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Crypto pundit Amelie has highlighted how XRP, which has ties to Ripple, could benefit from the US-UK crypto collaboration. Community members continue to make a strong case for the altcoin’s utility even amid increased competition in the crypto space.
How Ripple’s XRP Will Benefit From US-UK Crypto Deal
In an X post, Amelie indicated that the move will be huge for XRP, as the US and the UK will look to align on stablecoins, tokenization, and cross-border market access. This came as the Pundit noted that Ripple’s Managing Director, Cassie Craddock, stated that the US-UK Transatlantic Taskforce will lead to closer cooperation between the two countries on digital assets.
Notably, stablecoins, tokenization, and cross-border market access are areas where Ripple is focusing on using the XRP Ledger (XRPL) and XRP. The crypto firm recently released the next phase of its roadmap towards achieving its goals.
Meanwhile, Craddock had also mentioned that given its major presence in the UK, Ripple is well-placed to leverage its strong transatlantic footprint to drive further US-UK tech innovation, which is a positive for XRP. She added that they are looking forward to contributing to the task force’s work.
XRP community members continue to present compelling narratives for XRP, with the altcoin expected to gain wider adoption as Ripple advances. Crypto pundit Xaif Crypto highlighted the views of market expert Jeff Booth on how Ripple will replicate traditional banking with XRP.
However, Ripple and XRP could face significant competition from SWIFT, which plans to integrate blockchain technology into its operations. The firm yesterday unveiled its blockchain-based ledger in collaboration with over 30 major financial institutions.
What XRP’s Appeal Is
In an X post, pro-XRP lawyer Bill Morgan stated that XRP’s appeal lies in its decentralized, permissionless, and sanction-resistant neutrality. He added that it is funny that XRP has been called a bank for years, but now, SWIFT’s blockchain is being built in partnership with several banks.
Morgan’s comment followed a statement by Anodos Finance co-founder, pressing Ripple CEO Brad Garlinghouse to make another comment on SWIFT following recent developments. In 2018, the Ripple CEO described SWIFT’s infrastructure as outdated, noting that the platform’s messaging isn’t tied to settlement and that it cannot address liquidity issues.
Meanwhile, XRP community member Vet also commented on the latest move from SWIFT. He indicated that Ripple and XRP still have the upper hand because permissioned ledgers lack what makes blockchains like the XRP Ledger special. He explained that they are public, decentralized, and neutral. As such, Ripple, using XRPL and XRP, could gain more trust than SWIFT if the latter proceeds with this permissioned ledger.
At the time of writing, the XRP price is trading at around $2.8, up in the last 24 hours, according to data from CoinMarketCap.
XRP trading at $2.87 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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