XRP Surges 4.275% Amid Legal Developments and Real Estate Adoption

XRP's latest price was $3.08, up 4.275% in the last 24 hours. The cryptocurrency has been in the spotlight due to recent developments in its legal battle with the U.S. Securities and Exchange Commission (SEC).

A prominent XRP supporter engaged in a discussion with former U.S. SEC attorney Marc Fagel, addressing several key points regarding the ongoing litigation. The supporter questioned when Ripple dropped its countersuit against the SEC, expressed concerns about perceived delays in fully dismissing the case, and speculated about Judge Analisa Torres' role in the proceedings.

Marc Fagel clarified that Ripple has not yet dropped its cross-appeal, indicating that the appeal process remains active. He also explained that the SEC must follow a standard process to approve the dismissal, which can take several months, and that any delays are due to legal requirements rather than intentional foot-dragging. Fagel further stated that Judge Torres no longer has anything to do with the case, as the matter has moved beyond her courtroom jurisdiction.

Fagel's comments underscore the importance of understanding that regulatory and judicial proceedings are bound by procedural norms, and that any remaining action in the Ripple case now lies primarily within the appeals framework or administrative settlement processing.

In other news, Open House Group Co., Ltd., a leading Japanese real estate firm, has announced that it will accept XRP, along with SOL and DOGE, for property purchases. This move expands their existing cryptocurrency payment options, which initially included BTC and ETH. The decision reflects an effort to enhance their payment ecosystem and attract a broader customer base, including international buyers. This strategic shift could potentially boost transaction speed and asset liquidity, and may spark a trend among other real estate companies in Japan to adopt similar cryptocurrency payment methods.

On the regulatory front, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) clarified that Ripple Labs' XRP, used within its On-Demand Liquidity (ODL) product, does not inherently violate sanctions regulations. This clarification addresses concerns about XRP ODL transactions and their potential role in sanctions evasion, emphasizing the need for vigilance while acknowledging that XRP ODL functions within regulatory frameworks when properly implemented.

Ripple has also secured significant regulatory milestones internationally. The company received In-Principle Approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS), bolstering its ability to leverage digital payment token services, including XRP, within Singapore's financial ecosystem. Additionally, Ripple was granted a Virtual Asset Service Provider (VASP) license by the Central Bank of Ireland, solidifying its operational presence within the European Union and enabling the provision of specific digital asset services out of Dublin.

Strategic partnerships are further advancing XRP's utility in the payments sector. Ripple is collaborating with SBI Remit, SBI VC Trade, and Sri Lanka's pyramid-focused Sinhalese bank to utilize XRP for enhancing Japan-Sri Lanka remittance corridors. This initiative aims to increase transaction speed and reduce costs in a significant international money flow. Additionally, leading African fintech platform Patricia is actively developing an integration feature allowing its users to directly purchase credits utilizing XRP, simplifying access to digital assets within the Patricia ecosystem.

Technological advancements continue to support XRP's progress. Ripple successfully completed a comprehensive test simulating the XRP Ledger's resilience against mass user exodus events like FTX's collapse. The test demonstrated the Ledger's inherent stability, confirming that validators remained operational and unaffected by hypothetical major market participants exiting simultaneously or sequentially. This underscores the robustness of the network's underlying infrastructure under stress.