Ripple, the blockchain payments trailblazer spearheading XRP, appears to be on the cusp of resolving its protracted legal duel with the U.S. Securities and Exchange Commission (SEC), igniting hopes for a swift settlement. This development comes as the court grants multiple motions from Ripple while dismissing some of the SEC’s requests, potentially steering the case toward a favorable conclusion.
In a noteworthy twist, the SEC has scheduled a closed-door Sunshine Act meeting on November 30, 2023, fueling speculation within the XRP community that a settlement may be in the offing.
The agenda, featuring discussions on injunctive action, administrative proceedings, and litigation resolution, hints at the possibility of both parties finding common ground. Such an agreement would not only bring an end to prolonged uncertainty but also mitigate litigation costs, enabling Ripple to resume operations in the lucrative U.S. market.
Global Interest in XRP Surges Among Banks
Despite legal headwinds, Ripple has continued to expand its global network and partnerships, with XRP gaining substantial traction among international banks eager to leverage its prowess in cross-border payments. The Basel Committee on Bank Supervision’s recent report reveals a burgeoning interest in XRP within the financial banking sector.
Of the 182 banks participating in the Basel III monitoring exercise, 19 submitted crypto asset data, revealing a combined exposure of €9.4 billion ($10 billion). XRP stands out as the third-largest altcoin (a tie with Polkadot) in use for bank engagements, constituting 2% (€188 million) of total crypto asset exposures. This further underlines XRP’s growing appeal, placing it behind Bitcoin (31%) and Ethereum (22%) in terms of bank utilization.
The Basel III report not only provides valuable insights into global banks’ crypto exposure. It also serves as a benchmark for understanding the position of cryptocurrencies in the financial sector. Despite comprising only 0.05% of total financial commitments under Basel III, the 19 banks’ crypto-asset exposures spotlight a growing acceptance of digital assets within traditional financial institutions.
As the legal saga with the SEC inches toward resolution, Ripple and XRP exhibit resilience and innovation amid regulatory challenges and market volatility. Furthermore, Ripple’s steadfast vision of fostering a more inclusive and efficient global payment system, with XRP playing a pivotal role, positions the company for a potential surge in growth and adoption.
XRP Recovers from Drop to Three-Week Low
On the price front, XRP has just pulled back from a recent sharp plunge to the $0.5730 support level, its lowest point since October 31, following frenzied reactions to a high-profile departure from the crypto world. At the moment, normalcy appears to have returned to the market and the cryptocurrency is set to resume its retest and scaling of the $0.6300 top.
Over the coming days, we can expect to see the cryptocurrency make a play at the $0.7000 round figure as an overwhelming bullish momentum is expected to envelop the market. Meanwhile, additional price dips should likely be repelled by the $0.5730 mark.
XRP Statistics Data
XRP Current Price: $0.6140
Market Cap: $33B
XRP Circulating Supply: 59.7B
Total Supply: 100B
XRP Market Ranking: #5
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