Could XRP Be Abandoned Because Of Its Lengthy Legal Problems

Most of us are aware that XRP has been under a SEC investigation, this has been going on for over a year. The interesting thing is that XRP has still been trading all this while. So the SEC did not request XRP to stop trading until, their investigation has been completed. In the initial stages of this investigation Ripple - the project that launched XRP – seemed quite confident of itself. Things are obviously not that straightforward now, the investigation continues as of now (August 2022).

Important to understand that neither SEC nor Ripple, are giving any official indication of investigation status. We do understand the legal constraints, applicable to both sides. Mentioning this because we had a whole lot of misleading, paid crypto media content in early 2022. Posts and Tweets talked about how the XRP investigation, was close to ending – some went on to mention that XRP would come out unscathed. More moderate posts talked about, a soon to be announced negotiated settlement between Ripple and SEC. These as we did explain were fake pieces of paid content, the obvious objective being to mislead crypto investors. We did see price spikes, some generated by pumpers and to a certain degree caused by investors believing those stories.

So at this point in time, most of us agree that the XRP investigation has been going on for way too long. Rumors have been going around in recent weeks – will the XRP token be abandoned? Need to understand that this could basically happen from two happenings. A broad sentiment where, crypto investors start making XRP less relevant in their portfolios – could result in XRP being significantly ignored. We are surely not implying that, anything like this is likely to happen.

Still on the issue of XRP being abandoned – this time, we look at the possibility of the authorities asking Ripple, to stop trade in XRP. Giving our opinion on this topic – it really seems that the authorities, would not take such a drastic step. Remember that even with an investigation that has dragged on for over a year, the SEC did not make any effort to stop trade in XRP. It would now appear extremely strange if, the authorities order a XRP trade halt. The SEC after all should have, the interest of investors in mind.

The objective of this report is to give our frank opinion on the question – Will XRP Be Abandoned? – we are not making any attempt to influence investor decisions related to XRP. Let us track this legal tussle together, the final outcome would surely influence future legal actions when similar issues are involved.

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GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token. 

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.

 

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