With 2019 over, it’s always insightful to go back and look at past events and news. Even though the price did not reflect that, 2019 was a year filled with positive news, growth of the XRP ecosystem and foundation building from Ripple.
As a thank you towards XRParcade patrons, we will be releasing the report early for them. Patrons will be able to give us feedback and watch as the report is being finalized. If you want to become a patron and support us, click here.
We would also like to thank XRP the Standard Productions (@XRP_Productions on twitter) for always supporting XRParcade and sponsoring this report. XRP the Standard Productions is also a content creator, writing satirical articles on Coil and creating informative videos on YouTube.
Before we begin, we would like to remind you that this report does not constitute financial advice. This is a presentation of a series of events and its purpose is to inform and entertain.
We begin this report by taking a sneak peek at all important developments. Please be patient with the loading time, the amount of information is extremely large. If you want to skip to the end (the analysis part), click here. Clicking on each month will open the events that occurred during that month.
Let’s start by talking about the elephant in the room. The price of XRP has dropped by almost 50% in 2019 in USD value and almost 75% in BTC value. The percentage of its market dominance dropped from 10.88% to 4.33%.
It’s useful to take a step back and look at this from a longterm point of view (using logarithmic scaling to make the price movement more visible).
This chart reminds us that things can change rapidly, either upwards or downwards. XRP has shown in the past that it can move drastically and the past 2 years we have been witnessing a correction from that amazing bull run. The fact that the whole market is in bear “mode” right now, doesn’t help either.
Finally, as far as volatility is concerned, XRP has had one of its most stable years. The highest intraday volatility in 2019 was 28.75% on May 14th.
Exchanges that listed XRP in 2019: 82
Coinzeus, Coinmetro, Good Exchange, Huobi, BankCEX, Bitzon, Moontrade, BtcFinans, Kriptomat, Bison, Swyftx, BitcoinTrade, Nobitex, Catex, Coinbase, TradeSatoshi, Stronghold, Coinhako, Bitrota, CredoEx, RB Global, QB, Zipmex, FinanceX, Ovex, Coinberry, VALR, Rain, Bitbuy, OMGFIN, Tokenize, Coinvest Plus, EO.Trade, Velic, Ice3x, OOOBTC, eToroX, Bytepower Exchange (BPX), Birake, MXC, Blue Helix (BHEX), Bitkeep exchange, Colodax, CatalX , TaoTao, Bitexbook, EliteX, Beaxy, OceanEx, Bgogo, Bexplus, Allbit, DMM Bitcoin, Exonium, IndoEx, DOBI, Simex, AMCzet, Speza, Sparrow, Vindax, Bitocto, PDAX, Global Crypto Offering Exchange (GCOX), Decoin, Newton, Xago, Binance DEX, Binance Singapore, Binance US, QuantaEx, Zg.com, TradeStation Crypto, BitFlyer, DSX, Longbit, BitTok.
Exchainpay (listed XRP but exchange not operational)
Codex (listed XRP but now XRP is not offered)
CoinPulse (used to list XRP but exchange closed)
Koinex (used XRP as a base pair but now ceased operations)
GBX (listed XRP but later de-listed it)
DX.Exchange (listed XRP but currently not operational)
Infinite (listed XRP but exchange not operational)
XRP United (ceased operations)
Even though its hard to keep track of exchanges listing or de-listing digital assets, we have tracked 82 exchanges that listed XRP in 2019. Two of them de-listed it later on, while 3 others are not operational right now.
In fact, 81 out of the top 100 exchanges by adjusted volume on CMC, offer XRP trading, with at least 15 of them adding XRP in 2019.
At the time of writing there are 1130 markets listed on XRParcade. XRP is listed on 388 exchanges. It is also paired with 47 fiat currencies with a total of 349 fiat markets. The most popular fiat currencies paired with XRP are the USD (on 78 exchanges) and the EUR (on 54 exchanges).
In 2019 we have seen some important listings for XRP. Besides Coinbase listing XRP, many other exchanges that have been operational for many years added XRP like DSX, ice3x, TradeSatoshi, QB, bitFlyer, Simex and others.
Unfortunately, quite a few hacks and exploits occured in 2019: Gatehub, Bitrue, Beaxy and BitoPro all fell victim to nefarious activity. We urge exchanges that have listed or planning to list XRP to take a look at this page in order to avoid falling victim to someone exploiting the partial payment feature. Moreover, quite a few holders fell victim to the arbitrage bot ponzi that operated on Telegram and the fake giveaways that have flooded Twitter, YouTube and Medium the past year.
We have also noticed that some exchanges close as easy as they open. Its always best to look into an exchange thoroughly before using it, and keeping your digital assets off exchanges.
As far as ODL (On-Demand Liquidity) is concerned, Ripple hasn’t officially announced any new ODL exchanges. However, it was revealed that Australian exchange BTC Markets is fascilitating ODL payments for Australian dollars (AUD). Other known ODL exchanges include Bittrex, Bitstamp, Bitso and coins.ph. It is expected for Bitso to grow along with Ripple and expand in other countries in Latin America. Beetech (Brazil) and Interbank (Peru) need someone to fascilitate their payments. Bitrue is another exchange that is expected to add fiat pairs and become an ODL exchange, with Binance also being another ODL potential suitor.
Companies accepting XRP
XRP is being utilized by many companies. In 2019 the following companies also started using, supporting or accepting XRP:
– Hodl Finance (crypto backed loans)
– 1xBIT (gambling)
– HuobiWallet (wallet)
– Freewallet (wallet)
– RIGHTS (Global Entertainment Platform)
– BitBill (wallet)
– Coingate (payment gateway)
– Blockscart (P2P marketplace – website not operational)
– Digycode (prepaid cryptocurrency recharge service)
– Liechtenstein’s postal service
– MyCryptoCard (crypto card)
– MyCryptoWallet (wallet)
– Instimatch global (digital network)
– Trader’sWay (forex)
– Cinnamon (video streaming)
– Trippki (hotel bookings)
– Aave (bill payments, today XRP not supported)
– BookMauritiusHotels (travel platform)
– Antalya Homes (real estate)
– Trezor (wallet)
– Grand Capital LTD (forex)
– Trust wallet (wallet)
– MoneyMessage (add on)
– PayGlobal (e-money agent)
– Digitec-Galaxus (online marketplaces)
– Bitfi (wallet)
– XAGO (Money Transfer Operator)
– Tegiwa (imports)
– UQUID (top-ups, bill payments)
– BelcoBTM (ATMs)
– XRPayments (payments)
– Salamantex (payments)
– NOWPayments (payments)
– Bidali (payment gateway and gift service)
– FXCM (forex)
– imove (payments)
– GoLance (online workforce platform)
– Standing Ovation (service provider)
– Opu Marketplace (e-commerce)
– Falcon Bank (custody and trading)
– ShortHop (digital asset platform)
– Stark Payments (e-payments)
– Blockdaemon (blockchain deployment facilitator)
– Bitpay (payments)
– BRD Wallet (wallet)
– Anchorage (custody)
– Chainanalysis (blockchain analysis)
– Xago (gateway)
– SafePal (wallet)
– xSongs (marketplace)
– NetCents (payments)
– Coinbase card (crypto card)
– Nexus’ Quantoz (transaction processing)
– KogoPAY (payments)
– Salt (crypto backed loans)
– General Bytes (ATMs)
We can see that the most popular choice here is payments. This is no surprise if we take into account both the speed and the cost of XRP transactions. XRP has also been integrated in a variety of wallets in 2019. Lastly, XRP is now supported on quite a few ATM providers (General Bytes, BelcoBTM and coinme – who is also Xpring funded). You can view our XRP ecosystem here. Make sure to scroll down to the table to view all companies. Cryptwerk also keeps an extensive list of companies that accept XRP and has noticed a significant increase in 2019.
The XRP network reached the milestone of 1000 nodes on December 5th 2018. The amount of nodes has remained stable all through 2019 and is currently at 993.
The network has continued its decentralization through 2019. Non Ripple validators increased from 19 out of 26 (73%) in January, to 27 out of 34 (79.4%) at the time of writing.
New non-Ripple validators were:
Even though 10 countries are running UNL validators, 68% of them are operating from the US.
XRP Intelligence (coming soon)
/dev/null productions (@DevNullProd twitter avatar) was kind enough to offer xrp1ntel’s support. xrp1ntel is an XRP network monitor and analyzer. The core application offers a scalable mechanism through which to follow the XRP Ledger and track: Accounts, Transactions, Payments, Offers/Markets, Network Status & More. More on this soon.
The XRP circulating supply increased from 41.1 billion on January 6th 2019 to 43.3 billion on December 22nd. That is a 2.2 billion increase at an average rate of 6 million per day.
The rate of increase however was not stable all through 2019 and has shown significant decrease in the second half of 2019.
The total XRP supply was reduced from 99,991,719,383 XRP on January 6th to 99,991,136,657 XRP on December 22nd. This means that approximately 582,726 XRP were burnt in 2019. The rate of reduction was stable all through 2019 with a couple of exemptions, one of them being the “attack” on the XRP ledger towards the end of the year.
In previous years, the reduction of the total XRP supply was higher.
2017: 3,705,290 XRP
2018: 1,188,352 XRP
2019: 582,726 XRP
The XRP daily volume on CMC didn’t have many spikes in 2019, even though a volume of 9.4 billion XRP was recorded on November 25.
Total XRP volume on CoinMarketCap:
2017: 104 billion
2018: 298 billion
2019: 473 billion
Of course, these numbers by CMC can not be trusted since a lot of this volume is fake, an issue addressed by Ripple.
The total XRP volume for 2019 on CryptoCompare was approximately 154 billion, less than a third of the volume reported on CMC.
Ripple has released 12 escrows in 2019, all of which were 1 billion XRP each. Of that 12 billion XRP, Ripple returned into escrow 9.4 billion, thus reducing the amount of XRP in escrow by 2.6 billion, from 52.5 billion in December 2018 to 49.9 billion in December 2019. For more detailed information you can visit our escrow page.
|Month||Escrow returned||Escrow not returned||Total|
Ripple has sold a total of $487 million worth of XRP in 2019 (without taking into account the fourth quarter), compared to $535 million in 2018. In Q1 and Q2 the amount of sales was higher than the average 2018 quarterly sales ($133 million). Q2 was double the usual amount sold. This could be due to the particularly high XRP volume reported on CMC or an effort to fund additional investments like the one in MoneyGram.
Ripple stated in its Q2 Markets Report that it would be using CryptoCompare as a benchmark. Moreover, according to the report regarding Institutional OTC sales:
“Ripple decided to pull back from providing XRP over-the-counter at scale toward the end of Q2, in light of the OTC desks’ ability to source institutional demand for XRP in the open markets. Going forward, Ripple plans to focus institutional sales on markets where the on-exchange liquidity for XRP is insufficient to meet institutional demand.”
Moreover as far as programmatic sales are concerned:
“Because of misreported trading volumes, Ripple has changed its sales strategy (10 basis points of CCTT) and benchmark for Q3, and will continue to closely monitor the situation.”
Ripple did conduct less than 10 basis points of programmatic sales in Q3. In fact, part way through Q3, Ripple decided to pause programmatic sales altogether, and:
“Focus our over-the-counter (OTC) sales on a few strategic partners, who are building XRP utility and liquidity in regions that are strategically important to our growing global business, including EMEA and Asia.”
For Q4, Ripple committed to continue to monitor volume developments closely and intended to maintain a similar approach to Q3. CryptoCompare volume was approximately $31 billion in Q4 2019. It is expected that Ripple will sell less than $31 million programmatically.
New Ripplenet members
- Euro Exim Bank (Bank): United Kingdom
- SendFriend (Money transfer): United States, Philippines
- JNFX (Trading): United Kingdom
- FTCS (Payments): Sweden, Scandinavia (Rebranded to Intergiro)
- Ahli Bank of Kuwait ABK (Bank): Kuwait, Egypt, United Arab Emirates
- Transpaygo (Money transfer): United Kingdom, Austria
- BFC (Money transfer): Bahrain
- ConnectPay (Payments): United States
- GMT (Payments): Israel
- WorldCom Finance (Money Transfer): Israel
- Olympia Trust Company (Trust): Canada
- Pontual/USEND (Money Transfer): United States, Brazil
- Rendimento (Bank): Brazil
- SABB (Bank): Saudi Arabia
- Unimoni (Money Transfer): United Arab Emirates
- Federal Bank Ltd (Bank): India
- EQIBANK (Bank): Dominica
- Ria (Money Transfer): United States
- Banesco Panama (Bank): Panama
- Interbank (Bank): Peru
- Frente Corretora de Câmbio (exchange broker): Brazil
- Leapfrog (technology services): United States
- GoLance (online workforce platform): United States
- Boubyan (Bank): Kuwait
- Sentbe (Money Transfer): South Korea
- CurrencyBird (Money Transfer): Chile
- Faysal Bank (Bank): Pakistan
- Vitesse (Financial Services): United Kingdom
- National Bank of Fujairah (NBF) (Bank): United Arab Emirates
- TP Bank (Bank): Vietnam
- 3S Money Club (B2B merchant banking platform): United Kingdom
- Banco de Crédito e Inversiones (Bank): Chile
- Liri Holdings (Fintech company): Hong Kong
- Tempus (Financial services): United States
- bKash (Money Transfer): Bangladesh
- QNB (Bank): Qatar
- Finastra (Financial Services): United Kingdom
- HDFC (Bank): India
38 new Ripple customers have been revealed in 2019, out of the 100+ that Ripple has signed in that year. In 2019, Ripple has extended its reach in countries like Bangladesh, Qatar, Chile, Vietnam, Peru, Panama, Israel and Pakistan. You can view our Ripple ecosystem here.
Currently, 38 of the top 100 banks by total assets tested or worked with Ripple.
These companies have announced that they will be supporting other financial institutions to join Ripplenet.
- Ripple opened an office in Switzerland
- Ripple launched operations in Brazil.
- Ripple expanded its Global Regulatory team in Washington D.C. and opening a dedicated GR office there.
- Ripple raised $200 Million in a new funding round.
Ripple expanded with offices in Switzerland and Brazil while it also launced a regulatory team in Washington DC. At the same time, it expanded its European Operations to Iceland by acquiring Icelandic crypto trading firm Algrim to work on ODL. After successfully acquiring $200 million through its Series C funding, it is expected that Ripple will further expand in other key countries and perform additional acquisitions.
It is also worth noting that Ripple recently surpassed 400 employees worldwide, with Craft reporting 534 employees in December 2019. At the time of writing, Ripple is looking to fill another 50 positions. Some notable employees did leave Ripple in 2019: Cory Johnson (Chief Market Strategist), Dilip Rao (Global Head, Infrastructure Innovation), Evan Schwartz (Senior Software Engineer, Co-Inventor of the Interledger Protocol), Ross D’Arcy (Sales Director, EMEA), Wellington (Welly) Sculley (Business Development Director) and others.
Ripple for Good
In September 2018, Ripple formed Ripple for Good, a corporate social impact program that would support mission-driven organizations and initiatives with the potential to expand financial inclusion worldwide. The program would also focus on STEM, FinTech education and financial literacy as key drivers of a new and increasingly inclusive global digital economy. Ripple for Good already supports UBRI (University Blockchain Research Initiative) and announced various donations in the past (Donors Choose, The Ellen DeGeneres Wildlife Fund). This year the following donations were publicised:
– $1 million grant to Tipping Point.
– RippleForGood extended support to thorn.org through “The Audacious Project”.
University Blockchain Research Initiative (UBRI)
Ripple’s UBRI (University Blockchain Research Initiative) embraced 14 new members in 2019, reaching a total of 31 universities. The initiative started in June 2018 in an effort to work with top universities around the world to support and accelerate academic research, technical development and innovation in blockchain, cryptocurrency and digital payments. These are the 14 new members that joined UBRI in 2019:
Carnegie Mellon University
University of Kansas
University of Michigan
Morgan State University
National University of Singapore
University of Sao Paulo
Institute for Fintech Research, Tsinghua University
University of Tokyo
Oxford Foundry (University of Oxford entrepreneurship centre)
Besides almost doubling its members, UBRI organised UBRI Connect, the first-ever annual convening of the initiative. In case you missed it, you can find more information on UBRI connect in your flashback on October 3rd.
Xpring / Coil
Xpring was launched back in May 2018. It was an initiative by Ripple to invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs that will use XRP. In 2019 we witnessed a lot of activity from Xpring, funding a total of 20 projects while Coil also grew its ecosystem by 4 members (Cinnamon, Puma browser, Imgur and OutVoice). Ripple invested in MoneyGram, Bitso and acquired Algrim. On a negative note, Omni (one of the first projects backed by Ripple) ceased its operations.
February 5: Xpring invests in Raised in Space, a music/tech investment group focused on raising the value of music.
February 5: Xpring invests in Dharma Labs, a protocol for generic tokenized debt agreements.
February 13: XRPL Labs receives funding from Xpring.
February 21: Cinnamon announces video-streaming platform with exclusive content for Coil members.
February 28: Xpring and Coil invest in Kava Labs, a company that provides Interledger solutions for blockchains, wallets, and exchanges.
March 12: Forte, a company dedicated in accelerating the adoption of blockchain technology in the game industry, partners with Xpring and Ripple.
April 5: Puma browser partners with Coil.
April 10: Xpring invests in Robot Ventures, a (pre-)seed investor in fintech / crypto companies with big ambitions and contrarian worldviews.
April 17: Xpring invests in Bolt Labs, a company focused on anonymous payment channels, instant, cheap and private payments for everyday purchases.
May 13: Xpring invests in Agoric, a blockchain startup working to develop a blockchain-agnostic programming language specifically for smart contracts.
June 14: Xpring invests in Alkemi, an on-chain liquidity protocol, a non-custodial solution for stakeholders to earn incentives on their idle crypto assets while providing the infrastructure required for exchanges to stabilize market prices.
June 17: Ripple invests in MoneyGram.
June 26: Imgur raises $20M from Coil to pay creators.
July 10: Near, an American startup that develops a public, proof-of-stake (PoS) blockchain focused on usability and scalability, completes a finding round that raises $12.1M. Xpring is an investor.
August 6: Ripple’s Xpring invests in Equilibrium Connect, a company focused on building open source developer tools for the Interledger ecosystem and working on the core protocol.
August 15: Xpring invests 1 billion XRP in Coil.
September 12: Xpring invests in Coinme, a global leader in cryptocurrency ATMs and blockchain financial services.
September 27: Xpring announces the acquisition of Logos, a startup developing a turnkey payments solution focused on speed and scalability.
September 30: Ripple expands European Operations to Iceland by acquiring Icelandic crypto trading firm Algrim to work on the ongoing development of Ripple’s On-Demand Liquidity (ODL).
October 2: Xpring launches developer platform and introduces 4 new participants to the XRP ecosystem: Bitpay, BRD Wallet, Anchorage, Chainanalysis.
October 2: Xpring invests in Vega Protocol, an open, blockchain-backed public network for fully automated end-to-end trading and execution of financial products.
October 11: BRD wallet, a simple and secure onramp to bitcoin, ethereum, and other digital currencies, announced a strategic collaboration with Ripple’s developer company Xpring.
October 14: Ripple invests in Mexican exchange Bitso.
October 16: Xpring invests in Towo Labs, a Swedish startup aimed at simplifying crypto self-custody.
October 30: Xpring announces its investment in Keyless, the first biometric authentication and identity management platform to leverage secure multi-party computation.
November 1: Xpring acquires Strata Labs, a startup focused on building infrastructure and real utility at the intersection of fintech and cryptocurrencies.
November 5: Xpring invests in Flare Networks, a new blockchain network based on the Flare Consensus Protocol – the first Turing Complete Federated Byzantine Agreement protocol, enabling smart contract capability for the XRP ledger.
November 22: Coil partners with OutVoice, a freelance payment solution.
November 25: Ripple completes investment in MoneyGram.
December: Ripple backed Omni shuts down.
All three Ripple investments had something to do with ODL, while Coil seems more focused on strengthening its core goal, web monetization. On the other hand, Xpring seems to have more flexibility to invest in various use cases and make XRP and crypto more easily accessible and help with the adoption of crypto assets.
Ripple is part of many associations across the globe: BAFT, The LHofT, Silicon Valley Tax Directors Group, Blockchain for Europe and others. In 2019, Ripple joined the following organizations:
- International Association for Blockchain Trusted Applications (INATBA) incorporated. Ripple is a founding member.
- Ripple becomes a founding member of MENA Fintech Association (MFTA) along with Sharjah Entrepreneurship Center, UAE Exchange, token.io and Temenos.
- Ripple’s Liz Chien (VP of Global Tax and Chief Tax Counsel) becomes one of the members of the Blockchain Technology Working Group formed by the Government Operations Agency in California.
- Ripple joins “Allin”, an organization focused on bringing San Fransiscans together to support solutions to homelessness.
- Ripple joined the Blockchain Association—an association that provides a unified voice committed to building deep partnerships between technology leaders and policymakers.
ODL (On-Demand Liquidity)
With ODL (On-Demand Liquidity), Ripplenet members use XRP to bridge two currencies in seconds, ensuring payments are quickly sent and received in local currency on either side of a transaction.
The known countries that ODL is being used at the moment are: Mexico (MXN), The Philippines (PHP), United States (USD), United Kingdom (GBP), Europe (EUR) and Australia (AUS). Brazil (BRL) is expected to go live shortly with Peru (PEN) also being a strong contender, since Interbank Peru announced that it would be using ODL. FlashFX also mentioned that the Japanese (JPY) corridor would be opening soon. We have also seen glimpses of potential ODL volume coming from Russia (RUB), which is interesting.
The following companies have either started using ODL or have announced that they would begin shortly:
Bittrex (ODL exchange)
Bitso (ODL exchange)
Bitstamp (ODL exchange)
BTC Markets (ODL exchange)
Catalyst Corporate Credit Union
Coins.ph (ODL exchange)
Euro Exim Bank
Intergiro (formerly FTCS)
The XRP community, as always, finds ways to stay informed on any important aspect of XRP. ODL is certainly important since it is one of the first instances where a cryptocurrency shows actual utility.
At the same time 3 XRP community members, Mourad TOUMI, Labo-a-crypto-3.0 and XrPeace created Utility-scan, a page (you can view the code here) that listens for potential ODL transactions (more info on how it works by Moncho). Utility-scan has been “listening” for potential ODL transactions from various exchanges and so far it has picked up ODL transactions from the following exchanges: Bitso (MXN), BTC Markets (AUD), coins.ph (PHP), Bitstamp (USD) and even Binance (RUB) on a few occasions. EUR and GBP transactions have not yet been spotted. The most popular corridors so far have been USD-MXN, USD-PHP, with AUD-PHP and AUD-USD also showing signs of increase.
All tools tell the same story. The ODL volume has shown significant signs of increase the past few months, especially from USD to MXN and USD to PHP. With new corridors opening up, more companies utilizing ODL and more exchanges partnering with Ripple, we can only expect the volume to increase in 2020.
It would be extremely useful if Ripple could provide live statistics and data of ODL volume across corridors. This could prevent missinformation from being spread and a powerful marketing tool for its products.
- Thailand declared 4 cryptocurrencies eligible for investment in ICOs and base trading pairs, XRP is one of them.
- XRP deemed Shariah compliant from the Shariyah Review Bureau.
- The Luxembourg Private Equity and Venture Capital Association (LPEA) classifies XRP a payment token, like Bitcoin.
- The U.K. Financial Conduct Authority (FCA) classified XRP as an exchange token because of its role in facilitating cross border transactions. There three types of tokens according to the FCA: exchange, utility and security.
In the end of July, Ripple wrote an open letter to Congress, asking for:
“Regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences—not painting them with a broad brush.”
Ripple’s Global Head of Government Relations Michelle Bond had a conversation with VP of Marketing Monica Long on Digital Currency Regulation Around the World back in August.
As mentioned in the video, Ripple is engaging with 50 governments worldwide. Michelle also briefly mentioned some of the crypto friendly countries/regions: the United Kingdon, the Asia Pacific region (especially Singapore and Thailand), Switzerland, Abu Dhabi. She also stated that Ripple is advocating for a principle based framework as opposed to something prescriptive that would become outdated quickly and limit innovation.
Ripple also expanded its Global Regulatory team in Washington D.C. and opened a dedicated GR office there in October. The team is led by Michelle Bond. Moreover, Craig Phillips, former Counselor to the Secretary at the U.S. Treasury Department, joined Ripple’s Board of Directors to provide depth to Ripple’s policy leadership bench.
Ripple is going at great lengths to get the job done. Will it succeed in 2020? Time will tell!
It is well known that Ripple has been facing a series of lawsuits since May 2018. It all started when Ryan Coffey claimed XRP was an illegally sold security and filled a lawsuit against Ripple. The lawsuit was dropped a few months later but other lawsuits occurred in the meantime.
Three seperate lawsuits (Zakinov, Oconer and Greenwald) were all related into one back in October 2018. After that, the class action was moved to Federal court from the San Mateo Superior Court a few weeks later. By June 2019, a new lead plaintiff was named in the class action lawsuit: Bradley Sostack. The plaintiffs then filled an amendent complaint and Ripple then filled a motion to dismiss the case, stating that the plaintiff failed to bring a case within three years of the initial offering, meaning the statute of repose expired. Both parties are due in court on January 15, 2020 at 9 AM Pacific Time. If the court grants the motion to dismiss in Ripple’s favor, the lawsuit would be likely be appealed. If the court denies the motion to dismiss, the case will move into the discovery phase, dates would be set, and both sides would start to get ready for trial. A great thread to follow any developments around any Ripple lawsuit is this one on XRPchat, by brjXRP17.
Our top 5 developments for Ripple/XRP in 2019
- Ripple investment in MoneyGram and MoneyGram using ODL
- Ripple $200M Series C Funding
- Ripple announces 300 customers
- Launch of Xpring dev platform
- Brad Garlinghouse speaking at the Swiss National Bank conference on “Past, Present and Future of the International Monetary System
2019 was a very exciting year, mainly because it was the year we began having glimpses of utility. There is no need for 5002 crypto assets (listed on CMC at the time of writing) and only those with real utility are going to make it.
It was fascinating to watch the ODL volume slowly pick up its pace and the community was eager for more. There were 2 banks (Euro Exim Bank and Interbank Peru) saying they are using or are going to start using XRP for cross border transactions. However, with regulation hindering innovation, money transfer companies are the first to take the plunge into XRP’s liquidity. Slowly but gradually, more countries are bringing regulatory clarity to crypto assets and some are sharing their insights with other nations.
Love it or hate it, Ripple is proving to be a strong ally of the crypto space. With a strong team, an office in Washington D.C. and a part of various influential groups, having Ripple on XRP’s side is a very strong advantage. At the same time, Ripple is investing its resources in the growth of the ecosystem, improving the technology, exploring better custody solutions and new usecases.
Ripple is expected to further expand in 2020, especially after its new funding round. New offices in strategic countries are to be expected, along with a few more acquisitions and investments. While most of the industry is being hit hard from the 2 year long bear market, Ripple is growing aggresively, investing and expanding. In fact, this bear market is providing a unique growth opportunity to Ripple and perhaps even acting as a wake-up call to other companies, that they have higher chances of success if they are working with Ripple.
Similarly to 2018, in 2019 we have seen many exchanges list XRP. Some of them were relatively old but most of them were new. There were cases where exchanges ceased operations shortly after they launched. If there are more exchanges than the market needs, some of them are bound to cease operations. Especially after this 2 year bear market and the constant hacks. The story of Bitso and the effect it had on its business, is bound to attract more exchanges to the ODL business. Whether Ripple will announce new ODL exchanges is unknown. However, as suggested earlier in the report, it would be useful if Ripple could provide ODL live statistics. Both the community and potential customers would benefit from such an approach.
The tedious lawsuit that has given so much fuel for FUDsters to throw into the fire, is slowly coming to an end. An important date to look out for is January 15th but things could drag on for quite longer. Time is on Ripple’s side and the team has been obviously taking their time with all cases.
The past few years, some important “walls” were brought down. In 2018 the Ripple – R3 conflict came to an end, as both sides reached a settlement, with R3 even adding XRP to its software, the Corda Settler. 2019 was the year that the Coinbase wall finally broke down, with Coinbase even suggesting XRP is better suited for international money transfers. It will be interesting to see which walls will fall in 2020 and what effect that will have. The industry is slowly maturing and key players are beginning to understand that maximalism benefits noone. New synergies would benefit the whole industry and bring adoption one step closer.
We hope you enjoyed our report. If you want to support us you can sign up on our Patreon page.