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Ripple optimistic: American banks could use XRP for international transactions after the company achieves favorable outcome in legal dispute with SEC
Ripple is confident that American banks will become interested in using its cryptocurrency XRP for international transactions. This optimistic assumption is based on a significant ruling last week in which a judge in New York ruled that XRP cannot be considered a security. This decision casts doubt on the US Securities and Exchange Commission’s (SEC) allegations against Ripple. Ripple has actively promoted the use of XRP as a bridge currency for banks and financial institutions. Major companies such as Bank of America, American Express and Santander have already worked with Ripple to enable cross-border payments. The fast payment system from…
Ripple optimistic: American banks could use XRP for international transactions after the company achieves favorable outcome in legal dispute with SEC
Ripple is confident that American banks will become interested in using its cryptocurrency XRP for international transactions. This optimistic assumption is based on a significant ruling last week in which a judge in New York ruled that XRP cannot be considered a security. This decision casts doubt on the US Securities and Exchange Commission’s (SEC) allegations against Ripple.
Ripple has actively promoted the use of XRP as a bridge currency for banks and financial institutions. Major companies such as Bank of America, American Express and Santander have already worked with Ripple to enable cross-border payments. Ripple's fast payment system enables real-time international settlements and facilitates the creation of real-time gross settlement systems for international trade.
Ripple's high market capitalization and its use in international markets make XRP a trusted token for purchasing fiat currencies such as USD. Banks can therefore hold their XRP reserves and quickly convert them into USD and local currency reserves.
During the course of the litigation, Ripple lost an important customer and partner, MoneyGram. In addition, the British investor Tetragon sold its shares back to Ripple after a lawsuit against the company was unsuccessful. Although Ripple's partial victory was celebrated by the crypto industry, there is still a possibility that the SEC will appeal the decision. However, experts are unsure whether this will actually happen.
If banks adopt XRP as a medium of exchange, it will increase the overall utility and acceptance of cryptocurrencies, thereby benefiting the entire crypto community. The price of XRP rose to $0.95 following the mixed decision, reaching its highest level in over a year. The daily trading volume increased 18 times. Currently, XRP is trading at $0.74, with a 24-hour trading volume of $2,232,599,820.05.
Increased use of XRP by banks for transactions would usher in a new phase for cryptocurrencies and benefit Ripple. International banks should consider this form of digital currency as a possible future of banking.