Ripple has published its financial report for the second quarter of 2023. However, what could have been a detailed and structured report of its financials turned out to be a set of clarifications following the conclusion, or verdict, of the SEC vs Ripple case. Ripple has highlighted numbers related to holdings, but then that’s it. Per the report, this is part of providing voluntary updates to the community, keeping in line with the way its reports are interpreted by the US Securities & Exchange Commission.
First thing first, here are the numbers from the Ripple report for Q2-2023:
| Particulars | March 31, 2023 | June 30, 2023 |
| Total XRP held by Ripple | 5,506,585,918 | 5,551,119,094 |
| Total XRP subject to on-ledger Escrow | 42,800,000,013 | 41,900,000,005 |
Now to the verdict delivered by the Court in SEC vs Ripple case. The Court has clearly highlighted that XRP is not a security. Thereby debunking several misconceptions and offering clarity around the token. It was previously unlisted on several exchange platforms. All of them have activated the listing again, allowing users to trade XRP as usual.
The case was filed in December 2020 with a view to stating that investment in XRP could be detrimental to users of exchange platforms. Two years later and the verdict has offered its ruling that the trading can go on since XRP is not officially a security. This makes XRP the second token to gain such recognition, with the first being BTC.
Ripple and the SEC battling out in Court has turned out to be imperative for the entire crypto industry. Many others can leverage this judgment to their favor. Call it a setback for the SEC, but the judgment is a key precedent for others in the crypto market.
There is a misconception that the verdict is a split decision. Ripple has clarified that the Court’s position and clarity on XRP is more than sufficient to stand as a true ground for others.
Another misconception is that XRP is security in some settings. Ripple has clarified that XRP is not a security in all the relevant settings. One misconception that could still derail the growth of Ripple is that the decision only protects institutional investors and not retail investors. While the decision covers both types of investors, it is likely that retail investors may hesitate for a while to put XRP in their portfolio.
The token was last seen exchanging hands at $0.67, a decrease of 2.91% in the last 24 hours. The lowest that it has gone in the last 30 days is $0.47 on July 12, 2023. There was a swift jump to $0.81 on the very next day, but the downward trend came back to haunt the native token of Ripple by the time July 2023 ended.