Jan 07, 2021
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Following the drop in the price of XRP, the Ripple press release adds value to the value of XRP. It can be a new beginning for the XRP.
In the latest press release Ripple, highlighted the importance of central bank digital currencies (CBDC). Innovation that cryptocurrency brings to the banking system will make transferring money cheaper, faster, and easier. To perform this action, banks need to have some expertise in the field. CBDC will be crucial in the process of the wide adoption of digital currencies.
The key point will be how Central Banks deal with the interoperability and regulations for these CBDC. The current fiat-based system offers limited coverage, and CBDC will address this issue. Ripple underlined some points in the report.
As the internet serves for the exchange of information across borders, then CBDC is a system that powers the transfer of value over the borders.
“To realize this full potential, 80% of Central Banks currently exploring CDBCs must embrace interoperability. This universal interoperability hinges on the use of open standards and neutral bridge assets optimized for speed, scalability, and cost to free up capital and enable the unrestricted movement of value between CBDCs.”
The CBDCs are the future of fiat. Central Banks cannot create this system in isolation, and they need to cooperate to realize the seamless transfer of funds.
A futuristic report by Ripple affected the price of XRP. During the last two days, the value of XRP displayed a worth-mentioning rise. Yesterday XRP traded around $0.22 – $0.24. Today, the price recovered after the SEC lawsuit. With a more than 30% increase, the price of XRP reached $0.34.
The petition was about considering XRP as currency. This petition was the reaction of people to the government. More than 37 thousand people voted for the petition. In the petition, it was mentioned that the lawsuit by the SEC harms the holders of XRP currency, and it should stop.
The result of the petition and the lawsuit will play a significant role in the future of XRP. People see XRP as reliable currency, but the lawsuit made the situation worse.
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