Ripple moving toward adoption amid SEC lawsuit: Reports

Reports showed that Ripple’s technology is under huge adoption with the stability in the price of Ripple tokens 

Since the end of 2020, the situation for the San Francisco-based giant payment network firm, Ripple, is facing huge scrutiny issues because of the United States Securities and Exchange Commission (SEC) over the selling of Unregistered XRP securities. However, the Ripple firm tried its best to deny all the allegations of the SEC agency and also proved that Ripple’s operations are under a fair use system. But still, the SEC agency is working on collecting new witnesses, which can prove all the allegations against the Ripple firm. 

However, these scrutiny issues are very tough for the Ripple firm to handle. Ripple is a crypto and blockchain firm and its work is inclined to the crypto initiatives but still, this firm is not lagging in terms of crypto and blockchain adoption despite scrutiny issues.

If we look at the users of the XRP ledger wallet then there is a surge in the users 11× over the last peak. In particular, ledger getting 11.3 thousand daily to the recent peak high at 142.7 thousand.  And also recently Ripple’s addresses users touching an all-time high. 

Ripple moving toward adoption amid SEC lawsuit: Reports 1
Source: Santiment

Popular crypto analyst Crypto Eri shared his stance on the surge of the use of Ripple’s resources. He added:

“new development being fostered and nurtured by the RippleX portion of the Ripple team”

Eri also took the reference of the recent ODL service of the Ripple firm, which is active in 20 countries. And claimed that the use case of Ripple’s firm can be seen in many aspects. 

Ripple’s ODL use by the client, surged by around 130% over the last quarter. So probably here we can say that the new initiative of the Ripple firm to provide “crypto liquidity” with the flagship assets for other businesses to offer crypto trading facilities is pushing the firm toward adoption of not only crypto but also the Ripple’ crypto ecosystem also. 

The analyst also found that social sentiments with the Ripple were positive. In terms of the Ripple vs SEC lawsuit, Ripple got better sympathy from the crypto market and also almost everyone wished that Ripple’ should win the case against the SEC agency. 

Read also: Ethereum creator is excited about US ‘crypto cities’ running on DAOs and NFTs concepts