My goodness friends, what a week for Ripple. XRP holders, catalysts abound yet we remain stuck in by the bears. Let's do a quick recap anyway, and hope that the market begins to reflect the bullish news:
Michael Barr Confirmed: Michael Barr, a former Ripple adviser, is set to assume one of the most important U.S. regulatory roles after winning Senate confirmation to be vice chairman for supervision at the Federal Reserve. Barr is considered an ally to crypto, but has tempered his sentiments with expectations that the market be regulated robustly. This appointment is widely considered good for crypto, and considering it's issues with the SEC - good for Ripple.
Netburn says 'the Hinman emails must be produced': The long awaited ruling has finally come down from Circuit Judge Sarah Netburn regarding the attorney-client privilege of conversations had with SEC lawyers by William Hinman. Judge Netburn unequivocally ruled in favor of Ripple, even slamming the 'hypocrisy' of the SEC in its attempted defense - asserting that the SEC isn't even attempting to follow the law in good faith. In his now infamous speech Hinman said that Bitcoin and Ethereum were not to be considered securities, despite ETH having conducted the same kind of unregistered token offerings as Ripple. The preperatory emails Hinman exchanged with SEC lawyers have been desperately guarded to this point, and it remains to be seen what the SEC will do. It seems likely that there will be a series of appeals to Judge Analise Torres, who is responsible for ruling on any appeals to Judge Netburn's decisions.
Jed's dead baby: Former Ripple CTO Jed McCaleb is almost done selling his 9 billion XRP after nearly 8 years. Jed left Ripple after having differences with the leadership team on the direction of the project there. Jed has since worked to bring Stellar (XLM) into the crypto space as a competitor to Ripple within the global payment settlement industry. It is believed that Jed has nearly completed selling his stack of XRP, (he holds approximately 10 million in his TacoStand account) which is estimated to be gone by weeks end. XRP fans are ecstatic about this, as the downward selling pressure has been significant from McCaleb for nearly a decade.
Other notes: Did you know that Ripple only controls about 5% of nodes on the XRPL? XRP is more decentralized than many crypto projects. The community drives most innovations on chain as well, and will soon deliver Smart Contracts to XRPL in a 100% community driven effort, minus any Ripple devs. Congrats!
Much to be excited for if you hold a bag of XRP. Thanks for reading!
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