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Ripple (XRP) –Fiery Growth Ahead? By DailyCoin

Ripple (XRP) –Fiery Growth Ahead? By DailyCoin
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Ripple (XRP) – Is There Strong Growth Ahead?
  • Involved in a legal dispute with the Securities and Exchange Commission over the sale of digital assets in Offering unregistered securities.
  • The legal battle has gone through many ups and downs over the past few months, making the outcome of the case uncertain.
  • despite of legal dramaRipple is going ahead as it is set to benefit from the $1.8 billion annual remittance market between Japan and the Philippines.
  • Ripple XRP is trading at $0.7343 Which is a massive 14% jump over the past 24 hours.

There is room for Ripple’s explosive growth even in the face of a long and winding legal drama with the Securities and Exchange Commission (SEC). Ripple has deployed its sensors in Southeast Asia, seeking to capitalize on the growing market for cryptocurrencies spread across the region.

Already, the company had previously completed the acquisition of a 40% stake in Tranglo and has extensive plans to capture a portion of the nearly $2 billion annual remittance market between Japan and the Philippines. She managed to achieve these feats amid serious litigation with the Securities and Exchange Commission on the home front.

No retreat no surrender

Ripple has forayed into the Southeast Asian markets in recent months as part of its expansion campaign. Early in the year, it was revealed that the company had completed a 40% acquisition of Tranglo, a company that supports cross-border payments in the region. The partnership aims to expand the on-demand liquidity (ODL) in the region and will open it up to new lanes.

In keeping with the goals of the partnership with Tranglo, Ripple announced in a post that its ODL service will be deployed by SBI Remit Co Ltd, a money transfer provider in Japan, and SBI VC Trade and Coins.ph to improve remittance payments from Japan to the Philippines.

The remittance industry between the two countries is huge and the numbers are fixed at $1.8 billion annually from Japan to the Philippines. The use of ODL will give customers cheaper and more efficient alternatives to remittances as Ripple continues to expand.

How did the market react?

After news of Ripple’s first ODL service rolled out in Japan, XRP’s price has gone haywire. As of press time, the value of the asset has jumped 14% in the past 24 hours and is currently trading at $0.7343.

Over the course of one week, the asset gained 27% making it the highest among the top 10 cryptocurrencies. It has a market capitalization of $33.1 billion, giving it a 2.15% market dominance and ranking sixth.

Since the news broke, volume has increased by a whopping 83% at $5,621,300,111.94.

on the flip side

  • If Ripple loses its call with the Securities and Exchange Commission, it could have a negative impact on the price of XRP with the possibility of the price dropping to new lows.
  • The option to move to another jurisdiction is one of the many alternatives that Ripple Labs may choose to explore.

legal battle

Ripple’s drama with the SEC began in 2020 after the regulatory agency alleged that the company and two of its executives had raised more than $1.3 billion through an unregistered securities offering. Since then, the case has seen many twists and turns over the past few months with the tide ebbing in both directions.

A public statement from Securities and Exchange Commission Commissioners Hester Pierce and Elad L. Roisman noted that the regulatory status of digital assets is unclear and “although the commission has provided some guidance, a large number of factors conflict with the clarity it was supposed to provide.” Instructions.”

Although the Securities and Exchange Commission has written a letter reminding the court that the commissioners’ statements are not a statement from the SEC, Ripple enthusiasts are adding them to their winning streak.

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