- Ripple Labs and XRP have been making strides following its landmark victory over the SEC.
- Financial giants started adopting XRP as a medium of low-cost settlements for remittances
- The platform reinforced its vision of global expansion by acquiring a license in Singapore.
Ripple Labs and its native token, Ripple (XRP), have been stirring up the crypto community with massive adoption and global expansion following the platform’s phenomenal victory in the protracted legal conflict with the Securities and Exchange Commission (SEC). In a recent YouTube video, A Chain of Blocks, a channel that provides comprehensive updates on blockchain technology, shed light on the astounding journey of Ripple, drawing insights from leading figures.
Since Judge Analisa Torres ruled XRP tokens as non-securities, the platform has witnessed significant upturns. While the ruling provided substantial legal support for the platform’s future venture, it stood as a milestone in the history of the crypto industry’s regulatory hazards. Recently, crypto influencer Ashley Prosper commented that the Ripple case and XRP “are legally unique,” dismissing any option to compare it with other SEC lawsuits.
In September, XRP exhibited resilience amidst the prevailing uncertainty in the crypto industry as banking giants adopted the token. In an official announcement, SBI Remit, the international service provider, unveiled its alliance with Ripple, providing cross-border money transfer services to the Philippines, Vietnam, and Indonesia. With the groundbreaking move, Japan’s financial giant facilitated low-cost cross-border settlements for remittances using XRP.
Ripple created headlines last month with its Indian partner Yes Bank joining the Reserve Bank of India’s Digital Rupee CBDC project, enhancing its aim of global adoption of central bank digital currencies. It is noteworthy that Ripple’s XRP has been ascending on an upbeat track over the past month, with over 3.9% surge, despite its slight dip in the last 24 hours. Currently, the token is hovering around the $0.5227 range, with a fall of 0.87%.
Adding to the victory of Ripple, Judge Torres rejected the SEC’s motion for an interlocutory appeal in the case, reinforcing the XRP community’s sanguine views. Subsequent to the ruling, Ripple Labs secured a regulatory license in Singapore, forecasting the platform’s vision of global expansion.
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