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Crypto News Digest by U.Today
Valeria Blokhina
Check out the latest news on Ripple, XRP and XRP Ledger with U.Today’s News Roundup!
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Here is the summary of the three main news on Ripple, XRP and XRP Ledger.
Ripple CEO denies ‘hacking’ Tether
In the ongoing X-exchange between Ripple and Tether CEOs, Brad Garlinghouse defended his recent comment on USDT. As a reminder, during his appearance on the World Class podcast, Garlinghouse declared that it was “clear” to him that the US government had targeted Tether; the declaration caught attention by Tether chief Paolo Ardoino, who called Ripple’s CEO “uninformed” while mentioning Ripple’s legal issues in the U.S. In response to Ardoino’s stern post, Garlinghouse wrote that he did not attack Tether but stressed the importance of the largest stablecoin issuer in the world. crypto ecosystem. He then clarified that what he actually meant was that the US government wants more control over dollar-backed stablecoins, which is why Tether, as the largest player, is “in their field of vision.”
XRP Skyrockets 194% in Volume as Ripple v. Key Date Arrives SEC
The data provided by CoinGlass proves this a notable surge in XRP derivatives trading volume, which increased by 194% compared to the previous day, May 13. In monetary terms, derivatives turnover, mainly open futures, reached highs of $831.89 million. At the same time, the cryptocurrency spot market saw a 130% increase in trading volume, reaching a total of $878.89 million. This spike pushes the overall turnover of XRP on centralized platforms to $1.7 billion in a single day. Given that XRP’s market capitalization stands at $28 billion, the asset’s trading volume represents approximately 6% of its capitalization, indicating notable but moderate trading activity. The timing of XRP trading activity coincides with a major development in the Ripple-SEC legal battle; On May 13, the parties filed omnibus letter motions, seeking to seal all relief briefing materials, including briefs, declarations, and supporting documents. Furthermore, the parties have submitted proposals to amend these materials.
XRP Ledger Gets South Korean Validator
According to the official announcement of Infinite Block, a virtual asset service provider based in South Korea, it has become a validator on the XRP ledger. By participating in XRP Ledger as a validator, Infinite Block is expected to enable the continued development of the XRPL ecosystem within the Korean regulatory framework. In early 2023, the Korea Financial Services Commission granted Infinite Block a license to operate as a virtual asset service provider, making it the only company out of 50 to pass the regulator’s assessment. Jung Gu-tae, CEO of Infinite Block, said that the company’s latest move aims to increase the reliability of XRPL. “We will contribute not only to the protection of users, but also to improve the reliability of XRPL based on thorough regulatory compliance, both domestically and internationally,” the CEO said.
About the author
Valeria Blokhina
Valeria is the community manager of U.Today. She is a cryptocurrency enthusiast and believes that cryptocurrency is the future of finance. Valeria currently covers the latest news in the world of cryptocurrencies and blockchain.