As 2024 kicks off, Ripple is making headlines with expectations to conclude its ongoing lawsuit and pursue an initial public offering (IPO) that has been in the pipeline since 2020, once it clears regulatory hurdles with the SEC. The recent news has not significantly impacted XRP Coin’s price, which attempted but failed to breach the $0.58 resistance level, previously a support.
According to sources in a recent Reuters report, Ripple is nearing a valuation of $11 billion. Ripple Labs plans to consolidate shares from early investors and employees, offering $285 million to increase its valuation. This move is seen as a strategic step towards the anticipated IPO.
Insiders reveal that investors are allowed to sell up to 6% of their holdings. Ripple’s CEO, Garlinghouse, disclosed that the company has over $1 billion in cash and $25 billion in assets, predominantly in XRP, on its balance sheet.
With a $30 billion valuation for XRP Coin, Ripple’s management is gathering shares in preparation for the IPO, pending the resolution of the lawsuit. The outcome of the collective appeal expected to conclude before the second half of the year remains uncertain, but Ripple has achieved significant victories against the SEC to date.
The ongoing legal battle and its implications for Ripple’s future operations and potential IPO continue to be closely watched by investors and industry observers alike, as the company positions itself for its next phase of growth.