SBI Holdings CEO Confirms Ripple IPO Preparations After SEC Lawsuit
Yoshitaka Kitao, CEO of SBI Holdings, announced on the X platform that preparations for a Ripple IPO will commence following the final settlement of the SEC lawsuit. Ripple's plans for an initial public offering have been delayed due to ongoing legal issues with the SEC.
Recent developments indicate progress in the lawsuit. In October, the US SEC filed a notice of appeal against Ripple. Legal analysts suggest the SEC may withdraw its appeal, especially with potential changes in agency leadership approaching.
Ripple CEO Brad Garlinghouse stated that pursuing an IPO is not currently a "high priority" for the company, citing a strong financial position that diminishes the necessity for public fundraising. However, he did not rule out the possibility of an IPO in the future.
In 2022, Garlinghouse mentioned exploring an IPO post-lawsuit conclusion, providing clarity on this matter from Ripple management.
Ripple's XRP Rally to Continue Ahead?
Ripple's cryptocurrency XRP has experienced a significant increase, surpassing $1 for the first time in three years. Currently, XRP trades at $1.13, reflecting a 5.04% rise and a market cap of $64.5 billion. Although this is below its all-time high of $3.84, analysts remain optimistic about its potential.
XRP gained traction after 18 US states filed a lawsuit against the SEC, claiming unconstitutional overreach in regulating the cryptocurrency sector. Reports suggest Gary Gensler may resign before the Trump administration takes office in January 2025, which the XRP community views positively for the altcoin's prospects.
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Courtesy: Coinglass
The volatility in futures trading has also contributed to XRP's price increase. On Sunday, open interest in XRP/USD futures contracts reached a record of 2 billion tokens, valued at nearly $2 billion. Despite this surge, traders exhibited a slight bias toward short positions, with 51% betting against further price increases for XRP.