Ripple, a global payments network, recently revealed its plans to expand the company’s Ripple Payments services in the US. It is a leading player in real-time gross settlement systems that intends to launch new product upgrades that are powered by its money transmitter licenses (MTLs).
W. Oliver Segovia, Ripple’s senior director and head of product marketing, shared this news in a LinkedIn post. He also disclosed that while 90% of Ripple’s transactions occur internationally, the organization aims to expand its reach in the US market by enhancing its services.
🚀 Ripple’s XRPL is on the rise! CEO Graham Rodford predicts $30-50 trillion in #XRP trading by 2025, possibly propelling it to $900! 🌟
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) February 2, 2024
Ripple’s XRP Services to Roll Out in the US
It is anticipated that the upcoming product updates will capitalize on Ripple’s expertise in payments and blockchain technology to provide simplified cross-border transaction solutions within the United States.
At its freshly established San Francisco headquarters, Ripple will organize a meet-up to launch this development officially. The payment product launch will feature a panel discussion moderated by US Managing Director Joanie Xie and guided by product leaders Brendan Berry and Pegah Soltani. David Schwartz, the Chief Technology Officer, will also participate in a conversation about the future of payments and blockchain technology at Ripple in 2024.
In keeping with its expansion plans, Ripple is now hiring in a number of international locations, including Bangalore, Toronto, and London.
What is Ripple Payments?
Ripple Payments uses XRP as a bridge currency and offers advantages such as instantaneous transaction settlements within seconds and cost savings over conventional approaches. It also offers transaction transparency through a public ledger and security via a consensus process.
With this development, Ripple is putting itself in a position to play a major role in altering cross-border payments within the United States.
What This Launch Means for Investors
As a result of this action, XRP may experience a spike in demand as it becomes more widely available to potential users in the US. However, the timing and extent of these developments may be impacted by the SEC’s continuing legal action against Ripple.
SEC made allegations in December 2020 on the sale of XRP as unregistered securities. A court’s recent ruling that programmatic sales of XRP do not meet the third prong of the Howey Test has given the market some hope, but a final resolution has not yet been reached.
Following the July 13th judgment on the Ripple vs. SEC lawsuit, the question remains: does the court’s ruling deem sales involving ODL securities?
Leonidas, XRP Community Figure
Role of XRP in Ripple Payments, Cross-Border Transfers
Within the Ripple payment network, XRP facilitates cross-border transactions that are quicker, less expensive, and more transparent. By using XRP, you can become less dependent on SWIFT, banks, and other traditional channels that impose exorbitant fees for international transactions. The demand for XRP may rise as more financial institutions use Ripple’s products, which would raise its market worth even more.
Market Impact of XRP-Backed Payments in the US
The introduction of XRP into the US payment landscape can have a big effect on the cryptocurrency industry, leading to more people using and adopting Ripple’s services. This development also creates new avenues for cooperation with US-based enterprises and coordination between Ripple and other financial institutions.
Investors and market players should closely monitor this developing scenario as Ripple moves on with its plans to provide payment services utilizing XRP within the US. XRP may be well-positioned for further development in 2024 and beyond because of the possibility of enhanced accessibility, resurging demand, and cooperative prospects.