No U.S. IPO for Ripple – Here's Why
- 王林Original
- 2024-09-05 03:45:10513browse
Speaking at Korea Blockchain Week 2024, Garlinghouse noted that operating as a crypto company under the current U.S. Securities and Exchange Commission (SEC) administration is difficult.
Crypto company Ripple is not interested in pursuing an initial public offering (IPO) in the U.S. due to a challenging regulatory environment, according to CEO Brad Garlinghouse.
Speaking at Korea Blockchain Week 2024, Garlinghouse noted that operating as a crypto company under the current U.S. Securities and Exchange Commission (SEC) administration is difficult. His comments come amid the SEC’s ongoing crypto crackdown, which has seen the agency levy hefty fines against some of the sector’s biggest companies, including Coinbase and Binance.
The SEC also filed a lawsuit against Ripple, accusing the firm of making unregistered securities offerings. However, a recent ruling by Judge Analisa Torres saw the fines slashed to $125 million, compared to the SEC’s initial demand of $2 billion.
Garlinghouse used Ripple’s experience with the SEC to warn other companies against incorporating in the U.S., citing the high legal costs involved.
Meanwhile, Garlinghouse confirmed that the company’s Ripple USD (RLUSD) stablecoin is in “closed beta” and could launch publicly within weeks.
Interestingly, Ripple has reportedly contributed $48 million to the 2024 U.S. election, with Chief Legal Officer Stuart Alderoty donating 624,000 XRP, valued at $300,000, to Donald Trump’s campaign. If re-elected, Trump has promised to make the U.S. a crypto hub.
XRP Bull Run In Sight?
While Ripple’s U.S. IPO prospects remain up in the air, XRP’s market outlook appears promising. On Sept. 3, XRP was trading at $0.5496, having seen a 3.45% decrease in the last 24 hours.
Despite the dip, several analysts have forecasted a potential bull run for the token.
Crypto analyst Dark Defender shared his outlook on Sept. 3, suggesting that XRP could rally as high as $18. His analysis is based on XRP’s breakout from a prolonged consolidation phase between $0.6649 and $0.3917.
According to analysis by World of Charts, XRP is consolidating within a multi-year symmetrical triangle, a chart pattern that is often followed by a significant price movement. He notes that with the SEC case largely resolved, the chances for an XRP breakout are higher, which could lead to the token setting new all-time highs (ATH) in the coming months.
Furthermore, Cryptoinsightuk highlights the potential for a massive XRP bull run. They point out that XRP’s market dominance once hit 15.5% back in Jan. 2018, when the token was priced at $3.37. If XRP were to regain a similar level of dominance in today’s much larger crypto market, the token’s value could reach anywhere between $11 and $27.5, assuming the overall market continues to expand.
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