Ripple eyes US bank partnerships following SEC victory, as XRP volume surpasses Bitcoin Ripple eyes US bank partnerships following SEC victory, as XRP volume surpasses Bitcoin
Ripple believes the legal clarity provided by its recent win against SEC could open doors for institutional interest in XRP.
2 min read
Updated: Jul. 17, 2023 at 1:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple’s (XRP) general counsel, Stuart Alderoty, has voiced optimism that Ripple’s recent partial victory against the U.S. Securities and Exchange Commission (SEC) might encourage U.S. banks and other financial institutions to consider adopting XRP, according to a July 17 CNBC report.
“I think we’re hopeful that this decision would give financial institution customers or potential customers comfort to at least come in and start having the conversation… and hopefully some of those conversations will actually turn into real business.”
Unlike other blockchain networks, Ripple is an institution-facing company offering On-Demand Liquidity (ODL) products that use XRP for cross-border payments.
Ripple’s ongoing legal dispute with the SEC has hindered its ability to conduct business with U.S. financial institutions, and it even lost a few partnerships, including one with MoneyGram.
However, Ripple believes the recent Court ruling, which has provided some legal clarity regarding XRP, could make it more appealing to potential U.S. partners.
In a May 27 tweet, Pro-Ripple lawyer John Deaton highlighted the importance of the U.S. market to Ripple’s adoption, noting how the unfavorable regulatory environment negatively impacted the company’s growth.
US exchanges embrace XRP.
While U.S. traditional financial institutions might be hesitant with their interactions with XRP, several U.S.-based exchanges, including Coinbase, Kraken, and Binance.US, relisted the digital asset following the court ruling.
On July 13, Judge Analisa Torres ruled that the “programmatic sales” of XRP do not constitute the sales of securities tokens. However, the judge ruled that XRP sales to institutional buyers were an offer of an investment contract.
XRP’s enjoy renewed attention
The court ruling has positively impacted XRP’s market performance, with its value increasing by more than 50% to reach $0.739 at the time of writing, as per CryptoSlate’s data.
The improved price performance has also seen it overtake Binance’s BNB as the fourth-largest digital asset by market cap. Further, Kaiko revealed that XRP trades have now surpassed BTC across 25 tracked centralized exchanges.
However, despite the renewed level of interest, XRP is down 78% from its all-time high of $3.4.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.