- Ripple executive reveals that their client network is growing at a rate of 2 per week.
- The price of XRP remains low in response to SEC lawsuit.
Covered by the uncertainty of the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), Ripple continues to build partnerships. The case has polarized the crypto community. Some believe that the United States is “smothering” innovation in that country.
In that regard, the Director of Information and Technology at CW Resources, Brian Rogalski, responded to an article shared by the Vice President of Global Sales at Ripple, John Mitchell. Rogalski called for clear regulations and stated that “XRP is the most efficient and least expensive way to send money around the world”. Mitchell responded:
We continue to build our network, signing new financial institutions at the rate of two a week. Our network to growing exponentially. That’s the impact we are having with our superior technology.
Just yesterday, Ripple announced a partnership between bKash and Mobile Money to operate a Malaysia/Bangladesh payment corridor on the RippleNet. The partnership will be overseen by the most important banking institution in Bangladesh. Like the regulator in Japan and the regulator in the UK, Bangladesh has clarified their position on XRP and does not consider it a security, according to their laws.
The price of XRP shows no recovery
The XRP community has responded positively to the Ripple executive’s comment. Many feel that the payment solutions company and the XRP have created a payment network that will lead to its imminent success. For now, this is not reflected in the price of the token.
At the time of publication, XRP is trading at $0.28 with a 3.38% loss in the last 24 hours. In the weekly and monthly graphs, XRP shows losses of 12.27% and 39.13% respectively. At its peak, before the SEC filed its lawsuit, XRP reached approximately $0.70. Many analysts predicted that the token would reach up to $20 in the current bullish cycle. However, for now, the lawsuit continues to push the XRP price downwards.
In terms of liquidity volume for the major payment brokers using XRP, there has also been a clear drop. Data from the Liquidity Index Bot for the last month shows that in the XRP/AUD broker, the liquidity ratio stood at -383,650 after falling from an all-time high of 15,003,360.