Ripple and XRP have been on the news for a while now. From one new deal to another, the venture remains determined to get to the top of its game. Recently, the CEO of Ripple, Brad Garlinghouse, appeared at the FinTech festival that took place in Singapore. During the festival, he talked about blockchain, cryptocurrency and regulations. This was during a discussion with the Deputy General Counsel of the International Monetary Fund, Ross Leckow.
Garlinghouse made reference to the ASEAN markets and the role they play in Ripple’s plans to provide an Internet of value to the world. He made mention of the exceptional things that have happened in the country that are worth mentioning. He talked about how regulatory unclarity has hindered growth in the cryptocurrency ecosystem. According to him, a more defined regulatory framework is going to drive adoption in the cryptocurrency and blockchain technology.
Garlinghouse said that Singapore, as a country, has put a lot of effort into leading the cryptocurrency space. The country has a defined regulatory system that supports the cryptocurrency industry and this has invited major investors to the space. In his words:
“Thailand is another country that has explicitly and expressly endorsed and legalized cryptocurrencies including in XRP. The Philippines is also making the necessary moves to create a stable system as well”.
Going further, he said that regulatory clarity is the first dynamic that has influenced the adoption of blockchain technology across the Asian market. He says that this regulatory clarity is still important and that he is not happy to see that the market is full of so much uncertainty. He said that even with the evidence of blockchain and cryptocurrency use cases, some countries are still not ready to provide a regulatory framework for the industry. He continued:
“If we have regulatory certainty for Ripple and other companies in the industry, the mass adoption will become rapid as people will be more inclined to accept these technologies”.
XRP (XRP) Price Today – XRP / USD
Garlinghouse said that ASEAN countries perform up to $130 billion remittances (inbound) on a daily basis making them ripe for blockchain adoption. He continued:
“It’s interesting to see Asian markets adopt blockchain because the swift correspondent banking system we are currently depending on is leaving most of the ASEAN market behind. Banks have already started contracting correspondent banking relationships. This has made ASEAN market ripe for blockchain adoption and the adoption of digital assets. 50% of Ripple’s global customers are from the Asian market. Our office in Singapore has grown by 200% when compared to last year”.
XRP (XRP) Price Analysis
Main while, at a time when most cryptocurrencies are trading in red, XRP is doing exceptionally well in green. At the time of writing, XRP was trading in green at $0.522586. This shows that it is up by 3.76% against the USD and up by 4.50% against Bitcoin. The trading volume over a 24 hour period is $700,673,987 and the total market capitalization is $21,010,838,246. It reason for the price surge is unknown but XRP will be set for a minor bull rally by the weekend if it continues trading in green.