Ripple (XRP) Remains a Growth Leader, Moving Away from Tether

Ripple (XRP) Remains a Growth Leader, Moving Away from Tether

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Despite the fact that bitcoin and Ethereum have grown significantly over the day, XRP remains the leader over the week – almost 30%. XRP growth may continue on the statement of Ripple CEO Brad Garlinghouse.

The decrease in XRP after a record growth last week, experts associate with the leak that the US authorities intend to recognize XRP as a security. In this case, to trade XRP in the United States, one will need to obtain a broker-dealer license. After the appearance of this information, private investors began to come out from XRP, and the price of the coin decreased. However, large investors remained unperturbed. Additionally, Ripple CEO Brad Garlinghouse issued a statement that calmed the markets and put XRP back on the rising track. Garlinghouse said that Ripple’s activities in the US will continue at the same volume, even if XRP is recognized as a security.

The company’s American customers are mainly those who use the Ripple service named ODL (On-Demand Liquidity). Customers buy a certain amount of XRP in order to make fast and cheap money transfers abroad. Ripple is ready to obtain the required license in this case. Customers will still be able to buy XRP from Ripple and make their transfers as usual.

The banking lobby in the US strongly opposes the use of Ripple technology, as Ripple could cause banks to lose huge profits on international transfers. Ripple has repeatedly approached the US authorities and the Regulator (The United States Securities and Exchange Commission, SEC) directly to allow the company to operate in the States, but has always been refused. Almost all Ripple partner contracts are concluded outside the country. In the end, the US authorities are forcing Ripple to change jurisdictions. For a long time, the American company resisted this. But perhaps Ripple will eventually take this step. Brad Garlinghouse said that the company is now considering moving the company “to more friendly jurisdictions, or at least to those countries where there are clearer rules regarding cryptocurrencies.” Ripple’s CEO stated:

“The reality is what we’d probably do is just say, ‘Okay, in order to provide certainty and clarity on a going-forward basis we would want to look at other markets and other jurisdictions where there is that clarity.’ I highlighted the UK. I highlighted Japan. I highlighted Singapore.”

But at the same time, Garlinghouse emphasizes that Ripple’s business will not change. These statements have calmed the market, XRP has started to rise again. Previously, analysts predicted that the growth of the coin could continue to the level of $2. Even this fantastic price will be far from the all-time XRP high of $3.4.