Ripple’s XRP Ledger (XRPL) announced that they have run a test recently which has led to some changes for the developers. This development comes in when XRP is dealing with heavy selling pressure, printing red indexes. However, Ripple’s legal dispute with the US Securities and Exchange Commission (SEC) is still a running affair.
XRPL shares new update
XRPL.Services in a post mentioned that following the XRP Ledger Test and Devnet has seen a reset. Developers can now acquire tokens worth 10,000 XRP, up from 1,000 XRP, just by setting up a trustline through the “Liquidity Bot.”
It added that the bot will notify users via payment memo if a particular currency is unsupported. This update eliminates the need for developers to create tokens for AMMs on the Test and Devnet manually. It streamlines interactions with the DEX and AMM pools.
The major update comes in when XRP is struggling with high selling pressure with regulatory challenges. It finally printed green indexes as its price jumped by more than 3% in the last 7 days. Meanwhile, XRP price is down by 15% over the last 30 days.
XRP is trading at an average price of $0.53, at the press time. Its 24 hour trading volume is up by 10% to stand at $1.13 billion. Its market cap stands at $29.4 billion. Meanwhile, XRP is down by 15% on the year to date (YTD) basis.
Ripple expected to submit remedy linked brief
Ripple is required to submit its remedy-related opposition brief on April 22. However, investors will only gain access to the redacted version on April 24. However, its opposition brief aims to show that post complaint XRP sales primarily involved non-US institutional investors.
If Ripple can prove that a majority of pre-complaint XRP sales were to non-US institutional investors, Judge Analisa Torres may consider a token penalty ruling.
In its opening brief filed in March, the SEC sought a $2 billion disgorgement and requested a prohibition on Ripple from selling XRP to institutional investors. Notably, the SEC did not differentiate between US and non-US institutional investors in its arguments.
After Ripple’s opposition brief, the SEC has until May 6 to file a reply brief. Judge Analisa Torres will subsequently decide on the penalty for breaching Section 5 of the 1933 Securities Act. There won’t be a trial; instead, the penalty decision will be based on the briefs submitted.
