Banks Reportedly Love Ripple’s XRP And The Demand Could Trigger Prices Of $0.80
Ripple and XRP are in the spotlight again. XRP-related price predictions have been intensifying these days, and XRP is expected to hit $1.
We recently reported, that according to Investinblockchain, there’s a possibility of XRP hitting $1 before the year 2020 starts.
They write that for XRP to surge like that and hit the $1 target, “the cryptocurrency will need to increase by a whopping 134% from today’s price. The last time Ripple was at $1.00 was during February 2018, over 15 months ago.”
The online publication continues and presents charts and highlights some areas of resistance that are on the way up to $1.
Ripple wants to work with regulators
Now, during an interview with Recode Decode podcast, Brad Garlinghouse has addressed once more the will of the company to work with regulators and not against them.
Speaking of regulation, it has been reported that there’s another argument claiming that XRP is not a security.
The Japanese investor in crypto Seth Lim aka XRP Whale also brought arguments to support his claim.
Ripple’s solutions have reportedly been designed in such a way to meet the demands of banks and financial institutions, notes NewsBTC.
This is a goal that Garlinghouse has been working hard to achieve.
There are definitely some regulatory challenges to be overcome, and most of them are revolving around the subject we mentioned above – whether XRP is a security or not.
As you already know, the XRP army of fans says that the digital asset is a utility token and not a security.
Banks reportedly love what Ripple is doing
In an interview with Recode Decode podcast with Kara Swisher, Brad Garlinghouse expressed his deep desire of working with regulators and banks.
“I don’t think banks […] governments will go away. Banks are applying an essential regulatory framework that I actually think is important for society. I believe that banks will continue to serve that role; they’re good at it […] I think this is a new set of technologies that they can benefit from to grow their business,” he said.
He continued, and stated that “99% of banks love what we’re doing because we’re democratizing something that’s controlled by a small number of banks, their competitors.”
XRP’s price is expected to mirror the coin and the company’s achievements and NewsBTC says that XRP could be on its way to $0.80.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.