- Ripple seeks to revolutionize international transfers with XRP, targeting a $150T market, improving speed and reducing costs.
- A potential XRP ETF and an IPO outside the U.S. could catapult its value, despite legal challenges with the SEC.
Well, let’s break this down in terms that are a no-brainer for those in the crypto sector who understand the move with the SEC and the whole story with Ripple.
First, XRP is trying to carve out a n iche in the $150+ billion international transfer market. This is a crazy market if you think about it. Ripple is trying to make these transactions faster and cheaper using their crypto, XRP.
This move could revolutionize how money moves internationally, especially considering the current ways are a headache full of middlemen and high fees.
Now, even though XRP hasn’t risen as much as other cryptos, there are a couple of key things that could change for Ripple:
XRP-based ETF
Sean McBride dropped the bombshell that we could see an XRP ETF in the next few years. This is big because an ETF would allow investors to get into XRP without having to deal directly with buying and storing cryptocurrencies, which can be a mess for some.
In addition, Brad Garlinghouse, Ripple’s chief, said they would be thrilled with this. An XRP ETF would signal legitimacy and open the doors to a lot of new capital.
Ripple IPO
Despite being entangled in a legal mess with the SEC, Ripple is thinking about going public outside the U.S. This is a master move because it would allow them to raise funds and continue to expand, without having to deal directly with restrictions in the U.S., although they still want to resolve their legal issues there. If the IPO goes well and the case with the SEC is resolved favorably, that could be a double whammy for Ripple.
So what does all this mean for Ripple? Well, we’ve previously touched on this on ETHNews, Ripple is working on several fronts to increase adoption and value of XRP, despite the regulatory challenges .
Ripple leads with a major upgrade announcement
Following Schwartz’s message, the XRPL team published a detailed blog post outlining the features of the update, including bug fixes, performance improvements and critical changes such as fixNFTokenReserve and fixInnerObjTemplate.
In addition, Ripple has initiated the voting process for two additional amendments to the XRP Ledger governance mechanism. These proposals, which have the support of more than 80% of the network’s trusted validators, are designed to increase the overall functionality of the ledger.
Critical upgrade deadline approaching
With the March 5 deadline approaching, Ripple is urging all XRPL server operators to accelerate adoption of the 2.1.0 upgrade to maintain uninterrupted network operations. The exact implementation date of the upgrade will depend on the consensus reached through the decentralized ledger voting process.
The enhancements are set to introduce distinctive features to the XRPL ecosystem. For example, fixNFTokenReserve will add an important control mechanism to the Non-Fungible Token (NFT) acceptance process, while fixInnerObjTemplate will implement a more flexible internal object templating system called STObject.
The year 2024 marks rapid advances for Ripple
The implementation of XRPL 2.1.0 signals Ripple’s continued commitment to ledger development in 2024, following earlier enhancements such as Web3Auth, XRPL 2.0.0 and Clio v2.0.1.
These updates demonstrate Ripple’s dedication to the sustainability and growth of the network, with stakeholders quickly adapting to changes and actively participating in governance.
As Ripple advances technologically, it remains entangled in a legal fight with the SEC, affecting the market performance of its cryptocurrency. Despite this, XRP is currently trading at $0.64, having seen a 6% increase in value.
If they can pull off the ETF, expand their financial partnerships, and succeed with the IPO (especially if they fix their SEC issues), we’re talking Ripple could skyrocket. Sure, this all comes with its dose of “ifs” and speculation, but if Ripple plays its cards right, investors could see a very sweet return on their XRP investments.
The current price of Ripple (XRP) is $0.64 USD, showing a 5.90% increase in the last 24 hours. Over the last week, XRP has experienced a 19.33% increase , and in the last month, it has grown by 26.50%.
$XRP exited the descending channel and is now in “discovery mode”. Next up is $0.75 and then $1. #Ripple holders finally have a reason to celebrate. #XRP – Source: @CaptainAltcoin
