$XRP: US Lawyer Explains How ‘XRP Ledger Could Interact With CBDCs'

On Thursday (26 January 2023), Jeremy Hogan, a partner at the American law firm Hogan & Hogan, who has been closely following and commenting on the U.S. SEC's lawsuit against Ripple, explained how the XRP Ledger (XRPL) could work with central bank digital currencies (CBDCs).

Timeline of Xrp

Investors' confidence in XRP is now in the hands of the crypto market as they wait for verdicts in the legal dispute between Ripple and the Securities and Exchange Commission (SEC).

Well-known crypto expert and investor Lark Davis has taken to Twitter to share that he is not going to buy XRP although he does hope that the token's issuer, Ripple, wins its case against the Securities and Exchange Commissions (SEC).

The Ripple vs SEC lawsuit is approaching its end and the possibility of producing a summary judgment emerges. In the meantime, the addresses with a huge amount of tokens, have again become active. This could be a positive indication of the incoming rally, probably the whales might have figured it out.

The XRP price dipped in 2022 during the crypto winter, and the back-and-forth legal exchange between Ripple Labs and the U.S. Securities and Exchange Commission has not helped matters. However, the token is still attracting interest from whales and institutional investors.

A handful of cryptocurrency industry players who took part in workshops at the World Economic Forum Annual Meeting paint a picture of increased collaboration within the space in 2023.

The XRP price has risen by 1% in the past 24 hours, reaching $0.412239 as the wider cryptocurrency market enjoys a nearly 2% gain within the same timeframe. Its current price means that it has risen by 8% in a week and by 12% in the last 30 days, as the altcoin begins to break out of a longer term decline it had suffered since the end of October.

Although the XRP Ledger (XRP) is an open-source, public, and decentralized layer 1 blockchain run by a global community of developers, there has been a history of criticism for perceived centralization; the most high-profile case being the U.S. Securities and Exchange Commission accusing Ripple Labs of issuing an unregistered security.

The legal battle between Ripple and the Securities and Exchange Commission (SEC) has entered a crucial stage as both parties await the final judgment date, which remains uncertain.

U.S. Securities and Exchange Commission (SEC) is on the radar of digital asset industry leaders over its alleged regulatory overreach. An Amicus Curiae in the XRP lawsuit has claimed that the SEC lawyers are threatening to bankrupt an American entrepreneur before filing a lawsuit against them.

The total market capitalization of the $XRP token has grown by over $1 billion in only 24 hours, at a time in which investors' interest in the cryptocurrency space has been surging and prices have risen significantly. According to TradingView data, $XRP's market capitalization moved from over $20 billion to over $21.