There is room for explosive growth for Ripple even in the face of its long, winding legal drama with the Securities and Exchange Commission (SEC). Ripple has spread its tentacles to South East Asia, seeking to take advantage of the growing market for cryptocurrencies that abound in the region.
Already, the company had previously completed the acquisition of a 40% stake in Tranglo and has extensive plans in place to take a portion of the almost $2 billion annual remittance market between Japan and the Philippines. It managed to achieve these feats amid serious litigation with the SEC on the home front.
No Retreat, No Surrender
Ripple has made an incursion into the South East Asian markets in recent months as part of their expansion drive. Early in the year, it was revealed that the company had completed a 40% acquisition of Tranglo, a company that supports cross-border payments in the region. The partnership is geared towards expanding the reach of its On-Demand Liquidity (ODL) in the region and will open it to new corridors.
True to the aims of the partnership with Tranglo, Ripple announced in a post that its ODL service will be deployed by SBI Remit Co Ltd, a money transfer provider in Japan, SBI VC Trade and Coins.ph to improve remittance payments from Japan to the Philippines.
The remittance industry between both countries is huge and figures are pegged at $1.8 billion annually from Japan to the Philippines. The use of the ODL will give the customers cheaper and efficient alternatives for remittance while Ripple continues its expansion.
How Did the Market React?
After the news broke that Ripple’s first ODL service will be implemented in Japan, XRP’s price went berserk. At press time, the value of the asset had leapt by 14% in the last 24 hours and currently trades at $0.7343.
Over the one-week timeline, the asset has gained 27% which makes it the highest amongst the top 10 largest cryptocurrencies. Market capitalization is at $33.1 billion giving it a 2.15% dominance of the market and a ranking of 6th place.
Since the breaking of the news, trading volume is up by a whopping 83% at $5,621,300,111.94.
On The Flipside
The Legal Battle
Ripple’s drama with the SEC began in 2020 after the regulatory agency alleged that the company and two of its executives had raised over $1.3 billion through an unregistered securities offering. Since then, the case has seen several twists and turns over the last few months with the tide ebbing both ways.
A public statement by SEC commissioners Hester Pierce and Elad L. Roisman noted that the regulatory status of digital assets is unclear and “although the commission has provided some guidance, the large number of factors cut against the clarity the guidance was intended to offer.”
Although the SEC had written a letter reminding the court that the statements of the Commissioners are not a statement of the SEC, Ripple enthusiasts are adding it to their series of wins.
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Source: Cryptocurrency - investing.com
