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SBI Holdings CEO Yoshitaka Kitao indicated that preparations for Ripple’s IPO can begin once its legal battle with the SEC concludes.
Key Notes
Yoshitaka Kitao believes that Ripple IPO preparations will happen on fast-track after the SEC lawsuit conclusion.XRP surged past $1 for the first time in three years fueled by a lawsuit from 18 US states against the SEC.XRP/USD futures contracts reached a record 2 billion tokens in open interest, valued at nearly $2 billion.In the latest post on the X platform, SBI Holdings CEO Yoshitaka Kitao stated that the preparations for a Ripple IPO shall begin soon after the final settlement of the SEC lawsuit. Ripple has been planning for an initial public offering on Wall Street, however, the legal battle with the SEC has put the plans on hold.
However, the latest developments in the lawsuit show that things have been progressing further. Last month in October, the US SEC filed a notice of appeal in its ongoing legal battle with Ripple. However, legal analysts believe the SEC may ultimately withdraw its appeal, particularly with a potential change in leadership at the agency on the horizon.
Ripple CEO Brad Garlinghouse recently clarified that pursuing an initial public offering (IPO) is not a “high priority” for the company. He emphasized Ripple’s strong financial position stating that the firm doesn’t really need to raise the firms through public offering amid its strong financial situation. However, Garlinghouse did not completely dismiss the possibility of an IPO in the future.
Back in 2022, the Ripple CEO stated that they would start exploring the IPO soon after the conclusion of the lawsuit. Thus, an official word from the Ripple management put additional clarity and weight to this development.
Ripple’s XRP Rally to Continue Ahead?
Ripple’s native cryptocurrency XRP XRP $1.14 24h volatility: 9.1% Market cap: $65.11 B Vol. 24h: $11.69 B has shown a strong upside over the weekend, shooting past $1 levels for the first time in three years. As of press time, the XRP price is trading 5.04% up at $1.13 with its market cap shooting to $64.5 billion. Note that although this is still far away from the all-time high level of $3.84, analysts continue to stay bullish regarding the same.
XRP gained momentum last Thursday after 18 US states filed a lawsuit against the Securities and Exchange Commission and its commissioners, including Gary Gensler, alleging unconstitutional overreach in regulating the cryptocurrency industry.
Gary Gensler will be reportedly resigning before the Trump administration takes office in January 2025. With the new SEC chair in place, the XRP community sees this as a positive development for the altcoin.
Courtesy: Coinglass
On the other hand, the volatility in the futures trade has been pushing the XRP price upwards. On Sunday, the open interest in XRP/USD futures contracts reached a record 2 billion tokens, valued at nearly $2 billion based on current market prices. Despite the surge, traders showed a slight bias toward short positions, with 51% betting against further price increases for XRP.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
