- Legal Triumph: Ripple Singapore secures an $11M claim in the FTX bankruptcy case.
- Revised Order Approval: Key stakeholders, including Ripple Labs, show no objections to the revised order.
- XRP’s Positive Momentum: CoinGecko reports a 2.40% rise in XRP value, contributing to a 6.10% increase over the week.
In a pivotal turn of events within the FTX bankruptcy proceedings, Ripple, the prominent blockchain payment company, has emerged victorious by successfully claiming $11 million in assets. Notably, the claim is asserted by Ripple Singapore, adding an international dimension to the legal battle.
Ripple Singapore’s Assertive Move
The recent filing with the United States Bankruptcy Court for the District of Delaware discloses that the debtors involved in the case have revised the proposed order to address informal comments submitted by Ripple Labs. Importantly, the revised order, having garnered no objections from key parties including Ripple Labs, the U.S. Trustee’s Office, and the Official Committee of Unsecured Creditors, is currently awaiting court approval.
Crucially, the filing underscores that any actions or payments made by the debtors following the approval of the order should not be construed as an admission of the validity, amount, or basis of any claims against them, whether under bankruptcy or non-bankruptcy law. The order is not a waiver of the right to dispute claims, a commitment to pay specific claims, or an acknowledgment of the nature of any particular claim.
Insights into Claims and Disputes
The filing provides a comprehensive list of claims slated for disallowance alongside surviving claims, shedding light on the diverse parties and amounts entangled in the bankruptcy case.
Singapore Arm Clinches $11.4 Million Claim
Notably, Ripple Labs Singapore Pte. Ltd. stands out with a substantial claim of $11,403,976.90. This successful assertion of rights in FTX’s assets marks a significant milestone for Ripple, bolstering its position amid an ongoing dispute with the Securities and Exchange Commission (SEC).
Strategic Positioning for Ripple Singapore
By actively participating in the bankruptcy case, Ripple Singapore positions itself as a relevant stakeholder, potentially benefiting from the allocation of FTX’s assets. As the court reviews the revised order and evaluates the various claims, stakeholders, including investors and industry observers, will closely monitor the proceedings to gauge the potential impact on Ripple’s financial standing and future operations.
Positive Momentum for XRP
Concurrently, XRP, Ripple’s native cryptocurrency, has experienced a positive uptick in its market performance. According to CoinGecko, XRP is currently valued at $0.638416, reflecting a 2.40% increase over the past 24 hours. This positive momentum has contributed to a 6.10% price surge over the past week.
Strong Investor Interest and Market Capitalization
XRP’s trading volume attests to strong investor interest, with a 24-hour trading volume of $1,792,104,137.87. Furthermore, XRP’s market capitalization remains robust at $34,549,510,806, reinforcing its status as one of the most valued cryptocurrencies in the market.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.