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Bank of America exposes the development of the partnership with Ripple before court decision: XRPS price increase and market position benefit from it
Bank of America participation in Ripple technology The Bank of America began piloting ripple technology in 2019. However, it is reported that the institution paused the further development of the partnership until a legal dispute was settled. Part-victory for Ripple in the past week, judge Analisa Torres from the southern District Court of New York rejected a summary judgment requested by the SEC (US stock exchange supervisory authority) and Ripple regarding the enforcement measure. The suitability of XRP was questioned as a non -registered security. Now a process is possible. Judge Torres agreed to the SEC's claim that ...
Bank of America exposes the development of the partnership with Ripple before court decision: XRPS price increase and market position benefit from it
Participation of the Bank of America in Ripple technology
The Bank of America started piloting ripple technology in 2019. However, it is reported that the institution paused the further development of the partnership until a legal dispute was settled.
partial victory for Ripple in court
Last week, judge Analisa Torres from the southern district court of New York rejected a summary judgment requested by the SEC (US stock exchange supervisory authority) and Ripple regarding the enforcement measure. The suitability of XRP was questioned as a non -registered security. Now a process is possible.Judge Torres agreed to the SEC's claim that direct institutional investment contracts with XRP were illegal securities sales. However, she decided in favor of Ripple in terms of other programmatic “blind bid” sales, in which Ripple did not know the identity of the buyer. Judge Torres found that these sales do not violate securities laws. Interestingly, these transactions brought income of $ 728.9 million or $ 757 million
While the crypto industry in general celebrated Ripple in general, Alderoty admitted that it was not a complete triumph for the company. Since the SEC leaves the possibility of an appeal open, independent experts also expect such measures.
XRPS price increase and market position
After the mixed judgment, the price of XRP recorded a significant increase. The value has doubled and is traded at $ 0.95 for the first time in over a year. The daily trading volume of XRP also rose and increased by 18 times. XRP is currently the fourth largest cryptocurrency with a market capitalization of $ 38.5 billion.