Braxton WM highlights two factors Driving the Surge in XRP

London, UK — XRP soars in price and confidence thanks to SBI Remit’s partnership with Ripple and insights from legal expert John E. Deaton on bank adoption via On Demand Liquidity (ODL).

Introduction

Recently, the partnership between SBI Remit and Ripple promises to revolutionize cross-border payments, while legal experts like John E. Deaton shed light on the potential ways banks can leverage XRP via On Demand Liquidity (ODL). In this article, Luke Hamilton, an expert from Braxton WM, has explored these game-changing developments and their impact on the price of XRP.

SBI Remit, the global remittance services provider of Japanese financial giant SBI Group, has joined forces with SBI Ripple Asia and Ripple to introduce an innovative XRP remittance service. This partnership aims to facilitate faster and more cost-effective cross-border remittances to multiple Southeast Asian countries.

SBI Remit has been utilizing Ripple’s payment services for international remittances since 2017. In 2021, it took a significant step by becoming the first entity in Japan to offer remittance services using XRP to crypto wallets in the Philippines. Now, with this new development, SBI Remit will extend its payment technology service to bank accounts in Vietnam, the Philippines, and Indonesia. The key to this expansion lies in the use of XRP as a bridge currency, enabling swift and cost-efficient remittances.

The volume of remittances to bank accounts in these Southeast Asian nations is substantial, which makes this partnership even more promising. SBI Remit has also partnered with cross-border payment company Tranglo to facilitate this expansion, although an exact launch date is yet to be disclosed.

Despite Ripple’s ongoing legal battle in the United States, its services are gaining traction in Japan. Japanese banks Yamaguchi, Momiji, and Kitakyushu have recently started supporting a RippleNet-based remittance service called MoneyTap P2P, indicating a growing appetite for Ripple’s solutions in the country.

John E. Deaton, a prominent crypto lawyer, shared his perspective on how banks can potentially harness XRP through Ripple’s On Demand Liquidity (ODL) system. The recent legal developments in the SEC vs. Ripple case have raised hopes that banks may soon embrace ODL in the United States.

Deaton’s initial interpretation of the court ruling was that institutions could use ODL without considering it as an investment, as they wouldn’t rely on Ripple’s efforts. Instead, they’d employ XRP purely as a bridge currency for cross-border transactions. Unlike traditional nostro and vostro accounts, ODL doesn’t require holding XRP or prefunding, making it an attractive option for banks.

Deaton emphasized that the short duration of a transaction via ODL wouldn’t allow anyone to profit significantly from XRP. He illustrated this by stating that a bank like Bank of America could acquire XRP from exchanges like Coinbase or Uphold, use it for transactions, and then resell it as needed. This aligns with the idea that XRP primarily serves as a bridge currency, as even SEC Chair Gary Gensler acknowledged in 2018.

It’s important to note that the SEC vs. Ripple case is still pending a jury trial, which is scheduled for 2024. The SEC has filed a motion to challenge Ripple’s programmatic and other sales, but it is not contesting XRP’s status itself.

With these significant developments, it’s no surprise that XRP is experiencing a surge in both price and community sentiment. At the time of writing, XRP is valued at $0.500384, with a 24-hour trading volume of $611,707,752.86. This represents a 0.21% price increase in the last 24 hours and an impressive 51.1% price surge in the past year. XRP currently holds the rank of #5 on CoinGecko with a market capitalization of $26,537,596,274.

A whopping 71% of users in the XRP community are feeling bullish about its prospects, and for good reason. The SBI Remit partnership and Deaton’s insights into bank adoption have ignited optimism in the XRP ecosystem, driving both investor enthusiasm and price growth.

In conclusion, the recent developments surrounding XRP, including SBI Remit’s partnership with Ripple and John E. Deaton’s insights on bank adoption via ODL, have injected new life and optimism into the XRP community. As these initiatives continue to unfold, XRP’s price trajectory remains an exciting watch for crypto enthusiasts and investors alike.

Media Contact:

Email ID: distributiondep@mkdigiworld.com

Disclaimer: This article is not intended to be a recommendation. The author is not responsible for any resulting actions of the company during your trading experience. The information provided in this article may need to be more accurate and up-to-date. Any trading or financial decision you make is your sole responsibility, and you must not rely on any information provided here. We do not provide any warranties regarding the information on this website and are not responsible for any losses or damages incurred from trading or investing.

COMTEX_440187294/2748/2023-09-14T06:06:23