Cryptocurrencies facing market fluctuations is a norm, but Ripple is redefining the benchmarks for the entire industry. The crypto is experiencing exponential market growth despite its ongoing skirmish against the SEC.
While XRP faced a downward spiral the previous year, it is back on its feet and is even undertaking new ventures with governments. SBI Ripple Asia recently announced helping Cambodia launch its first remittance business in real currencies with DLT (Distributed Ledger Technology).
The news followed the update provided by Asheesh Birla (RippleNet’s General Manager), highlighting Ripple’s global growth. The currency is ranked 7th on the market with a value of 1.60 dollars. The stats are outstanding given how Ripple ended the previous year.
However, 2020 was not all bad for the crypto. As Asheesh mentioned, Ripple generated over 3 million transactions on the network. Southeast Asia possessed the lead in 2020, while 2021 witnessed Latin America and the Middle East making a presence.
The reason behind the growth acceleration is deemed to be the epidemic. Ripple’s ODL (On-Demand Liquidity) has helped consumers survive the cash crunch while growing their business. The service stays live all day throughout the year, and Asheesh states that it will continue to prosper this year as well.
While the health outbreak continues to push businesses, RippleNet will present the required tech to tackle the hurdles. Showing such perseverance, experts’ XRP Price Forecast claiming the crypto will end 2021 at 2.30 dollars seems achievable.
How can the US retain its crypto innovation?
The latest regulations levied on crypto in the US troubles Stuart Alderoty (General Counsel of Ripple). As per Stuart, the new regulations strategy will create uncertainty amidst the crypto users.
What America needs is regulatory clarity, not restrictions, states Stuart. The regulations are already pushing investors to shift to other nations. He thinks that developing an ecosystem where crypto and blockchain can innovate will improve the living standard. Doing so will enhance financial inclusion, cross-border payments, and much more.
Cambodia launches its first overseas remittance business using DLT
Ripple also made headlines after assisting Cambodia to launch an overseas remittance service using its first DLT (Distributed Ledger Technology). SBI Ripple Asia is known for offering payment frameworks in Asia using RippleNet.
The accumulated demonstration tests at ABI LY Hour Bank resulted in approval from Cambodia’s Central Bank. This allows SMI Ripple Asia to score a market advantage on Vietnamese soil.
Yoshitaka Kitao (SBI Group’s Head) stated that the company would follow synergy to its fullest. They will provide the latest techs like DLT in Asia as the region promises significant economic development. They aim to lead the financial industry with these techs, and developing remittance services with digital assets is the first stepping-stone for that.
Ripple Asia is also facilitating Ripple in the US to establish a user base. By offering marketing support campaigns and establishing financial institutions to consumers, the company generates a buzz regarding RippleNet.
Ripple has proved the consensus wrong again by staying at 1.60 dollars and maintaining its market prestige. Despite adverse scenarios, Ripple recently announced 2020 was an impeccable year for the crypto, and 2021 will follow the trend. Seeing how SBI Ripple Asia made a large contribution in Cambodia and its ties with the U.S., Ripple is expected to hold its market position.