But Schwartz said that these lines refer to a fictional pitch for a fictional movie. He added that a situation in which the pitch must match reality has not yet developed, suggesting that Ripple does not face such problems. Nevertheless, such a problem is very real for Ripple given its lengthy legal battle with the US Securities and Exchange Commission (SEC).
At one point, it was believed that the European Commission maliciously filed a lawsuit against the #cryptocurrency company based on a statement made by #TopCoinsJune2024 insider Steven Nerayoff. Additionally, the lawsuit could negatively impact Ripple's business and easily force it to abandon #XRP due to regulatory scrutiny.
Fortunately, Schwartz's quick response helped clear the air and allay the fears of XRP community members. XRP is at the core of Ripple's business, and cryptocurrency companies use it to provide cross-border payment services. #Ripple is also the largest holder of XRP and owns nearly 50% of the cryptocurrency's #token reserves. This is another reason why members of the xrp community could be concerned, and if cryptocurrency companies abandon XRP, they could dump their XRP reserves into the market.
In an interview with CNBC, Ripple president Monica Long confirmed that XRP is still part of the company's long-term plans. When asked if there is still a need for the XRP token as Ripple plans to launch a stable coin, she made the following comment. Long explained that xrp will continue to be used in the company's operations, noting that cryptocurrency companies use a "mix of assets" to serve paying customers.
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