November has been a month of interesting events for the Bitcoin, altcoin and blockchain industry. However, despite the ongoing legal process, it has been one of the exciting months for the XRP community.
This altcoin project is preparing to rally
XRP, the altcoin of the Ripple ecosystem, is one of the leading cryptocurrencies by market cap. Recently, Attorney John Deaton published a report. In his report, Deaton said that XRP has been in the top 10 for nearly a decade despite regulatory uncertainty in the US.
XRP, the 7th cryptocurrency by market value, has left behind a month full of various developments. Specifically, the XLS-20 went live at the end of October. Then it welcomed XRP holders with native NFT functionality back in November. After a week, it was reported that over 240 thousand NFTs and 9000 collections were launched on the XRP Ledger.
Also, leading stablecoin issuer STASIS has announced the successful integration of its EUR stablecoin, EURS, into the XRP Ledger. As a result, XRPL users now have access to the largest euro stablecoin in the cryptocurrency markets.
Blockchain real estate market wants to use XRPL
Earlier in the month, Propr Home, the Portuguese-based blockchain real estate marketplace, announced plans to use XRPL. In the NFT market, there are plans to use NFTs in XRPL to tokenize properties for more efficient distribution. In addition, as time went on, Ripple’s efforts to speed up payments came out. New projects of On-Demand Liquidity (ODL) service using XRPL and XRP are presented.
In particular, Ripple has made a partnership with MFS Africa, which brings the ODL service up to the sixth level. The partnership will use XRP as the bridge currency. As a result, it promises to provide fast cross-border payments.
On the same day, Ripple announced that ODL currently represents 90 percent of the forex market. In the statement, it is stated that approximately 40 payment markets are served. Additionally, the company has added machine learning capabilities to scale the service as it continues to expand.
Altcoin XRP may rally depending on the outcome of the lawsuit between Ripple and SEC
XRPL developers announced that they are working on a XUMM wallet on/off ramp that supports 13 stablecoins in partnership with Gatehub. Besides, Wietse Wind is likely to take a little more time to roll out the feature. Users are assured that they can convert their XRP into legal money using this feature. As a result, it is considered an important step that could eliminate reliance on centralized crypto platforms.
As we have reported as Kriptokoin.com; After a long time, Ripple CEO Brad Garlinghouse made a statement. According to the CEO’s statements, Bank of America is interested in using Ripple’s ODL service. Garlinghouse announced that the investment bank would like to take the service once the SEC and Ripple case is settled. In particular, lawyer James K. Filan thinks that the case will be concluded around March 2023.
All developments affected the XRP price
Ripple states that they are working with the Republic of Palau to develop a cryptocurrency strategy. The government plans to develop a national cryptocurrency with uses in XRPL. It has increased by 5.1% in the last two weeks, according to data provided by CoinGecko. In addition, the price of the altcoin rose 0.2 percent in the last 24 hours. Currently, it continues to trade at $ 0.408921.
He attributes his belief in Ripple’s victory over the SEC to two factors. First, the clarity it brings to the crypto industry. Second, it rewards the XRP community that protects the project. Last week, the XRP price rose nearly 12 percent amid speculation that a settlement would be reached in the Ripple-SEC lawsuit.
The expectations of the Gokhshtein Media founder were similarly echoed by members of the XRP community. A Twitter user named Kahveocalypse stated that no matter what happens in the case, the XRP price is ready for a big rise. He cited technical factors as a potential catalyst for this:
The graphics look really good. Higher bottoms emerge from a few structures. It is being retested, rebought, or diverging from the moving averages.
Good analysis. Too many people think XRP price it is just about the lawsuit and I think you mean the court excluding secondary market sales. The SEC hasn’t given up on saying all sales are securities.. https://t.co/YrcbeFQCpV
— bill morgan (@Belisarius2020) November 25, 2022
Cryptocurrency enthusiast and lawyer Bill Morgan made another comment for the altcoin. Morgan says that the XRP price is not capped by case. Both parties are preparing to submit their summary of responses in response to summary resolutions in the case. Despite the silence in the litigation process, XRP made it one of the top 10 cryptocurrencies as early as Friday.
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