Is Sologenic behind the price explosion?
Sologenic is a DeFi ecosystem built on the XRP system. On this it is possible to trade between cryptocurrencies and non-blockchain assets such as stocks, ETFs and commodities from the largest exchanges in the world. An application that really boosts the value of XRP, as evidenced by the explosive rises that the token experienced this week.
In total, there are 40,000 different stocks, ETFs and commodities to trade on the Sologenic protocol. Sologenic makes it possible for investors to tokenize and then trade their assets. Also an increase in the issuance of NFTs on XPRL seems to drive up the price of the XRP token.
Ripple takes steps in lawsuit against SEC
This is not the only good news for XRP, by the way. Ripple Labs’ lawsuit against the Securities and Exchange Commission (SEC) also appears to be heading in the right direction. Ripple’s attorney has brought in a new argument as to why the XRP token does not qualify as a security. He believes that XRP has no effect, because there was no investment contract during the ICO.
In that contract, the publisher imposes obligations towards the investors and gives the investors certain rights. That contract does not exist in the case of XRP, so Ripple’s lawyer argues that there is no effect. If that argument holds up, then the project will finally be able to look ahead again.
