Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Ripple (XRP) –Fiery Growth Ahead?

Cryptocurrency Jul 31, 2021 06:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Ripple (XRP) –Fiery Growth Ahead?
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

  • Ripple has been embroiled in a legal tussle with the SEC over the sale of digital assets in an unregistered securities offering.
  • The legal battle has seen several twists and turns over the last few months making the outcome of the case uncertain.
  • Despite the legal drama, Ripple is forging ahead as it is set to tap into the $1.8 billion yearly remittance market between Japan and the Philippines.
  • Ripple’s XRP is trading at $0.7343 which is a massive 14% jump over the last 24 hours.

There is room for explosive growth for Ripple even in the face of its long, winding legal drama with the Securities and Exchange Commission (SEC). Ripple has spread its tentacles to South East Asia, seeking to take advantage of the growing market for cryptocurrencies that abound in the region.

Already, the company had previously completed the acquisition of a 40% stake in Tranglo and has extensive plans in place to take a portion of the almost $2 billion annual remittance market between Japan and the Philippines. It managed to achieve these feats amid serious litigation with the SEC on the home front.

No Retreat, No Surrender

Ripple has made an incursion into the South East Asian markets in recent months as part of their expansion drive. Early in the year, it was revealed that the company had completed a 40% acquisition of Tranglo, a company that supports cross-border payments in the region. The partnership is geared towards expanding the reach of its On-Demand Liquidity (ODL) in the region and will open it to new corridors.

True to the aims of the partnership with Tranglo, Ripple announced in a post that its ODL service will be deployed by SBI Remit Co Ltd, a money transfer provider in Japan, SBI VC Trade and to improve remittance payments from Japan to the Philippines.

The remittance industry between both countries is huge and figures are pegged at $1.8 billion annually from Japan to the Philippines. The use of the ODL will give the customers cheaper and efficient alternatives for remittance while Ripple continues its expansion.

How Did the Market React?

After the news broke that Ripple’s first ODL service will be implemented in Japan, XRP’s price went berserk. At press time, the value of the asset had leapt by 14% in the last 24 hours and currently trades at $0.7343.

Over the one-week timeline, the asset has gained 27% which makes it the highest amongst the top 10 largest cryptocurrencies. Market capitalization is at $33.1 billion giving it a 2.15% dominance of the market and a ranking of 6th place.

Since the breaking of the news, trading volume is up by a whopping 83% at $5,621,300,111.94.

On The Flipside

  • If Ripple loses its suit with the SEC, it could have a negative influence on the price of XRP with the price potentially falling to new lows.
  • The option of moving to another jurisdiction is one of several alternatives that Ripple Labs may choose to explore.

The Legal Battle

Ripple’s drama with the SEC began in 2020 after the regulatory agency alleged that the company and two of its executives had raised over $1.3 billion through an unregistered securities offering. Since then, the case has seen several twists and turns over the last few months with the tide ebbing both ways.

A public statement by SEC commissioners Hester Pierce and Elad L. Roisman noted that the regulatory status of digital assets is unclear and “although the commission has provided some guidance, the large number of factors cut against the clarity the guidance was intended to offer.”

Although the SEC had written a letter reminding the court that the statements of the Commissioners are not a statement of the SEC, Ripple enthusiasts are adding it to their series of wins.


Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Ripple (XRP) –Fiery Growth Ahead?

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email