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- Ripple signed 1,700 NDAs with financial institutions, facilitating XRP transfers to contractual counterparties in various commercial transactions.
- XRP has bucked the trend to start the new week with a 4% gain, while Bitcoin and Ethereum dipped over 2.5% each as the markets soured.
Ripple has been working with hundreds of financial institutions globally to advance XRP adoption in the payments space. Over the weekend, the XRP Army dug up court transcripts from the recently concluded lawsuit against the SEC, which revealed that the company had signed over 1,700 NDAs with these institutions.
BOOOOOOOOOOOOOOOOOOM!!!!
Over 1700 NDA's between @Ripple and MAJOR banks, financial institutions, and companies! #XRP is going to be the most valuable asset in the world because it will bridge value globally! 👑 pic.twitter.com/xA2thWZ9TJ
— JackTheRippler ©️ (@RippleXrpie) August 18, 2024
The 1,700 NDAs came up in the Southern District of New York when Professor Alan Schwartz took to the stand to offer his expert testimony as Ripple as it squared off against the securities watchdog. Schwartz, who is a Professor of Law at Yale Law School, analyzed the 1,700 contracts to summarize them for the court. The contracts were signed by the company between 2013 and 2020.
Ripple argued that the contracts proved “that neither XRP nor Ripple’s contracts transferring XRP are investment contracts within the meaning of the Securities Act of 1933.”
It added:
They also help establish that, under Howey, Defendants did not offer or sell XRP as part of any common enterprise; that Ripple did not agree to any relevant post-contractual obligations to recipients of XRP; and that no recipient of XRP had—and as a matter of law could not have had—any reasonable expectation that Ripple would engage in efforts to generate profits for the recipients of XRP or to increase the market price of XRP.
While they were submitted into discovery two years ago, they dominated the XRP community’s conversations on social media over the past weekend.
🚨 RIPPLE HAS 1,700 CONTRACTS WHERE $XRP WAS TRANSFERRED BETWEEN BANKS, FINANCIAL INSTITUTIONS AND COMPANIES!💥📈
Within Court Documents—
“@Ripple’s Institutional Sales Involved More Than 1700 Contracts, Which Ripple Transferred XRP.” 💥🚀When Will These Contracts Be… pic.twitter.com/cSeehY0qBr
— Good Morning Crypto (@AbsGMCrypto) August 19, 2024
XRP enthusiasts pointed out that these contracts prove that XRP is wildly popular in the regulated traditional financial space. If Ripple signed contracts with 1,700 companies, then a sizeable number would have been using or intending to use the crypto in funds transfer, they argue.
However, it’s important to mention that all these contracts were signed before 2020. As such, they may not have been geared directly toward integrating XRP into the payment system. They could have just as easily been pure commercial sales that the institutions entered into for purely speculative reasons.
Regardless, this vast network of financial entities being connected to one token is unique to XRP: very few other cryptos can make such claims.
Meanwhile, XRP trades at $0.5768 for a $32.368 billion market cap.
Overall, the token has gained 0.85% in the past day. However, in that time, it surged from an intra-day low of $0.5627 to hit a high of $0.5893, a 4.7% spike. It has since lost some of the momentum but is still one of the few tokens that have made gains in the past day, as the broader market started the week with a 2.15% dip.
