Key Insights:
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Ripple CEO Brad Garlinghouse said losing the lawsuit could have a dampening effect on the crypto industry.
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The company has already announced it will be opening up an office in Toronto, Canada.
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Ripple’s native token XRP was observed trading at $0.3542.
While the Securities and Exchange Commission (SEC) has been pounding on the crypto company, today, the Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, made the headlines for announcing their decision should the lawsuit end up in SEC’s favor.
Ripple To Exit America
Speaking to Axios at the Collision Conference in Toronto, Garlinghouse, upon being questioned if the California-based company would move its business to some other country upon losing the lawsuit, said that it’s not about if they could but that they will.
Garlinghouse has always stated that most of the company’s growth has been outside of the United States of America anyway. Plus, since the regulatory body filed the lawsuit, the company had, anyways, been focusing on its operations outside the country.
Adding on to the same, Garlinghouse said,
“If you think about how the world is operating right now, it’s as if the case has been lost other than a few other exceptions… So if we lose, if Ripple loses the case, does anything change?”
Although currently, the company has about 300 of its 700 employees workforce in the US alone, which would be affected should the company close shop in the States.
On the other hand, should the company win the lawsuit, it would not have to kill its cash cow since the US has the potential for significant growth, being the largest economy.
XRP Takes to the Bears
Unlike the rest of the crypto market and altcoins, XRP has not been making headway when it comes to recovery as cryptos such as Polygon, Avalanche, and Cardano have.
XRP only managed to rise by 19.43% from its lows this month and ended up dropping by almost 5% over the last three days.
This placed the altcoin 81.56% farther away from its all-time high of $1.965, trading at $0.3543 at the time of writing.
This article was originally posted on FX Empire
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