Ripple Wins Big: U.S. Banks Expected to Adopt XRP for International Payments

The Ripple ecosystem has been experiencing significant growth, achieving new milestones in its expansion into different regions and industries.

The cryptocurrency payment network may have one of its best achievements to date in 2024, as reports indicate that Bank of America may be preparing to integrate XRP into international payments.

Ripple Coin to Disrupt the International Payments Industry

Cryptocurrency enthusiast and popular influencer Ben Armstrong posted a YouTube video last week announcing that the U.S. has adopted XRP for international payments, a potential development that Armstrong called “the biggest catalyst for the growth of XRP’s price potential.

Since its inception, one of Ripple’s core visions has been to utilize blockchain and cryptocurrency technology to facilitate cross-border payments, and the potential integration of XRP with the U.S. banking system could radically improve the challenges of the global financial sector by leveraging cryptocurrency technology to increase transaction speed, cost, and efficiency.Bitmain Miner

In his YouTube video, Armstrong describes XRP as a transmission medium between cross-border digital assets. He said the potential expansion of XRP into U.S. international payments could boost its adoption in the United States.

Currently, the U.S. regulatory framework for cryptocurrencies is facing challenges. The U.S. Securities and Exchange Commission (SEC) has labeled various cryptocurrencies as securities, triggering negative reactions in the crypto space.

XRP is an example of this, as the SEC filed a lawsuit against Ripple in December 2020, alleging that the crypto-payments company was conducting an unregistered securities offering by selling XRP.

Token price is $0.52 | Source: XRPUSD on Tradingview.com

XRP’s Journey to Regulatory Clarity

The legal battle between the SEC and XRP continues, with the final stages of the legal drama approaching. Fortunately, after Ripple’s victory over the SEC, the impact of the XRP regulatory challenge appears to be waning.

In 2023, Judge Analisa ruled in favor of XRP, stating that programmatic sales of XRP are not considered securities. Due to its newfound regulatory clarity, XRP has been integrated into multiple cryptocurrency exchanges that had previously delisted it. In addition, cryptocurrencies are expected to benefit from Ripple’s potential to enter new and innovative markets and sectors.ETC mining

Ripple Chief Executive Officer (CEO) Brad Garlinghouse recently delved into the current regulatory environment for the cryptocurrency industry in a recent interview with Fox Business Channel. He revealed that SEC Chairman Gary Gensler has faced frustration in regulating cryptocurrencies because he has been “going above and beyond what the law says.”

Garlinghouse said that Gensler is acting on his own agenda rather than prioritizing the interests of the people. He expressed frustration with US enforcement actions and the slow acceptance of the cryptocurrency industry, claiming that it is disappointing that the US is spending more time on the judicial process rather than quickly providing regulatory clarity for cryptocurrencies.