More On: ripple lawsuit update
In the coming weeks, President Biden will nominate a former Ripple adviser to be the Fed's Vice-Chair for Supervision.
XRP (CRYPTO:XRP) is now experiencing a bullish trend. Bulls have been eyeing a price of $1 for a long time, and it is now within striking distance of US$0.84. Ripple's all-time high price would be $1 if it were to reach that level.
Because it has never recovered from its 2017 bull market highs, XRP (also known as "Ripple") stands out among other cryptocurrencies. If it reaches $1, Ripple will see a surge in popularity that it has never experienced before.
What could be the reason for all these gains?
One obvious reason is that there is thought to be progress in the SEC lawsuit that Ripple is involved in. People who made XRP are being sued by the U.S. Securities and Exchange Commission, who wants them to stop making XRP. A lot of people think that the company is on the winning side, because it has already won a lot of procedural cases in the past. Ripple has proof that SEC officials have said that cryptocurrencies aren't securities, which hurts the regulator's own case. Because of this, many people think that Ripple Labs will either win the case at trial or agree to pay a small amount of money.
Another, less talked about reason is that more and more banks are using Ripple to make payments. Just recently, the Canadian Imperial Bank of Commerce (TSX:CM) (NYSE:CM) said that it would use the Ripple payment network to send money to people in other countries. CIBC said it will use Ripple to make it easier to send money around the world. The network claims to be able to send money across borders instantly. To understand why banks like CIBC are adopting Ripple/XRP and what this could mean for investors, I'll write about it in this post.
Because Ripple is a good way for banks to make money.
It is one of the reasons that banks like Ripple because it takes so long to send money. People who use Ripple say that it can make 1,500 transactions per second. This makes it a lot faster than the average cryptocurrency. A lot of different tokens are out there, but Ripple has enough to make most transactions almost instantaneous. Solana is one of them. So, it can provide the kind of speed that banks need to make changes to their infrastructure. This is in contrast to other cryptocurrencies, which often take a long time to send money.
Visa is better than?
Because Ripple is faster than other cryptocurrencies, it may even be faster than Visa (NYSE:V) in terms of speed. This means that Visa's network may be able to handle as many as 1,700 transactions per second when it is used in real life. He's at 1,500. Keep in mind that this is an active cryptocurrency that has a development team working to keep the blockchain running. We're a little behind Visa with XRP. The number of transactions per second could go up a lot thanks to changes to the blockchain and other technical changes.
It was a mistake to take away
The year 2022 looks like it will be a big one for Ripple. Between a possible victory in a lawsuit and more adoption by banks, it's getting a lot of attention. So far, XRP has been a great cryptocurrency for 2022. If we add a lawsuit victory and even more bank adoption to what we've already seen, we might even get to a dollar. The future is never 100% certain, but right now, things look good for XRP.
No, you should not spend $1,000 on XRP.
Before you think about Xrp, we think you should read this. It might help you decide.
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