XRP has been seeing a strong recovery since yesterday. After the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs public, the XRP price crashed from around $0.50 to $0.18 at times on December 29. However, out of seemingly the blue, the price is now showing a 30% increase over the last 24 hours. At the time of writing, XRP was trading at $0.28.
Ripple releases a new CBDC report.
It is not clear what drove the XRP’s recent rally as the only news from Ripple yesterday was the release of a new report titled “The Future of CBDCs – Why All Central Banks Must Take Action.” In the report, Ripple examines the challenges and potential of a central bank digital currency (CBDC) and makes a number of recommendations. The report identifies three key challenges to overcome the “challenge CBDC.” These key challenges are interoperability, public and private partnerships, and neutral bridge currencies. Similar to common standards for the Internet, the report makes a case for CBDCs as a means to create open payment protocols and facilitate the frictionless exchange of value across borders.
Ripple continues to face lawsuits.
Ripple is facing another lawsuit after the recent SEC action against the company. Tetragon Financial Group filed a complaint against Ripple Labs in Delaware Chancery Court and asked the San Francisco-based company to redeem Tetragon’s Series C preferred stock. Tetragon requested the Court to block Ripple from using cash and other assets until the payment is made, as reported earlier. However, Ripple dismissed the basis of the lawsuit and mentioned that it has no merit. Earlier, US SEC filed a lawsuit against the blockchain firm over its unregistered token sale of XRP.