CJ - Cryptocurrency Enthusiast
Ripple's recent legal victory in a US court has had a significant impact on the price of XRP, which surged over 55% in just one week. Following this win, Ripple's general counsel, Stu Alderoty, expects increased interest from US financial institutions in utilizing secure cryptocurrency XRP for cross-border money transfers. Ripple plans to open talks with these firms and offer its On-Demand Liquidity (ODL) product, which utilizes XRP as a native token for seamless money transfers.
The court ruling clarified that XRP offerings on secondary markets were not considered security sales, providing Ripple with a partial legal win against the Securities and Exchange Commission (SEC). However, the ruling did not fully address the broader issue of when a digital asset should be designated as a security under US laws, leaving some uncertainty in the market.
Despite this, Ripple's plans for expansion are well underway. In Q3 2023, Ripple aims to introduce its ODL product to US financial institutions, which could potentially revolutionize cross-border transactions. Additionally, Ripple has previously obtained approval to offer digital asset services in Singapore, further solidifying its position in the global market.
As Ripple continues to make strides in the crypto market investment industry and with XRP's value on the rise, the market eagerly awaits further developments in the company's plans for US financial firms and the potential impact on cross-border money transfers.
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