The Chief Strategy Officer of cryptocurrency trading platform Bitrue, Robert Quartly-Janeiro, has commented on the firm’s partnership with Ripple, the largest $XRP player in the industry, and on the token’s future.
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 weathered numerous market cycles.”
The CSO noted that although there were some setbacks, Ripple is still thriving and the $XRP token is still one the largest cryptocurrencies by market capitalization. Ripple and Bitrue partnered in 2018 and have since been “engaging 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 don’t dabble 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 XRP is a security.
Earlier this year, Ripple’s CEO Brad Garlinghouse noted that he believed the company would prevail in its legal battle against the regulator. Over the past few weeks, a number of influential cryptocurrency firms, including Coinbase and the Blockchain Association, filed to support Ripple.
In a reply in support of a motion for summary judgment, Ripple’s lawyers argued that the regulator has failed to show that any offer or sale of XRP was an investment contract under federal securities laws.
As CryptoGlobe reported, cryptocurrency investment products offering exposure to XRP have seen seeing significant inflows as the SEC’s case against Ripple has started being seen as “increasingly fragile” by investors.
Ripple settling the lawsuit could lead to an XRP supply shock, which presumably would lead to a price surge as demand would remain 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, keeps on offering its users $XRP trading and other offers related to the cryptocurrency. He added that the Ripple case “has both upsides and downsides in terms of future security measures and the token’s reputation.” In 2019, Bitrue listed dozens of $XRP trading pairs n its platform.
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