Ripple CTO David Schwartz clarifies that while XRP Ledger began as a copy of Bitcoin in 2011, it has since evolved and relinquished some of its similarities, addressing flaws and establishing a more sustainable digital asset for payments.
Despite a recent crash, Ripple's largest token holders are accumulating massive amounts of XRP in anticipation of a potential bull market and the outcome of the SEC case.
Ripple has launched a Central Bank Digital Currency (CBDC) platform on the XRP Ledger, and already over 8 countries, including Russia, Japan, and the UAE, are building CBDCs on the platform, with more than 15% of global nations in talks with Ripple to adopt its technology.
XRP rallied on Sunday, avoiding dropping below $0.50 for the second consecutive day, while Ripple has until September 1 to respond to the SEC filing and the SEC has until September 8 to address any response. Capitol Hill is being watched for potential developments in US crypto regulation.
Dig Perspectives, a prominent figure in the XRP community, is more excited about XRP becoming a world reserve currency than achieving a potential $25 price surge. This challenges the conventional discourse surrounding cryptocurrencies, and while some experts are skeptical, Ripple CTO David Schwartz is more optimistic about digital assets challenging the dominance of the US Dollar as the world reserve currency.
The global digital assets market, including cryptocurrencies like XRP, is projected to account for up to 10% of all assets by 2030, potentially reaching a valuation of over $14.5 trillion, driven by factors such as the growing adoption of cryptocurrencies, stablecoins, and central bank digital currencies, as well as regulatory certainty and institutional investor interest. Pro-XRP analysts suggest that XRP could become the next big thing in the financial market, with the potential for significant returns, especially considering Ripple's efforts to expand its use cases and accommodate tokenized assets.
The Bank for International Settlements' Project Mariana, aimed at streamlining the transfer of wholesale central bank digital currencies (wCBDCs), does not involve Ripple's technology or XRP, according to a thorough examination of the initiative's interim report.
XRP has the potential to revolutionize cross-border payments and has gained partnerships with over 100 financial institutions, while also being utilized for various other projects such as tokenization and decentralized finance.
XRP, one of the largest tokens by market cap, has lost a significant amount of value due to bearish sentiment in the market and the impact of Ripple Labs' court ruling with the SEC, reversing its gains from earlier this year.
Ripple and the SEC are expected to hold further negotiations in the second quarter of 2024, potentially after the Bitcoin halving, as the legal battle between the two parties continues. This could have implications for the price action of XRP.
### Summary
Ripple (XRP) has seen a significant rise in price due to a bullish trend in the cryptocurrency market, positive news about partnerships, and its growing popularity in South Korea. Financial institutions are adopting Ripple's technology for cross-border payments, validating the utility of XRP. However, caution is advised as the market remains highly volatile, and XRP's future performance is uncertain.
XRP is seen as a resource for network capacity consumption on the XRP Ledger (XRPL), according to Wietse Wind, founder of XRPL Labs and Xumm, challenging the notion that it operates as a gas token with auction-style bidding.
Crypto expert Ben Armstrong recommends XRP, Chainlink, and Dogecoin as the top cryptos with potential for significant growth in the market.
XRP emerges as the most traded asset on top South Korean cryptocurrency exchanges, indicating sustained interest in the fifth-largest cryptocurrency by market capitalization.
Investors are turning their attention to altcoins like $ROE from Borroe, which harnesses AI and blockchain technology, offers a range of features, and has a deflationary token with potential for capital appreciation. Meanwhile, Ripple's $XRP and Filecoin's $FIL are gaining momentum, and Ethereum's price volatility may be mitigated by the potential approval of Ether futures ETFs by the US SEC.
XRP is experiencing a significant increase in on-chain volume and development activity, while Bitcoin's recent dip is attributed to fear, doubt, and uncertainty surrounding the potential rejection of spot market BTC exchange-traded fund applications, according to Santiment.
SBI Remit, the international remittance services arm of SBI Group, has partnered with Ripple and SBI Ripple Asia to offer an XRP remittance service to bank accounts in Southeast Asian countries, using XRP as a bridge currency for faster and more cost-effective transactions.
Large traders in the US drove buying demand of XRP after Ripple's court victory over the SEC, with Coinbase experiencing stronger levels of buying, according to digital asset research firm Kaiko.
A court ruling that declared Ripple's XRP token not a security offering may signal a shift in the US legal system's approach to cryptocurrency regulation and ongoing SEC lawsuits.
Ripple (XRP) price consolidation may be followed by an imminent rally fueled by rumors of Blackrock's integration of XRP in its crypto expansion strategy, as indicated by on-chain data and trading sentiment.
Ripple CEO Brad Garlinghouse believes that XRP could become the next Bitcoin if it successfully addresses a multi-trillion-dollar problem and leverages its competitive edge in the regulated traditional finance sector.