Amidst the bullish sentiments in the broader cryptocurrency space, Ripple (XRP), the cross-border payments giant, appears set for bigger things. David Schwartz, Ripple’s Chief Technology Officer (CTO), hinted at these plans in a recent video that has circulated on social media.
Ripple’s Vision of Building Liquidity for Global Transactions
Schwartz’s comments in the video center on Ripple’s plans to build liquidity and attract critical industry players. The CTO’s remarks align with Ripple’s general vision to transform cross-border payments. Notably, Ripple intends to position itself as a “settlement system of high value.”
According to Schwartz, Ripple remains focused on creating seamless channels of moving money in and out across borders. He maintains that this process should also promote a system with enough liquidity for cross-currency transactions. This mirrors Ripple’s plans to position XRP as a force in efficient and seamless global transactions.
Institutional Confidence Grows with XRP
Meanwhile, institutional investors might be vitally interested in XRP. Ripple’s 2024 third-quarter market report hints at rising interest and suggests that institutional adoption has risen recently.
Notably, 21Shares, Bitwise Invest, and Canary Funds have all filed for XRP-related exchange-traded funds (ETFs). Additionally, Grayscale Investments has launched an XRP Trust. Grayscale wishes to gain the regulatory body’s approval to convert its multi-asset fund into an ETF.
These moves hint at the growing confidence that institutional investors have come to have in the asset. These investors see value in XRP as a critical tool for guaranteeing global liquidity.
Regulatory Wins and Price Performance
Market experts attribute this growing interest to recent events that immensely impact the crypto scene. Noteworthy is the legal victory that Ripple secured against the Securities and Exchange Commission (SEC). This offers a glimmer of hope that XRP is moving towards achieving regulatory clarity and may soon end all its legal battles.
Additionally, recent events in the U.S. political space and the election of former President Donald Trump appear to have boosted crypto investors’ confidence. Some speculate that Trump’s policies might favor the crypto industry and push America to become the crypto capital of the world.
Analysts have predicted XRP’s potential in the ongoing bull rally. As of this writing, XRP is trading for $1.12, a 0.95% climb in the last 24 hours, according to data from CoinMarketCap.
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