XRP Army Pressures Exchanges to Relist XRP on Twitter; Ripple to Focus on CBDCs
In what is turning out to be a great month for Ripple, XRP enthusiasts continue to support the blockchain company in the ongoing lawsuit served by the U.S Securities and Exchange Commission (SEC) late last year.
XRP Army Calls For Relisting
The ‘XRP Army,' as they fondly call themselves, have started an online campaign demanding that crypto exchanges who delisted the XRP digital token should relist them. The hashtag #RelistXRP is trending on popular microblogging platform Twitter, according to Twitter user MackAttackXRP.
The movement, which started in the Netherlands, has quickly garnered traction globally. XRP holders in the United States, Australia, and the UK call on crypto exchanges to make the right decision to relist their beloved XRP.
The calls for the relisting of XRP follow a comment made at a hearing in the SEC vs. Ripple lawsuit. Judge Sarah Netburn had asked if anyone who sold XRP during the earmarked periods was selling illegal securities. The SEC said that only Ripple and its employees were liable for the offense.
Many XRP users are using the regulator's response to pressure crypto exchanges. They believe exchanges can provide a platform for crypto investors to trade XRP tokens without getting into the SEC's crosshairs.
Attorney Jeremy Hogan, who is not involved in the case, gave the breakdown in a YouTube video noting that the SEC's statement could eventually see the courts overturn their claims of XRP being security.
Ripple Focusing Its Efforts On CBDCs
The SEC's decision to file a lawsuit against the cryptocurrency firm has seen the XRP token lose its market cap. In what has been an agonizing year for the company, Ripple chief and co-defendant Brad Garlinghouse are also considering the idea of moving its business to a friendlier environment.
The San Francisco-based firm has also lost strategic business partnership with US payments giant MoneyGram due to the ongoing litigation.
Garlinghouse said that even though many crypto exchanges in the US delisted the XRP token following news of the SEC lawsuit, its Asian business partners have remained solidly behind the struggling company keeping them afloat.
But despite the challenges, Ripple Labs has continued to roll out innovative digital products and services for customers who depend on its XRP Ledger Protocol (XRPL) to facilitate cost-effective cross-border payment solutions.
In a whitepaper released by the company, the company said it would be using XRP to facilitate payments for central banks looking to issue a central bank digital currency (CBDC). The initiative, which is part of its private offering of XRP for mass issuance of CBDCs, said that XRP's role as a digital payments facilitator in the past would bear on this latest proposition.
XRP’s price has rallied to $0.57 at press time, although it remains the 7th most valuable crypto-asset by market cap.