Cryptocurrency expert JackTheRippler has recently gained attention from the community Ripple CEO Brad Garlinghouse speech at a meeting of the Senate Banking Committee. The CEO talked about XRP during a speech about how his company is building the “internet of value.”
Ripple CEO talks about XRP during appearance at the Banking Commission
In Post XJackTheRippler shared a video of Ripple’s CEO during a hearing before the Banking Committee where he talked about Ripple and XRP. Garlinghouse said they are building an Internet of Value where money flows as easily as information. He added that the payment services they provided were made possible by using the platform XRP Ledger (XRPL) and its native XRP token.
The Ripple CEO further noted that XRP was created to enable quick, inexpensive and highly scalable transactions, making it a suitable bridge currency for their cross-border payment services. Garlinghouse made these comments in connection with his testimony on the need for “smart” cryptocurrency regulation, including market structure regulations, to eliminate regulatory uncertainty and support innovation in the U.S.
The CEO mentioned that his company was among the notable victims of the previous SEC administration’s enforcement approach. The commission sued the crypto company arguing this XRP was a security and that the company violated securities laws through its institutional sale of the token.
However, as the CEO noted, Judge Torres ruled that XRP is not itself a security. Garlinghouse believes that cryptocurrency market structure the legislation will lend a hand grow the cryptocurrency industry while protecting consumers, such as XRP holders, who were affected by the SEC’s lawsuit against Ripple. The price of XRP was affected by uncertainty about its legal status at the time the lawsuit was filed, which lasted for over four years.
DAS Research Provides Bull Case for XRP
In Post Xmarket expert Stern Drew highlighted a DAS Research report that provided the case for a bull market for XRP. Drew emphasized as stated in the report XRP and Ripple they no longer compete in cryptocurrencies. Instead, they are evolving into a global payments infrastructure that will be adopted by banks, fintechs and cross-border networks that require speed, scale and certainty in settlements.
Drew further pointed to three key facts highlighted in the report. First, XRP is believed to have structural advantages in the form of quick settlement, low costs, being a neutral bridge asset on a globally distributed ledger, and institutional-level reliability.
The expert noted that this is why adoption is growing among enterprises that need predictable value transfer. The other two realities are Ripple integration RLUSD stablecoin and institutional partnerships that will lend a hand boost the utility of XRP.
At the time of writing, XRP is trading around $2.08, having risen over the past 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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