XRP posts record gains over reports Ripple plans to go public

XRP is on record high amid credible reports that Ripple, the troubled Crypto juggernaut has not given up on going public despite its ongoing legal battle with the Securities and Exchange Commission

According to Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, on their earnings call he revealed Ripple had plans to become a public company after the company settles a legal action brought against it by the United States Securities and Exchange Commission.

In his words:

“After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.”

Yoshitaka Kitao also added that its earlier investments made on the crypto company would pay off following a potential public listing, noting that SBI is the biggest outside shareholder of Ripple.

At the time of drafting this report, XRP traded at $1.5 on the FTX Exchange and posted gains of about 10.52% for the day. It was its largest daily gain in percentage terms since April 26.

Such impressive gains pushed the crypto-asset market level to $65 billion or 3.10% of the total cryptocurrency market valuation. At its highest point, the crypto asset market cap was $83.4 billion.

XRP had traded in a range of $1.37604 to $1.49604 in the previous twenty-four hours. For the week, XRP has recorded an impressive gain of about 43%.

Recall the Securities and Exchange Commission filed a lawsuit against the fintech company and its leaders including Garlinghouse and Larsen late last year, alleging that XRP was a $1.3-billion unregistered securities offering.


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