Ripple (XRP) on Valos
Ripple (XRP) has been a prominent player in the cryptocurrency space, focusing on solving the issues of cross-border payments and remittances. Unlike many other crypto assets, XRP is designed to be a solution for financial institutions to transfer money quickly and affordably.
Let’s take a closer look at XRP’s history, recent developments, and why we’ve chosen to feature XRP on Valos.
A Bit of History
Ripple was founded in 2012 by Ripple Labs with the goal of improving the speed and cost of global payments. XRP, the crypto asset native to the Ripple network, is used as a bridge currency to facilitate fast and low-cost transfers between different currencies. Unlike Bitcoin, which uses proof-of-work, Ripple uses a unique consensus algorithm that allows for faster and more energy-efficient transactions.
XRP has been adopted by numerous financial institutions around the world, and its blockchain technology has been integrated into various cross-border payment systems. Despite challenges with regulators, particularly the ongoing legal case with the U.S. Securities and Exchange Commission (SEC), XRP has maintained a significant presence in the crypto market.
Recent Activity
In 2024, XRP has been in the news for both its legal battles and its continued growth in the global financial sector.
Legal Developments:
- SEC Lawsuit: In August 2024, a U.S. federal judge ruled that XRP is not a security when sold on secondary markets, providing a boost to Ripple’s position and helping restore some market confidence in XRP.
- SEC Appeal: In October 2024, the SEC filed an appeal against the August 2024 ruling, seeking to overturn the decision that XRP is not a security.
- SEC Update: On November 28, 2024, Ripple scored another key win as the court expedited the timeline for the lawsuit judgment, potentially shortening the legal battle and providing greater clarity for XRP’s future.
Market Activity:
- Price Surge: Following the August 2024 ruling, XRP experienced a significant price increase, reaching $1.11 on November 19, 2024, a 120% rise since early November.
- Institutional Interest: Over 200 financial institutions, including Bank of America, have joined RippleNet, indicating strong institutional interest in XRP.
Partnerships and Collaborations:
- WisdomTree ETF Filing: In November 2024, asset management firm WisdomTree filed for an XRP exchange-traded fund (ETF) in Delaware, signaling growing institutional interest in XRP.
- Tokenized Money Market Fund: In November 2024, Ripple announced its first tokenized money market fund in partnership with Archax and UK asset manager, further integrating XRP into traditional financial markets.
- Cardano Collaboration: In November 2024, Ripple and Cardano discussed a potential partnership to enhance privacy and tackle regulatory challenges in blockchain projects.
Valos Rates for XRP
Note: The Valos platform is currently open only to our waitlist members, and the APYs reflected are exclusive to them. The platform link and revised APYs will be updated once Valos goes live for the public. In the meantime, if you’d like to enjoy these higher APYs, our waitlist is still open!
Conclusion
Ripple (XRP) continues to be a leading crypto asset in the world of cross-border payments. Despite legal challenges, XRP has maintained its position as a vital crypto asset for financial institutions and users alike.
At Valos, we are excited to offer XRP, giving our users the opportunity to earn competitive rates on this widely used crypto asset. With its real-world utility, liquidity, and low fees, XRP is an excellent option for those looking to hold a crypto asset with strong potential in the global payments market.
Note: The Valos platform is currently open only to our waitlist members, and the APYs reflected are exclusive to them. The platform link and revised APYs will be updated once Valos goes live for the public. In the meantime, if you’d like to enjoy these higher APYs, our waitlist is still open!