Ahead of the trial date between Ripple and the SEC… the “Flare Network” project announces its support for Ripple

 

A lot of ink has flowed in the case between SEC and Ripple.

As the US Securities and Exchange Commission "SEC" previously filed a lawsuit against Ripple in December 2020 accusing it of selling unregistered securities and that the currency of Ripple is not a cryptocurrency.

To set the date of February 22 to start the trial between Ripple and the "SEC" to consider the case by the judiciary.

Yesterday, "Flare Network" announced its support for Ripple and its XRP cryptocurrency.

As a reminder, the "Flare Network" has already carried out a free distribution of "Airdrop" for Spark (FLR) digital currencies that have not yet been launched to holders of the Ripple currency.

The company "Flare Network" believes that the currency of Ripple is a digital cryptocurrency, and in this regard stated the following statement:

We are not associated with Ripple.

We wanted to talk to the attorneys to inform the SEC that Ripple was damaged, and that we see XRP as a cryptocurrency.

Ripple did not push or motivate us to enter this space and make this statement.

We believe 100 percent XRP is currency!

As the “Flare Network” project is based on the Ripple blockchain and is a division of it.

This explanation and statement presumably is related to Ripple and XRP, given the fact that the “Flare Network” earlier conducted a free distribution of FLR digital currency using XRP balances in trading platforms as a distribution standard.

Accordingly, if the SEC tilted and XRP was considered a security and not a cryptocurrency, then the matter may be similar and in the same way to the FLR digital currency.

Oscillating support for XRP:

The opinions of the crypto community differ between those who believe that XRP is a cryptocurrency that deserves a place among the adults and those who see it as inflated by the media only.

It is worth noting that many currency believers had previously prepared a petition of signatures to be submitted to the White House to intervene by the government and redress holders of Ripple.

On the other hand, in the recent pumping and emptying scheme, many crypto pioneers made their confidence in the currency shake.

Currently, XRP is living in a state of legal uncertainty and its situation is still brewing until February 22nd, which will reveal some details that could shape the direction of the case.