- Ripple has worked and partnered with more than a dozen of global central banks in the development of CBDCs.
- XRP price is expected to rally after the presiding judge issued the final ruling on the SEC vs Ripple case.
Undeniably, the XRP market has significantly transitioned from an experimental technology to a mature tech stack ecosystem through the help of Ripple, and XRPL users. Most importantly, the SEC vs Ripple case has made the XRP market obtain huge support from global investors in anticipation of a win. Moreover, the recently released Hinman documents clearly show the United States SEC has over the years changed its perspective on digital assets by using decades-old regulatory scale.
Notably, Ripple has developed a stack of products to help onboard global institutional investors into the crypto industry and at the same time solve historical injustices in cross-border payments. For many years, traditional financial institutions have relied on siloed messaging technology to process cross-border payments. As a result, users were compelled to wait for three to five working days for the settlement to complete.
Interestingly, the banking messaging system was not only expensive for users but also for the underlying institutions. Moreover, banks over the years have been compelled to hold vostro and nostro accounts to satisfy international payments.
As a result, banks get limited by their liquidity through the old messaging system to scale to global markets. But, Ripple has engineered a lasting solution through the XRPL blockchain and its native coin XRP.
Ripple’s XRP for CBDC Bridging
While most governments are developing their central bank digital currency (CBDC) with interoperability in mind, liquidity is still an issue for most end users. With Ripple’s XRP largely traded around the world and liquidity accepted in different currencies more so Bitcoin, the use of the Ripple-backed digital coin to bridge CBDCs is less arguably inevitable.
According to Ripple in a recent tweet, more than 70 percent of global finance leaders have gained more confidence in the crypto market industry during the past six months. Consequently, Ripple expects the digital asset industry to continue playing a vital role in the global financial sector.
Over 70% of global finance leaders say their confidence in the crypto industry has increased in the past 6 months.
Learn about the trends, technologies and use cases driving this optimism in our 2023 New Value Report. https://t.co/SY2zF0UzTq
— Ripple (@Ripple) June 19, 2023
Moreover, Ripple has partnered with several central banks in the development and research stage of their CBDCs. Recently, the Federal Reserve Bank of Atlanta recognized Ripple’s XRP as a wholesale settlement coin.
BOOOOOOOOOOOOOOOOOM!!!!
Federal Reserve Bank of Atlanta called #XRP as a wholesale settlement coin! 👀
$1,000+ per XRP 🚀
Source: https://t.co/eVe5MtoZZH pic.twitter.com/rE9wZlEVMU
— JackTheRippler ©️ (@RippleXrpie) June 19, 2023
Price Action
By now, it is safe to bet that the XRP price is mostly waiting for the conclusion of the SEC vs Ripple case in order to break out from its macro consolidating wedge triangle. Trading around 49 cents on Wednesday, XRP price has experienced significant resistance between 54 and 58 cents in the past few months.
If Ripple wins the SEC lawsuit, XRP price is expected to rally towards its ATH in subsequent quarters. Moreover, the XRP fundamental factors are well in place for long-term bullish sentiment.
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