Top trader Ben Armstrong, the host of BitBoy Crypto, unveils his bullish optimism on XRP and explains why he believes XRP will eventually explode and reach another ATH.
According to the trader, the SEC’s case against Ripple Labs has been dragging on for much longer than expected, but it seems that it could come to a close any day now. Despite these regulatory threats, Ripple is pushing along with business as usual:
“Many of the details in the case have been sealed from the view of the public, so there has been no official word about how the case is going, which means that there is no way that the market could have really priced this into XRP’s current valuation,”
The trader believes that if they are successful or manage to escape serious consequences, many people will be caught off guard, and the price will likely rally to new all-time highs and beyond.
XRP is becoming the Blockchain of Banks
It is no secret that Ripple aims to replace the entire legacy banking system entirely and to provide an efficient system for the direct transfer of money that settles in real-time while being cheaper, more secure, and more transparent than other transfer systems employed by traditional financial institutions.
“Ripple pushes a narrative that it calls the Internet of Value, or IoV. Ripple believes that people should be able to transfer money and information at the same speed. Think of being able to send money at speeds similar to sending a text, for example.”
Armstrong points out that multiple branches and solutions exist under the Ripple brand umbrella — RippleNet, the XRP Ledger, the XRP coin, and RippleX.
RippleNet is a global network that financial institutions can use to transfer money more quickly, with greater transparency and at less cost through a unified system, as opposed to the fragmented traditional ecosystem banks have historically worked with.
Meanwhile, the XRP Ledger is an open-source blockchain on which the XRP coin runs. And RippleX serves as a platform touting blockchain-based solutions that interested parties can use for their various value-transfer-based use cases. The platform looks to serve as an easier method for harnessing blockchain-based solutions, as opposed to interested parties building their own solutions from scratch.
XRP 2021 performance
Despite the SEC Lawsuit, Armstrong says that Ripple Labs is reporting that XRP’s trading volume remarkably soared in the second financial quarter of 2021.
Brooks Entwistle, Ripple’s managing director for Asia Pacific, says that RippleNet transactions in the region grew 10 times in 2020, driven by the use of ODL for cross-border remittances, and he foresees more growth in the region for Ripple.
Moreover, the daily volume for XRP increased significantly in Q2/2021 from Q1/2021. The average daily volume reported doubled to $4.49B in Q2 vs. $2.26B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded.
It is also worth taking that Ripple business is going on as usual, despite regulatory threats:
“Last month, Ripple announced that it was partnering with SBI Remit, Japan’s largest money transfer provider, mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to use XRP for remittances between Japan and the Philippines.”
The crypto KOL also says that Ripple has also partnered with Australian Securities Exchange-listed Novatti, a digital banking and payments company, to use Ripple’s ODL for cross-border payments and remittances between Australia and the Philippines through iRemit, a Filipino-owned remittance service provider.
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