We have entered the year 2024, and even in the first 10 days, we have experienced a lot. This is a harbinger of how eventful this new year will be. The latest major development occurred on the Ripple front. The company is now expecting the lawsuit to end this year. After shaking off the SEC, their first move will be the public offering they have been dreaming of since 2020.
Ripple Breaking News
XRP Coin price jumped from $0.559 to the old support turned resistance at $0.58 following the news but failed to surpass this area. However, the latest news is still significant for long-term performance. According to the latest Reuters report, internal sources say the company is about to reach a valuation of $11 billion.
Ripple Labs will collect these shares from those who own shares in the company in exchange for $285 million. With the shares collected from the first investors and employees, Ripple’s valuation is expected to reach $11 billion.
Sources who asked not to be named stated that investors were only allowed to sell up to 6% of their shares. Garlinghouse also revealed that Ripple currently has over $1 billion in cash on its balance sheet and assets worth $25 billion (most of which is XRP).
XRP Coin is valued at $30 billion, and the company’s public offering is pending the conclusion of the lawsuit. The Ripple management has started to collect shares before the IPO. What the collective appeal, expected to end before the second half of this year, will bring to the company remains uncertain. For Ripple, which has achieved significant gains against the SEC so far, the match is not over yet.
