Analyst Ben Armstrong explains why Ripple (XRP) will make big profits. Top trader Ben Armstrong, home of BitBoy Crypto, reveals bullish optimism in XRP and explains why he believes XRP will eventually padol and reach another ATH. According to traders, the SEC’s lawsuit against Ripple Labs has been going on for much longer than expected, Cryptocoin. com
This case, which we also follow as , looks like it could end any day at the moment.
Ripple and regulatory threatdollarser
Despite this regulatory threat, Ripple continues business as usual. The analyst’s views on this issue are as follows:
Most of the details in the case have gone missing from the public eye, so no official statement has been made on how the case went, which means there is no way the market can truly price it into the current price of XRP.
The trader believes that if they are successful or manage to survive the serious consequences, many will be caught off-guard and the price will likely soar to all-time highs and beyond.
XRP becomes the blockchain of banks
It’s no secret that Ripple aims to completely replace the entire legacy banking system and provide an efficient system for direct transfer of money that happens in real time, cheaper, safer and more transparent than other traditionally used transfer systems. According to the analyst:
Ripple is pushing a discourse it calls the Internet of Value, or IoV. Ripple believes that people should be able to transfer money and information at the same speed. For example, imagine that you can send money at speeds similar to sending a text.
Armstrong points out that there are multiple branches and solutions under the Ripple brand umbrella – RippleNet, XRP Ledger, XRP cryptocurrency and RippleX. RippleNet is a global network that financial institutions can use to transfer money faster if it costs more transparency and less costs through a unified system, unlike the fragmented traditional ecosystems that banks have worked with in the past.
Meanwhile, XRP Ledger is an open-source blockchain on which the XRP cryptocurrency runs. And RippleX acts as a platform that provides Blockchain-based solutions that interested parties can use for a variety of value transfer-based use cases. The platform seems to serve as an easier method to leverage Blockchain-based solutions, as opposed to interested parties building their own solutions from scratch.
XRP 2021 performance
Despite the SEC Litigation, Armstrong says Ripple Labs reported that XRP’s trading volume increased significantly in the second fiscal quarter of 2021. Brooks Entwisdollarse, Ripple’s general manager for Asia Pacific, says RippleNet transactions in the region grew 10x in 2020 due to the use of ODL for cross-border remittances, and he predicts further growth for Ripple in the region. Reported average daily volume doubled in Q2 to $4.49 billion, compared to $2.26 billion in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded.
It’s also worth noting that Ripple business continues as usual despite regulatory threats. According to Armstrong:
Last month Ripple, Japan’s largest money transfer provider SBI Remit, mobile payment service Coins. ph and cryptocurrency exchange platform SBI announced that it has partnered with VC Trade to use XRP for remittances between Japan and the Philippines.
Crypto commentators also noted that Ripple has partnered with Novatti, a crypto banking and payments firm registered on the Australian Securities Exchange, and Ripple’s ODL for cross-border payments between Australia and the Philippines via iRemit, a Filipino remittance service. and he says he’s partnered to use it for remittances.