After months of anticipation following a pivotal legal decision, Ripple is facing criticism for a perceived slowdown in the adoption of its related cryptocurrency, XRP. Despite a favorable ruling from Judge Torres in July that clarified XRP‘s status, Ripple has struggled with an SEC lawsuit that has hampered its ability to grow and secure new partnerships.
Today, XRP’s spike to $0.6199 was accompanied by a notable increase in trading volume. This surge comes as the legal case against Ripple nears a resolution next year. The lawsuit, which centers on whether Ripple conducted unregistered securities-like sales of XRP, has cast a shadow over the company’s operations.
Experts in the field are weighing in on the potential outcomes, suggesting that any financial penalties Ripple might face could be mitigated. The reasoning behind this prediction is that the vast majority of XRP transactions, around 95%, have been international, which could affect the severity of any sanctions.
In related news, Jaskaran Kambo, founder of SpendTheBits, a crypto-payment app built on the XRP Ledger (XRPL), recently shed light on the high activation costs for multi-currency wallets. These costs, approximately $15 CAD per wallet, are directly affected by the fluctuating price of XRP. Kambo’s comments echo those of Panosmek, who noted that XRP was originally created for peer-to-peer lending, not banking services.
As Ripple navigates these challenges, the crypto community is closely watching the implications for XRP’s adoption and the broader digital currency landscape. With the litigation set to conclude next year, the future of Ripple and its impact on XRP remains a focal point of discussion among investors and industry observers.
