XRP holders have so much to smile for since yesterday after the remittance coin made an all-important bullish run to give them hopes of a future surge. The digital asset saw a recovery of about 30% in the last few hours to trade at around $0.28, which is coming days after the digital asset traded at $0.23.
All hell broke loose for XRP and its parent company, Ripple, late last year when the United States Securities and Exchange Commission slammed a lawsuit on them. Even though the regulatory body noted that it was solely targeting the CEO and co-founder-founder of the outfit, Brad Garlinghouse, and Chris Larsen, XRP reacted swiftly to the lawsuit.
Ripple releases new CBDC report
Coming alongside news that several crypto exchanges across the United States were delisting or suspending trades of XRP, the digital asset saw a huge bearish run, which moved the prove of the asset from $0.50 to $0.18. This new bullish run is not surprising as Ripple recently released a statement that had to do with facilitating CBDC payments and asides that, several entities outside the United States are still showing support for the remittance coin.
In the recent CBDC report that Ripple released, which talked about the future of banks, the digital asset company highlighted several obstacles that financial institutions would face as regards the CBDCs and how they would be able to counter such obstacles. In the detailed report, the remittance coin company said that the first obstacle that could be looked at in making the CBDCs a success is interoperability.
In contrast, financial houses should look at other challenges such as neutral currencies that would bridge the gap and several partnerships that would make them successful. Ripple says that financial institutions should look at the internet as an example and create their respective CBDCs to allow them to be open and usable by all entities across various countries.
Ripple rubbishes Tetragon lawsuit
Despite the success that the XRP has seen in the last few days and the unbothered attitude that Ripple is showing towards their lawsuit with the SEC, the company looks to be in hot waters. A recent publication by several news outlets showed that Ripple is being targeted in another lawsuit by Tetragon Financial Group.
According to the lawsuit details, Tetragon was the key facilitator of a funding round held by Ripple sometime ago. The company wants the payment firm to redeem its stock in the latest funding round that they hosted.
The company has also moved to urged the court to suspend Ripple from making transactions using cash or digital assets until they can come up with payments to settle them. Reacting to the lawsuit, Ripple has dismissed the claims made by Tetragon Financial Group and has noted that they have no basis to stake their claims on. Even though Ripple has responded to the lawsuit filed against them by Tetragon, the SEC lawsuit is still very much present and not going anywhere.