As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies, I find myself intrigued by Ripple’s latest moves. The company’s strategic maneuvers, from courting institutional interest to expanding the functionality of the XRP Ledger, are indeed impressive. The ongoing legal battle with the SEC might seem daunting, but it doesn’t seem to deter Ripple’s relentless pursuit of growth and adoption for XRP.
In a recent Quarterly XRP Market Report published today, Ripple highlighted the July court decision that classified XRP as not being an inherent security. This ruling, according to the company, has sparked a surge of institutional interest, with key players submitting applications for XRP-related exchange-traded funds (ETFs). Specifically, Bitwise, Canary, and 21Shares have filed for XRP ETFs, while Grayscale Investments launched an XRP Trust and is aiming to transform its Digital Large Cap Fund, which includes XRP, into an ETF.
Brad Garlinghouse, Ripple’s CEO, emphasized that these submissions symbolize a crucial stage, highlighting institutional appetite and desire for novel products. He noted that XRP continues to rank among the top ten assets by market capitalization. Ripple is keen on backing these and other exchange-traded products, reinforcing its dedication to fostering the expansion of the XRP community.
Progress continues in favorable direction, even with the SEC’s ongoing attempt to overturn the court’s decision. Ripple emphasizes that the appeal primarily targets other aspects of the case, such as historical distribution of the token, rather than questioning XRP’s non-security status. The legal battle is projected to persist until 2025.
During the third quarter of my research, I observed that the trading volume for XRP remained strong, averaging around 600-700 million dollars per day on prominent exchanges. Yet, this cryptocurrency showed notable price instability, reaching its peak in mid-August before stabilizing within a more consistent range.
Expanding the Functionality of the XRP Ledger
Ripple has shared updates about extending the capabilities of its fundamental blockchain technology, the XRP Ledger. The team is actively working towards integrating smart contract functionality, a significant addition that would empower developers to construct sophisticated decentralized applications on the network. This advancement could potentially boost both the versatility and popularity of XRP.
Apart from XRP, Ripple also emphasized the unveiling of its own stablecoin, Ripple USD (RLUSD), by collaborating with various exchanges to ensure international accessibility. The purpose-built stablecoin, regulated under a New York Trust Company Charter, aspires to offer a dependable digital asset for institutional and individual users across the globe.
As a crypto investor, I’m keeping a close eye on the evolving regulatory landscape, particularly in the United States where it remains somewhat unpredictable. However, there are promising signs from other regions like Japan, South Korea, and the UAE, where regulators seem to be adopting more favorable attitudes towards cryptocurrencies.
Read More
- SOL PREDICTION. SOL cryptocurrency
- SUI PREDICTION. SUI cryptocurrency
- Chainsaw Man Chapter 183: Flashback To See Aki And Power Return; Release Date, Where To Read, Expected Plot And More
- UXLINK PREDICTION. UXLINK cryptocurrency
- ‘The Case Book of Arne’ Video Game to Receive Anime Adaptation
- COS PREDICTION. COS cryptocurrency
- ‘Got Bent Out Of Shape’: Darren Star Remembers Backlash Over Dylan And Brenda’s Intimate Beverly Hills, 90210
- SKL PREDICTION. SKL cryptocurrency
- DOT PREDICTION. DOT cryptocurrency
- USD MYR PREDICTION
2024-11-06 15:56