- Ripple continues its growth efforts despite the SEC lawsuit, engaging in discussions with top Indian banks for a pilot rollout of the nation’s CBDC, the Digital Rupee.
- While the XRP price remains volatile, there is potential for a surge as indicated by an increase in active addresses on the XRP Ledger and buying interest from institutions amid the influx of institutional money into the crypto market.
Despite its legal fight with the U.S. Securities and Exchange Commission (SEC), Ripple has continued to push further its efforts for the XRP growth story as well as the company’s other software products.
In the latest development, Ripple is in talks with the top banking institutions in India in rolling out the pilot for the nation’s CBDC aka Digital Rupee. As a result, the platforms launched by these banks will offer e₹ wallet while allowing customers to transact in this CBDC.
Kotak Mahindra Bank joined RippleNet in 2018 for cross-border transactions and Ripple’s settlement solution. Speculation suggests that Ripple technology is involved in the bank’s E-Rupee project, but not the XRP token. The project includes a Closed User Group (CUG) for select customers. RippleNet offers access to a network of payment providers, but due to the SEC lawsuit and the US ecosystem, institutional expansion is more sensible for Ripple.
Although Ripple’s XRP Ledger facilitates instant cross-border transactions, its adoption is slow amid the ongoing SEC lawsuit. In an interesting development last month in May 2023, Ripple launched its CBDC platform allowing institutions, governments, and central banks to mint their stablecoins and CBDCs.
The Ripple CBDC platform is an updated version of the XRP Ledger (XRPL) introduced two years ago. It will use the same blockchain technology as XRPL, allowing users to customize and manage fiat-based CBDC transactions and distribution throughout their life cycle.
Ripple XRP Price Stays Volatile
During the first half of the month of June 2023, the XRP price made a move above $0.50. However, it’s been struggling lately to sustain above those levels. At press ti,e XRP is trading at $0.4855 with a market cap above $25 billion. On the downside, XRP could face further selling pressure to $0.465 and $0.45.
But on the flip side, popular crypto investor Ali Martinez notes that there’s a spike in the number of active addresses on the XRP Ledger. Whenever this happened every time in the past, it was followed by some gains in the XRP price. It will be interesting to see whether XRP can once again surge past $0.50 and surge even higher.
The last three instances $XRP price jumped were preceded by a spike in the number of active #XRP addresses.
On-chain data from @santimentfeed has recorded a spike in network activity over the past few days. Could history repeat itself? pic.twitter.com/XoJAFsDuvo
— Ali (@ali_charts) June 26, 2023
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Additionally, amid the massive influx of institutional money in crypto last week, there’s some buying interest for XRP as well. The flurry of spot Bitcoin ETF applications majorly triggered the institutional buying interest in crypto, typically Bitcoin. However, it also trickled down to altcoins with XRP seeing close to a quarter million dollars of inflows as per data from CoinShares.
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