Ripple CEO names 2021 as the strongest year for Ripple
In 2021, Ripple was regularly in the news within the crypto industry, mainly because of the – still ongoing – legal dispute with the US Securities and Exchange Commission. The company and its officers Garlinghouse and Larsen are accused of selling unregistered securities through ripple. As a result, there was a massive XRP sell-off and several exchanges stopped trading XRP. The company was in a dire situation.
According to the SEC, selling XRP was akin to selling stocks or bonds and should therefore have been registered with the Commission. This sparked a panicked sale of XRP, causing its price to see only a small spike in a year when Bitcoin and Ethereum were making new all-time highs. Many XRP investors will hesitate to call 2021 a successful year, but Garlinghouse says that the year was the strongest for Ripple and a year of breakthrough for the entire crypto industry.
Many positive metrics were recorded, including RippleNet transactions, which more than doubled in 2021 compared to the third quarter of 2020. The on-demand liquidity ODL also had an increase of 130% from quarter to quarter and is now accessible in 20 countries worldwide.
The ODL transactions accounted for 25% of the total dollar volume on the network in the third quarter. The global ODL volume has also increased by more than 25 times since the third quarter of 2020.
Ripple CEO: SEC chairman has crypto-hostile attitude
The company says RippleNet was designed to ensure that customers switch to ODL as soon as the market is mature enough.
“That is exactly the case now: three out of five of our top-selling customers in 2020 have now upgraded to ODL in order to take advantage of XRP-based payments for their company.”
Despite the global breakthrough of Ripple products and services, the ODL flow of XRP was hampered by the non-existence of a clear regulation in the US, so operations were suspended. Garlinghouse reiterated his view of the SEC‘s intention: The lawsuit was a blanket attack on the entire crypto industry, not just Ripple.
Calling crypto ‘Wild West’ is a farce – most adhere to financial regulators around the world. This industry should not be punished for demanding regulatory clarity and consistently applied regulation with a level playing field. “
He noted that several American companies were involved in the development of Web 2.0. Given that companies are leaving the US to escape the adverse crypto environment, he wonders whether this will also be the case with Web 3.0. Eventually, he accused SEC chairman Gary Gensler of pursuing a rigorous anti-crypto attitude.