corporation, which is embroiled in a protracted legal struggle with the Securities and Exchange Commission in the United States. Ripple is waiting for the landmark litigation to be resolved before moving forward with its IPO ambitions, according to Garlinghouse.
He has accused the SEC of “dragging its feet” yet again, claiming that the regulator is attempting to delay the legal procedure.
Garlinghouse told the Wall Street Journal in January 2020 that Ripple might go public within a year. The SEC action, on the other hand, threw a spanner in the works for the company’s IPO plans. With its highly documented public debut in April 2021, Coinbase, the major U.S. exchange, stole the show.
While regulatory issues have made it difficult for Ripple to do business in the United States, the company’s international operations continue to prosper. Following a stock buyout, the distributed ledger data provider’s worth has risen to $15 billion.