Ripple Expects U.S. Banks to Embrace XRP After SEC Case Win

Ripple expects U.S. banks to embrace XRP for cross-border transactions following a court ruling on its security status.

Last updated: July 17, 2023 12:26 PM

Published July 17, 2023 12:26 PM

Last updated: July 17, 2023 12:26 PM

Published July 17, 2023 12:26 PM

The recent headliner, Ripple, is optimistic that U.S. banks will now be interested in using its XRP cryptocurrency for cross-border transactions, as reported by CNBC.

This follows a recent court ruling clarifying that XRP is not a security. However, the court also ruled that some sales of the token to institutional buyers qualified as unregistered securities sales.

Ripple plans to begin discussions with American financial firms in the third quarter about adopting its On-Demand Liquidity (ODL) product, which utilizes XRP for money transfers.

The company hopes that the ruling will provide comfort to financial institutions and lead to real business opportunities in the United States.

Despite the mixed outcome, Ripple remains confident in its business and aims to address its clients’ needs within the framework set by the court’s decision.

Also Read: Major Crypto Exchanges Relist XRP After Victory In SEC Case

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