Ripple CEO Brad Garlinghouse: XRP Can Outshine Bitcoin and Solve a Billion-Dollar Problem

September 19, 2023 Nitish shaw Cryptocurrency News 0

XRP Skyrockets 26% Following New York Judge’s Ruling in SEC Lawsuit

Ripple, the company behind the XRP cryptocurrency, has been making waves in the fintech industry with its ambitious vision of creating a global payment network that can rival Bitcoin. In a recent interview with CNBC, Ripple CEO Brad Garlinghouse explained how XRP can solve a billion-dollar problem plagues the current cross-border payment system.

What is the billion-dollar problem?

According to Garlinghouse, sending money across borders is slow, expensive, and inefficient. He said that banks and other financial institutions must pre-fund accounts in different countries with local currencies, which ties up capital and creates liquidity issues. He estimated about $10 trillion of trapped capital in these accounts worldwide.

See Also:  Ripple [XRP] too hot to handle, jumps 30% within a day

How can XRP solve it?

XRP, the native currency of Ripple’s payment network, can act as a bridge between different fiat currencies and enable instant and low-cost transactions. Garlinghouse said that XRP can reduce the cost of cross-border payments by 60-70% and increase the speed from days to seconds. He also claimed that XRP is more scalable, secure, and environmentally friendly than Bitcoin, which consumes much energy and has a limited transaction capacity.

Why is XRP better than Bitcoin?

Garlinghouse argued that XRP has a clear use case and a real-world problem to solve, while Bitcoin is more of a speculative asset and a store of value. He said that XRP is designed to be a medium of exchange and a unit of account, which are the essential functions of money. He also predicted that XRP will surpass Bitcoin’s market capitalization as more people and institutions adopt it for cross-border payments.

See Also:  Bitcoin Dependency: MicroStrategy Price Drops 5.9% Amid Q3 Earnings Miss

Related Stories:

SEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities ClassificationSEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities Classification Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple CEO Brad Garlinghouse Celebrates Hinman Documents Release: ‘Well Worth the Wait’ XRP Price to Hit New All-Time Highs as XRPL Adoption Goes MainstreamRipple vs SEC Latest: Brad Garlinghouse: ‘We Are Confident We Will Win’ How Binance's XRPL Network Outage Sparked a Backlash from XRP ArmyXRP Drops 5% as Ripple Unlocks 1 Billion Tokens From Escrow Ripple's IPO Uncertain Amidst SEC ScrutinyRipple IPO Bombshell: A Trillion-Dollar Opportunity for XRP Investors? XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.XRP remains outside Ripple’s Liquidity Club even after 5 months? Here’s how Ripple CTO reacts A Message from Ripple's CEO to the XRP Community Amidst CrisisA Message from Ripple’s CEO to the XRP Community Amidst Crisis Ripple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing LawsuitRipple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing Lawsuit
Avatar photo
About Nitish shaw 236 Articles
An aspiring novelist and a random blogger, Nitish is also a porky-mouthed banter specialist when it comes to football (soccer), films, TV Series, History and socio-economic issues. He travels, indulges in music and plays outdoor sports to get his creative juices flowing. “There’s the scarlet thread of murder running through the colorless skein of life, and our duty is to unravel it, and isolate it, and expose every inch of it.”- Quote this, and you will be his favorite person for at least as long as the two of you can hold up the conversation.