Wins Against SEC, XRP Coin Rises to Fourth Biggest Crypto Position

Ripple has been battling the SEC for the past three years over allegations from the SEC that alleging Ripple and two of its executives made an illicit offer of USD 1.3 billion in securities or equivalent to IDR 19.4 trillion (assuming an exchange rate of IDR 14,987 per US dollar) through the sale of XRP.

Ripple disputed the claims, insisting XRP could not be considered a security and was more akin to a commodity. As a result, Ripple’s business suffered, with the company losing at least one customer and investor. MoneyGram, the US money transfer giant, terminated its partnership with Ripple in March 2021.

Ripple now gets the majority of its business from outside the US, with all of its revenue being pushed outside the US. Ripple has more than 900 employees globally, with roughly half based in the US.

XRP Coin is the cryptocurrency that Ripple uses to move money across borders. It is currently the fifth largest cryptocurrency in circulation, with a market capitalization of USD 37.8 billion or equivalent to IDR 566.4 trillion.