The future of XRP looks bright again now that the four-year lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) has come to an end.
Cryptocurrency analyst Ashley Prosper shared in a post on
XRP for International Payments
The first reason cited by the analyst is that Ripple CEO Brad Garlinghouse emphasizes XRP’s role as a bridge currency and asserts that Ripple is still far behind this cryptocurrency.
Traditional payment systems for international money transfers are often slow, expensive, and complex, with multiple intermediaries each adding their own costs and delays. Ripple aims to address these shortcomings with its XRP cryptocurrency.
Broad institutional support for XRP
The second reason is that XRP is already backed by major institutions. Many leading companies and banks have recognized the value of XRP. For example, Bank of America praised Ripple’s technology for fast settlement of transactions between different currencies. JPMorgan noted that if Ripple wins its lawsuit with the SEC, XRP could see widespread adoption.
Better version of bitcoin
Ripple CTO David Schwartz has described XRP as an improved version of Bitcoin (BTC). According to Schwartz, Bitcoin has several limitations, such as its energy-inefficient Proof-of-Work (PoW) consensus mechanism and centralization issues. He says XRP offers solutions to these challenges.
Recognition worldwide
Finally, the analyst emphasized that Ripple is gaining more and more recognition around the world. Christine Lagarde, President of the European Central Bank (ECB), acknowledged Ripple’s efforts to improve payment efficiency.
The World Economic Forum (WEF) has also identified XRP as one of the most important cryptocurrencies for cross-border payments. Jesse Lund, a former IBM executive, has also praised the use of XRP for settling payments.
Additionally, SBI Holdings, Ripple’s main partner in Japan, believes that XRP could become a standard in the world of cross-border payments.
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