Ripple’s legal battle continues over its lawsuit with the US Securities Exchange Commission (SEC). However, Ripple is the only altcoin project among America’s 10 most valuable startups.
The only altcoin in the giants league
There is also an altcoin project among the top ten most valuable startups in the United States. Blockchain company Ripple has managed to make the list as the only cryptocurrency-related company. Thus, it has earned a respectable place in the world of cryptocurrencies. Also, Ripple continues to record growth. As of November 2022, Ripple ranked 10th among the leading US startups with a valuation of $15 billion.
Specifically, Ripple is following other well-established organizations. These are listed as follows: SpaceX ($127 billion), Stripe ($95 billion), Instacart ($39 billion), Databricks ($38 billion), Epic Games ($31.5 billion), Fanatics ($27 billion), Chime ($25), Miro ($17.5 billion), and Discord ($15 billion).
Meanwhile, it’s worth noting that Ripple’s final valuation was determined after the company chose to buy back shares from investors who funded its $200 million Series C round in 2019.
Ripple rises despite legal troubles
Ripple is facing a lawsuit with the Securities Exchange Commission (SEC) over controversies over the issuance of the company’s native token, XRP. Considering this situation, the bullish factor in Ripple’s growth draws attention. As the case progresses, it seems that the confidence of investors in Ripple has not been shaken. Because the altcoin continues to make small gains before the end of the lawsuit.
Meanwhile, the Ripple and SEC lawsuit is also likely to have widespread effects on the overall crypto market. The SEC is focusing on whether Ripple and its top executives are selling XRP to the public as an unauthorized security. In this case, Ripple took action to boost investor confidence by building a solid defense. Part of Ripple’s defense accuses the SEC of a conflict of interest, declaring that Ethereum (ETH), similar to XRP, is not a security.
At the same time, a significant share in Ripple’s valuation comes from the company’s growing payments business. As you follow on Kriptokoin.com, Ripple has been partnering with traditional finance players on payment systems in recent months.
Impact of SEC lawsuit on altcoin
Ripple uses the XRP token to facilitate cross-border payments. Although high-profile litigation continues because of this function, the token is posting gains. Interestingly, XRP crashed after the lawsuit was first announced. However, legal experts shared opinions that it is possible for Ripple to win the case. This hope has also acted as a catalyst for the altcoin price to rise in recent weeks.
At press time, XRP was trading at $0.3895, down 0.42% on a daily basis. Meanwhile, a forecasting algorithm predicts that XRP will trade at $0.42 by December 31. This shows that the community continues to rise in terms of expectations from Ripple. Also, the community hopes that reaching this level will open the door to $ 0.5.
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