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$XRP: Bitrue Chief Strategy Officer Comments on Ripple Partnership

Chief Strategy Officer of cryptocurrency trading platform Bitrue, Robert Quartly-Janeiro, commented on the firm’s partnership with Ripple, the industry’s largest $XRP player, and the future of the token.

In a statement shared with CryptoGlobe, Quartly-Janeiro noted that Ripple is a project that has been operating in the cryptocurrency space since 2012 and has “definitely withstood many market cycles.”

The CSO noted that although there have been some setbacks, Ripple is still thriving and the $XRP token is still one of the largest cryptocurrencies by market capitalization. Ripple and Bitrue teamed up in 2018 and have since “engaged in numerous collaborations and partnerships.” He added:

Despite the lawsuit against Ripple in 2020, Bitrue continues to maintain an equivocal stance towards tokens, which means that we do not meddle in the external affairs of projects but rather remain focused on creating an ideal exchange ecosystem.

The U.S. Securities and Exchange Commission (SEC) sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies that XRP is a security.

Earlier this year, Ripple CEO Brad Garlinghouse said he believed the company would prevail in its legal battle against the regulator. Over the past few weeks, a number of influential cryptocurrency companies, including Coinbase and the Blockchain Association, have filed for support of Ripple.

In a response in support of a motion for summary judgment, attorneys for Ripple argued that the regulator failed to demonstrate that any offer or sale of XRP was an investment contract under federal securities laws. securities.

As reported by CryptoGlobe, cryptocurrency investment products offering exposure to XRP saw significant inflows as the SEC’s case against Ripple began to be seen as “increasingly flimsy” by investors.

Ripple could settle the lawsuit lead to an XRP supply shock, which would likely lead to a spike in prices as demand remained the same, while supply plunged. That’s according to legal expert and XRP supporter Jeremy Hogan, who has been following the case.

Bitrue, Quartly-Janeiro added, continues to offer its users $XRP trading and other cryptocurrency-related offerings. He added that the Ripple case “has both advantages and disadvantages in terms of future security measures and the reputation of the token.” In 2019, Bitrue listed dozens of $XRP trading pairs n its platform.

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