Two significant developments occurred for Ripple this week; the company withdrew from the Fortress acquisition, as the inclusion of Ripple Labs in the NBG’s exclusive list marked notable gains in price and volume for XRP (CRYPTO: XRP).
What Happened (Fortress Deal)?
In early September, Ripple announced the planned acquisition of Fortress Trust. However, CEO Brad Garlinghouse later revealed the company's withdrawal from the deal through an announcement on X, formerly Twitter. There was no reason explicitly mentioned for the decision, however, the company will remain a shareholder in the parent company, Fortress Blockchain Technologies.
The deal was initially planned to expand Ripple's license pool in the U.S. and invest in other Fortress group companies, including affiliated firm FortressPay. Ripple is currently engaged in a legal battle with the SEC, and the discontinuation of the deal could benefit other companies associated with ...