Posted 1/23/2024, 10:25:00 AM
Ripple Faces Uphill Battle Despite Fast, Cheap Payments Amid SEC Case and Stiff Competition
- Ripple aims to facilitate fast, inexpensive cross-border transactions for financial institutions using its native XRP token
- It faces competition from other networks like Ethereum and Solana that are gaining adoption, especially in decentralized finance
- Ripple faces ongoing regulatory uncertainty and legal issues with the SEC over whether XRP is an unregistered security
- Major US bank JPMorgan Chase has launched its own competing cross-border payments service, Onyx
- While Ripple processes a high volume of transactions, regulatory issues may limit adoption; risky but possible upside if it overcomes challenges