Ripple Pursue Expansion Plans Amidst Ongoing SEC Controversies, But Where Does XRP Stand?

  • Ripple has pressed ahead with plans to expand into Europe despite the battle with the SEC
  • Long-term XRP holders have seen smaller gains than short-term investors with little or no sign of a noticeable recovery.

It looks like ripple [XRP] He was focused on moving forward rather than remaining in an ongoing legal battle against him US Securities and Exchange Commission. On November 18th an interview With CNBC, Ripple’s general counsel, Stuart Alderoty, revealed that Ripple no longer derives most of its revenue from the United States.

Read XRP price prediction 2023-2024

Ripple is expanding its reach

Alderoty noted that the blockchain payments company’s operations outside the US were responsible for the majority of its profits. All this while confirming that Ripple has been actively seeking a Virtual Asset Service Provider (VASP) license in Ireland. Don’t mind it case status With the Securities and Exchange Commission, Aldrotti said,

“Ripple is effectively operating out of the US and is seeking a Virtual Asset Provider (VASP) license from the Central Bank of Ireland so that it can ‘pass through’ its services throughout the EU through an entity located there.”

However, despite the revelations, XRP failed to remain in positive dominance. at the time of publication, CoinMarketCap data It showed that it lost 0.76% of its previous value in 24 hours. In addition, one evaluation Network growth showed an exponential decline.

According to data from analytics platform Santiment, the growth of the XRP network has dropped to 4,264 despite reaching a peak of 9,827 on November 13. In this case, he suggested that XRP was having a hard time attracting new addresses to the blockchain.

Source: feeling

The above data also shows the situation of divergence between market value and realized value (MVRV) in the short and long term. At the time of writing, the short- and long-term MVRV difference value is -16.82%.

This means that short-term investors have higher profits than long-term investors. Therefore, long-term coin holders may need to weather the crypto winter if they intend to make significant gains from price drops.

Should investors continue to hold meetings about HODLing?

Information from the Santiment on-chain platform show up That new XRP buyers may have bought the short-term top. This conclusion is attributed to the higher value of the HODL waves of realized market capitalization, rising to 2,713. However, the stock-to-flow ratio is down to 71,900 at press time. This state indicates that there is less XRP in circulation. In addition, the active supply was scarce compared to the total asset supply.

XRP stock-to-flow ratio and realized market capitalization

Source: feeling

Finally, Alderoty told CNBC that Ripple expects a final ruling on the case in the first half of 2023. He also said that the company is working closely with regulators despite the strained engagement.

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