Ripple Closes Out 2021 With ‘Strongest Year To Date’ In Spite of Ongoing Lawsuit

As 2021 draws to a close, many in the cryptocurrency community look back at the year we have had and all the ups and downs that the industry has gone through. Although numerous cryptocurrencies managed to reach new all time highs, it is perhaps Ripple (XRP) that needs to be talked about the most simply because it has managed to record its most successful year yet despite the fact that it is still facing the ongoing lawsuit by the United States SEC.

&lsquoA breakthrough year&rsquo

Amid continuing proceedings and seemingly endless legal battles between the SEC and Ripple, XRP has nevertheless witnessed substantial growth internationally, with the price going from below $0.5 in 2020 to reach over $1.5 in just a year&39s time.

Ripple&39s CEO, Brad Garlinghouse, stated on December 22nd via Twitter that it had been an entire year since the SEC filed the lawsuit against Ripple, Chris Larsen, and himself, claiming that XRP, which is a well-known publicly traded cryptocurrency, ought to have been registered as a security. Moreover, he reiterated his stance that the lawsuit was not just an attack on Ripple, but on the cryptocurrency industry and market within the United States. He also noted that some had initially accepted the charges made by the SEC at face value followed by the assumption that it had perhaps been a one-time occurrence, however this is not the case anymore.

Regardless of the present legal struggle however, the CEO confirmed that 2021 has been recognized as a breakthrough year for both Ripple as well as the cryptocurrency sector as a whole. Garlinghouse specifically noted that this year was XRP&39s finest, with RippleNet seeing its best year to date in addition to experiencing massive growth on a global scale. Furthermore, ODL (On-Demand Liquidity) is currently available for payment requirements in more than 20 nations globally. ODL transactions had also surged by a whopping 130% quarter over quarter, making up 25% of accumulated dollar activity during the network&39s third quarter.

In terms of international expansion, Ripple had also set up shop in Southeast Asia via a partnership with Tranglo in Malaysia and a collaboration with Novatti, an Australian payments company, through which they could participate in the Philippines market.

Cardano experiences similar success

Frederik Gregaard, the CEO of the Cardano Foundation, recently described 2021 as a &39year of enormous growth&39 during which Cardano and its native token ADA experienced tremendous success, with the price of ADA increasing by about 700% from last year.

Gregaard further stated that this year saw the Cardano protocol undergo gradual growth, community development, technological innovation, and collaborations that aided its progress. The CEO also noted various on-chain events that he believes indicate increased adoption for the foreseeable future.

In the end, one can only hope that the cryptocurrency industry can continue this wave of momentum into 2022 as global regulators, authorities and financial watchdogs consistently try to halt the unprecedented progress of this industry.