Source: Wit Olszweski | Shutterstock
- The Ripple team has been building the XRPL community with XLS-20, which enables minting NFTs.
- With Ripple using the proceeds of XRP monthly sales to run the company’s business operations, the likelihood of Judge Torres calling the asset a security is high.
Ripple Inc, a blockchain cross-border payment company, has announced tremendous victory for its flagship product Ripplenet. According to Ripple CEO Brad Garlinghouse, the company’s Ripplenet processed $30B in payments (both fiat and crypto).
Despite the ongoing lawsuit filed by the United States SEC, the On-Demand Liquidity market is fast expanding as Ripple closes significant partnership deals with leading fintech companies across various markets. Reportedly, over 19 new customers have joined the ODL ecosystem worldwide. Additionally, approximately 40 payout markets are live on ODL, thereby representing 90 percent of the FX markets.
The cross-border payment company is keen to tap into the ballooning market, which is projected to reach $156 trillion in 2022.
Cross-border payment flows are estimated to reach $156T in 2022. Companies can benefit from faster, cheaper, more efficient crypto-enabled payments across industries and use cases.https://t.co/WYRP8obUPb
— Ripple (@Ripple) November 17, 2022
Hereby giving the XRP community something to hang on to as the lawsuit enters the final stages. According to our latest crypto price oracles, XRP price has been on a wedge consolidation since hitting its ATH, $3.40.
Should the current wedge break out like the 2013-2017 one, then the XRP price is slated to spike beyond $10 in the next bull market. As per the XRP tokenomics, the total market cap for the digital asset will need to surpass $500 billion to trade above $10.
With Ripple showing significant resilience to push beyond the current headwinds, market strategists are confident the asset will trade beyond $10 in the coming years.
Ripple and the XRP market outlook
The Ripple team has been building the XRPL community with XLS-20 reportedly enabled to mint NFTs. As such, tokenisation on the XRPL network will be available for global art enthusiasts, according to Ripple CTO David Schwartz.
The new standard introduces native NFTs on the XRP Ledger to represent unique assets along with efficient, secure operations to enumerate, transfer and hold such tokens. (3/4)
— David “JoelKatz” Schwartz (@JoelKatz) October 31, 2022
Even though the ongoing lawsuit, which has seen 12 amici briefs submitted, may take longer than expected, the XRP community has proved stronger over time. According to our market data, XRP has a market capitalization of approximately $18.7 billion with a daily trading volume of around $1.8 billion.
Nonetheless, the Ripple XRP holding – nearly half of existing tokens – has attracted regulators’ attention, with the Biden administration referring to it as ‘predatory’. The company receives 1 billion XRP tokens monthly and sells some to the secondary market. The remaining basket is returned to an escrow account to be reopened later, as the market matures.
Related: Ripple scores new partner to offer NFTs to billions of people – Will it drive XRP price to $5?
With Ripple using the proceeds of XRP monthly sales to run the company’s business operations, the likelihood of Judge Torres calling the asset a security is high.
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