Ripple Advisor Explains XRP Lawsuit Impact On CBDC Projects

Crypto News: While the Ripple lawsuit Summary Judgment triggered a monumental shift in the way traders and investors perceive XRP token, the company’s product development did not quite have any impact outside the United States, according to the company’s advisors. James Wallis, a senior Ripple executive who looks after central bank-related operations, revealed that it is only in the US that people really bothered about the outcome of the SEC lawsuit.

Also Read: Wells Fargo Analyst Slams XRP Army’s Divisive Price Predictions

“XRP Lawsuit Has Little Impact On Ripple Business”

Antony Welfare, a CBDC advisor at Ripple, said Ripple currently has 5 live projects and many more in discussion stage, irrespective of the SEC case outcome. The five live projects are in Palau, HKMA, Montenegro, Colombia and Bhutan. He explained that Ripple is actively working on bringing technology to solve central banks’ challenges, using central bank digital currencies (CBDCs) and stablecoins to solve use cases.

Earlier, Wallis said the US SEC lawsuit barely had any impact on getting ew businesses on board with central banks. Meanwhile, the SEC’s recent hints on potentially appealing the Summary Judgment sparked a debate on what could be the future course of action from both the sides. CoinGape reported that even if the agency manages to win the appeal, Judge Analisa Torres has other ways to reiterate the Summary Judgment.

Also Read: Cardano Founder Reveals Why He Owns No Public Crypto Addresses

The XRP price took a big jump on 11 July, 2023, when the XRP ruling was delivered.