- CEO Brad Garlinghouse said an IPO was underway after the SEC case was resolved.
- IPO plans had been hushed up so far due to the legal scuffle with the SEC, but now, with the latest comments from Ripple’s CEO, the bulls are bubbling with excitement.
- The proposed plan follows Coinbase listings, which saw the company reach a capitalization of $ 100 billion.
- XRP is currently trading at $ 1.0, with a market cap of $ 46.4 billion.
Speculation about Ripple’s IPO has been swirling in cryptocurrency circles for some time as investors keep their eyes peeled for any development in the matter. Recently, the situation has taken a new turn with new information coming directly from the horse’s mouth. The CEO of Ripple himself has confirmed that following the resolution of the legal battle with the SEC, the chances of the company going public are now very likely.
Bulls in the market will be rubbing their hands in glee at this revelation as the asset has gained 3.46% in value in the past 24 hours. As it stands, Ripple is trading at $ 1.0, and if the company goes public, the price is sure to go up even further.
Straight from the horse’s mouth
Speculation surrounding Ripple’s IPO has gained some credibility following recent comments from the CEO of the company. Brad Garlinghouse delivered the statement at the consensus conference on Wednesday, after which he was asked whether or not the company is going to go public anytime soon.
Garlinghouse responded in the affirmative, stating that the likelihood of the company going public at some point is “very high.” He was quick to add that any steps taken to achieve that goal should be taken after the legal issues she still faces with the SEC are resolved.
Continued speculation on Ripple’s future public trades has triggered bullish sentiments towards the asset, causing it to rise 3.46% in the past 24 hours, leaving them currently trading at $ 1.00. Just last month, The SBI Group, which is the company’s largest shareholder, indicated that following the ongoing lawsuit, the company could go public.
Yoshitaka Kitao, CEO of the Japanese company, said the value of the asset turned ballistic after rising 15%.
Currently, XRP is the sixth largest cryptocurrency, ranking above Dogecoin, and has a market cap of over $ 46 billion. Any further speculation about such a company going public can only spark bullish feelings about the asset.
On the reverse
- Former Ripple CTO Jed McCaleb sold 275 million XRP in May alone.
- The move is seen as a dump of its XRP by McCaleb, but the company has taken steps to prevent it from selling all of its XRP through a series of lawsuits.
The legal row surrounding Ripple was escalated after the Securities and Exchange Commission filed a lawsuit against the company on the grounds that XRP was a $ 1.3 billion unregistered securities offering.
To counter this, Ripple Labs argued that XRP is a commodity and therefore does not fall under the jurisdiction of the SEC.
While awaiting a resolution of the lawsuit, Ripple has developed ingenious ways to grow its business, gaining popularity in Southeast Asia where the company has “grown in business 10 times a year,” according to Garlinghouse.
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