Ripple expects US Banks to start using XRP again

After a three-year legal battle with the US regulator SEC, a bubble of positivity is finally ringing for Ripple. Last week, the judge ruled that while some of the initial sales of the XRP coin should have been registered as securities, subsequent sales were in order.

This ruling partially clears Ripple’s name and brings renewed hope for the company’s future. With this in prospect, Ripple expects a significant upward shift in their business activities.

Legal Battles and Victories

Last week brought a partial resolution to the long-running legal battle between Ripple and the SEC. Judge Analisa Torres ruled that while some of the initial sales of XRP should have been registered as securities offerings, the secondary sales of the coin do not fall into the category of securities. The case could still go to court, and fines could still be imposed for the initial sale of XRP, but it is positive news.

In a sense, this ruling has given Ripple a push, especially in terms of using XRP to facilitate money transfers. This positive turn ends the hesitation of potential customers to go with Ripple, a problem that has also cost the company its largest client, Moneygram.

Positive Outlook and Future Steps

It is therefore no surprise that Brad Garlinghouse, CEO of Ripple, is very positive about the judge’s ruling. He sees new opportunities in this statement to generate income for his company.

In addition, Garlinghouse emphasized that this ruling is not only important for Ripple itself, but that it can also have a beneficial effect on the entire crypto market. He criticizes the SEC for labeling too many cryptos as securities, and praises the clarity of the judge ruling that XRP is not a security.

Banks will start using Ripple and XRP again

Stu Alderoty, Ripple’s general counsel, also revealed that the company plans to enter into discussions with new potential customers. With the third quarter of 2023 just two weeks away, the focus is on closing deals with companies in the US banking sector. The primary target groups are banks and payment processors conducting international transactions. The reason for this is that XRP eliminates the need for pre-funded accounts on the receiving end.

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Alderoty has high hopes for the coming months, hoping that the verdict will allay the hesitation of financial institutions and spark more conversations with potential clients in the United States.

Ripple currently generates most of its revenue outside the US, but winning this lawsuit was necessary to overcome the legal challenges. With these legal hurdles largely out of the way, Ripple is aiming to strengthen its standing among US business partners.

Conclusion

The recent ruling in Ripple’s favor has paved the way for the company to ramp up its business. This decision, which puts an end to much uncertainty, could not only lead to new opportunities for Ripple, but also has positive implications for the entire crypto sector. The coming weeks will be very interesting for XRP investors.

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