Robert Quartly-Janeiro, the Chief Strategy Officer of the cryptocurrency trading platform Bitrue, talked about the company’s partnership with Ripple, the biggest $XRP player in the industry, and the future of the $XRP token.
In a statement sent to CryptoGlobe, Quartly-Janeiro said that Ripple is a cryptocurrency project that has been running since 2012 and has “definitely survived many market cycles.”
The CSO said that Ripple is still doing well, even though there have been some setbacks, and the $XRP token is still one of the largest cryptocurrencies in terms of market capitalization. Ripple and Bitrue joined forces in 2018, and since then they have been “working together on many projects and partnerships.” He added:
Despite the lawsuit against Ripple in 2020, Bitrue continues to maintain an equivocal stance towards tokens, which means that we don’t dabble in the external affairs of projects but rather remain focused on creating an ideal exchange ecosystem.
In 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and two of its executives, saying that they sold unregistered securities when they sold XRP tokens worth $1.3 billion. XRP is not a security, according to Ripple.
Ripple’s CEO, Brad Garlinghouse, said earlier this year that he thought the company would win its legal battle with the regulator. In the last few weeks, big cryptocurrency companies like Coinbase and the Blockchain Association have filed to support Ripple.
In a response to a motion for summary judgement, Ripple’s lawyers said that the regulator hasn’t shown that any offer or sale of XRP was an investment contract under federal securities laws.
The SEC’s case against Ripple is starting to look “increasingly fragile,” according to CryptoGlobe. This has led to a lot of money flowing into cryptocurrency investment products that offer exposure to XRP.
Ripple settling the lawsuit could cause a supply shock for XRP, which would likely cause prices to go up because demand would stay the same but supply would drop. This is what lawyer and XRP supporter Jeremy Hogan, who has been keeping an eye on the case, says.
Quartly-Janeiro also said that Bitrue keeps giving its users opportunities to trade $XRP and other deals related to the cryptocurrency. He also said that the Ripple case “has pros and cons for future security measures and the reputation of the token.” In 2019, Bitrue added a lot of different ways to trade $XRP to its platform.