In a January 25 report titled Ripple 2020 Momentum, CEO Brad Garlinghouse details the improvements the ecosystem has seen over the past year.
January 27, 2021 | AtoZ Markets – In 2020, the RippleNet network processed more than 3 million transactions, which is five times more than a year earlier, Ripple CEO Brad Garlinghouse said, calling the year significant for the company.
2020 was a banner year for @Ripple, despite a disappointing ending related to U.S. regulation (understatement?). We processed millions of RippleNet txns, grew ODL 12x YoY and signed 15 new customers after the SEC complaint. 1/3 https://t.co/2efIQDojU7— Brad Garlinghouse (@bgarlinghouse) January 25, 2021
The growth of the platform coincided with the development of the industry
Ripple's technology has been most successful with Asia-Pacific customers. The report says that this market grew by 80% on an annual basis. Many companies have implemented RippleNet to optimize money transfers. As a result, regional transaction volume increased by 1,700% over the year.
The spread of technology coincides with the active development of the cryptocurrency industry as a whole. In 2020, this segment was replenished with new projects and attracted new users.
In terms of industrial adoption rates, 2020 was the best year for Ripple. However, the SEC's claims disrupted the plans of the company and its management.
Will SEC stifle Ripple development?
RippleNet has grown significantly in the past year, but allegations leveled against Ripple Labs and two of its executives created a lot of problems for the project and brought down the value of XRP. The Ripple community is on the verge of hysteria.
The SEC claims that XRP is not a commodity like Bitcoin or Ethereum, but a security. The regulator accused the company of selling unregistered shares.
In particular, the SEC claims that Ripple received millions of dollars from the illegal sale of securities, and spent them to finance its activities and personal enrichment of the founders. The accusations appear to have had a profoundly negative impact on society.
Some XRP holders have petitioned the SEC to drop the charges, but the market has generally reacted negatively to the news. Many holders believe that the regulator is not acting in the interests of investors. They refer to the fact that the company has been operating for seven years and before that there were no complaints about it.
Many cryptocurrency exchanges have removed the token from the listing or suspended trading. Even regulated exchanges and companies implementing RippleNet have cut services, citing concerns over the lawsuit.
Until the situation clears up, Ripple is likely to struggle to prove its legitimacy in an industry that is booming at breakneck speed.
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