Well, XRP has undoubtedly made a name for
itself in the Cryptocurrency world. This token produced by Ripple labs has gained a lot of
attention in the past few months and displays promising potential. With a strong community
of supporters, there is no saying about the heights XRP will reach in the future. Ever
since its lawsuit with The Securities and Exchange Commission, XRP prices have seen
a series of fluctuations, So are you going to hold it? Do you think the prices are going
to rise? How exactly is it going to make you rich? Stay tuned to find out! Ensure to keep on watching because we have
a special hidden surprise for you in today's video! Welcome back, XRP Army! The XRP place to be, to keep you informed
on all XRP and Ripple updates.
Let's grow the XRP LAB COMMUNITY by pressing
the like button and subscribe to our channel. And let us know in the comments why are you
holding XRP? We'd also like to emphasize that this is not
a financial advisory channel, and we don't ask you to invest in any particular company.
This is simply a way for instructional materials to be delivered to your door. With that in
mind, we recommend that you do your homework before investing in anything. For quite some time, XRP has been in the news.
Since it was demonstrated that it could transfer or settle payments faster than Bitcoin, it
has gained popularity.
XRP can settle a payment in under four seconds and process 1500 transactions
per second. Most businesses use it to settle cross-border transactions, but its primary
function is to act as a middleman between cryptocurrency and fiat exchanges. All this
hype might be the reason it caught the SEC's attention, and have been in a battle with
them ever since The Securities and Exchange Commission (SEC),
sometimes known as the Securities and Exchange Commission of the United States, is an American
government organization regulating the securities market and safeguarding investors from fraudulent
practices and incorrect information. It has a three-fold mission: to safeguard investors
and to maintain fair, orderly, and efficient markets. Let us now consider the following question.
Why has a federal government body tasked with security market regulation initiated a lawsuit
against XRP? The explanation can be found in XRP's exponential
rise from 2013 to 2020.
Between these dates, Ripple is said to have raised $1.3 billion
by selling SEC-approved tokens. As a result of Ripple's failure to register
the token sale under US federal securities regulations, the SEC intervened. In plain
English, the SEC claims that XRP is a security, not a commodity, as Ripple says. As a result,
they must adhere to the SEC's laws and regulations. On the other hand, Ripple did not listen or
accept defeat instead of allowing the SEC to take control. Ripple CEO Brad Garlinghouse
is confident that they will win the lawsuit and come back stronger as their legal team
is phenomenal. Tesla announced in a tweet that it would no
longer accept bitcoin as payment for its vehicles, reversing a recent decision that boosted bitcoin
to new highs.
Mr. Musk stated that the decision was made
due to bitcoin's high energy usage. He stated that he still feels cryptocurrency is a "good
idea on several levels," that Tesla might utilize bitcoin again if its electricity was
cleaner, and that he feels cryptocurrency is a "good idea on numerous levels.". But
Elon Musk stated that until he finds a more efficient replacement for Bitcoin, Tesla will
only accept traditional payments. XRP has gone through its fair share of struggles.
Still, people who hold onto it have a really good chance of becoming millionaires in the
future by simply investing in the only cryptocurrency with the biggest number of endorsements and
collaborations with over a hundred commercial banks and financial institutions around the
Ripples' many distinctive features have pushed
the gross settlement platform's native currency into the spotlight this year, allowing the
business to secure even more partnerships and endorsements than the world's most popular
digital currency, Bitcoin. Despite the ongoing legal battle between the blockchain start-up
and the US banking regulator's arm, XRP's super-utility functions have made it the favorite
of banks and many financial institutions. They are adopting it day by day despite the
SEC lawsuit. XRP has continued to thrive, even breaking out of its three-year all-time
high, reaching price margins around the two-dollar mark, like no other crypto asset on the market. Banks are preparing to flick the switch, making
XRP holders wealthy, according to Ripple's CEO. Many people refer to Ripple XRP as the
ideal contender for replacing the whole financial system, including Bitcoin, which will have
a huge impact on bitcoin's price and market value in the long run.
According to expert forecasts, the result
will see the replacement of Bitcoin with XRP, much as Ripple is intended to replace these
banks' operations. In a 2019 interview with Fortune, the CEO of the San Francisco firm
Ripple said that banks and financial institutions are about to flip the switch and integrate
the digital asset XRP. He stated that many of the two hundred banks
and financial organizations joined Ripple's network plan to use Xrapid and XRP to help
with cross-border payments. At the time, we were working with roughly 200 banks and financial
organizations. More than 350 agreements have been secured by the financial business so
far. This would result in the XRP prices skyrocketing through the roof. Not long ago, many non-crypto enthusiasts
and even blockchain proponents were spreading the word that Ripple XRP would never recover
from the SEC case and that no one would ever use it again, which made for some nice skepticism-inducing
headlines. Things have changed recently, as many individuals have begun to utilize xrapid
since it is faster, better, and less expensive.
Euro EXIM bank, which has branches in both
London and St Lucia, stated that it would be the first bank to use xrapid to power payments
for its customers commercially at the time of the interview. In the first quarter of
this year, Euro EXIM bank hinted that it might start adopting xrapid. It intends to employ
the digital asset XRP to enable payments for its clients in more than 80 countries around
the world in the long run. Ripple said it would utilize five companies to power payments
on behalf of its customers, including Euro EXIM Bank. Other major Rippleness customers
include sending buddy, a global remittance market-based in New York, and transgo, a global
payment system for mobile payments based in Vienna. When it comes to blockchain projects,
partnerships are crucial. Ripple has mastered the art of persuading financial institutions,
banks, and non-banks to join its network.
The recently added second-largest bank in
Africa, the National Bank of Egypt, is one of Ripple's several collaborations. The XRP
market has benefited as a result of this arrangement. A remark from Ripple verified the news, saying,
"We are thrilled to announce our cooperation with the National Bank of Egypt, North Africa's
largest bank." Ripple bank and the National Bank of Egypt have connected with the UAE-based
financial service company Lulu foreign exchange via Ripple's global payment network. Processes cross-border payments from the United
Arab Emirates to Egypt as part of the Lulu banking group.
The new agreement will facilitate
remittances to Egypt while also bringing the blockchain footprint in the country into line.
Egypt is one of the top five remittance recipients globally, with remittances totaling 24 billion
dollars in 2020 alone. Well, we are almost at the end of this video,
and you know what that means Yup, TIME FOR THE SURPRISE MINI QUIZ! What is XRP XRP is a digital asset built for payments
XRP is an asset built for investments Let us know in the comments below what you
think the answer is Make sure to watch till the end for the correct
answer Ripple soared by roughly 300 percent in April,
establishing a new all-time high. The cryptocurrency has re-entered the top five coins by market
capitalization as its price topped $1. Although it was banned from many exchanges, XRP investors
experienced positive market momentum as encouraging stories on the case began to hit media channels.
The current price of XRP is $1.42. According to statistics and graphs, XRP is on the verge
of making a comeback that will rock the market. Prices are likely to hit new highs never seen
before, and the public's support for the company amid its difficult times demonstrates how
much XRP has influenced the market.
Since we have reached the end of this video,
it's time to reveal the answer to the MINI QUIZ.
The answer is A. XRP is a digital asset built for payments. So from the above data, it's safe to assume
that XRP will reach new heights in the upcoming future with its new partnerships and whatnot.
So people who have already invested in Cryptocurrency, why did you invest in it in the first place,
and why didn't you sell it when the prices plunged down? Please let us know in the comments
section below as to why you are holding XRP?.
Well, that's it for today's video guys Make sure to subscribe and give us a thumbs
up! See you next time at XRP labs..