The reasons behind Ripple’s exit from Bitstamp remain unclear. Some speculate that Robinhood’s recent acquisition of Bitstamp for $200 million might be a contributing factor. This acquisition fueled rumors that XRP, Ripple’s native cryptocurrency, could soon be listed on Robinhood.

It’s worth noting that Ripple acquired Bitstamp itself last year for an undisclosed amount. At the time, Ripple president Monica Long emphasized the acquisition as a strategic move to expand Ripple’s global presence and influence beyond the payments sector.

Uncertainties Regarding Tranglo

The news of Ripple’s divestment from Tranglo has raised questions within the XRP community. Some prominent XRP figures, including Crypto Eri and WrathofKahneman, have expressed concerns about the accuracy of the information, as details haven’t been confirmed through other sources.

Ripple’s website still lists Tranglo as a partner and maintains them on their social media following. Previously, Ripple held a 40% stake in Tranglo, a company that leverages XRP to facilitate on-demand liquidity for cross-border payments.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Market Reaction to Ripple’s Investment Activity

The news of Ripple’s divestments hasn’t caused any immediate significant price movements for XRP. The token has experienced a modest 1.06% increase in the past 24 hours, currently trading around $0.53.

On the futures market, total open interest for XRP has risen slightly to 1.27 billion, following a 19% increase last week. However, it’s important to note that some investors are taking profits with futures open interest dropping slightly on major exchange Binance.

The reason behind Ripple’s exits from Bitstamp and Tranglo is yet to be confirmed by the company. The investment activity has sparked discussion within the XRP community, with some questioning the accuracy of the Tranglo news and others speculating about the potential implications for XRP.

Regardless of the motivations behind these divestments, Ripple remains a key player in the financial technology landscape, and its future actions will undoubtedly continue to be of interest to investors and the broader cryptocurrency community.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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A key change involves the bridge currency used in ODL transactions for Ripple’s U.S. clients. Following the court ruling in July 2023, which classified non-institutional XRP sales as non-securities but determined that institutional sales were securities, Ripple has transitioned away from XRP.

Read Also: Latest Report: Ripple Reveals the Amount of XRP Left in Escrow

The filing clarifies that U.S.-based ODL services now use Tether (USDT) as the primary bridge currency. This strategic shift ensures compliance with current legal interpretations while minimizing disruptions for non-U.S. ODL users.

Internal Communication Sheds Light on Adjustments

An internal email from Ripple President Monica Long, shared on X by Crypto Eri (@sentosumosaba), a prominent XRP community member, provides further details on the transition.

Long emphasizes the immediate steps taken after the SEC ruling, pointing out that the company migrated U.S.-based ODL customers from XRP to USDT. This action demonstrates Ripple’s commitment to legal adherence.

No surprises here. Navin Gupta was the first Rippler I heard on a YT interview who mentioned that other digital assets would increasingly serve as #Ripplenet bridges in the future. And as for those channels claiming $USDT is a scam… Oh, the twists of life.
It's all about the… pic.twitter.com/0zlQ69pkWr

— Crypto Eri Carpe Diem (@sentosumosaba) April 23, 2024

Global Operations Remain Unaffected

While the U.S. market underwent adjustments, Ripple’s global ODL operations continued largely unaffected by the SEC lawsuit.  The filing highlights the crucial role of Ripple’s Singapore subsidiaries. These entities now handle most contractual relationships for XRP sales to new international ODL customers.

This strategic move leverages the licensing of Ripple Markets APAC Pte Ltd by the Monetary Authority of Singapore.  As Long explains, “To service our ODL customers, we should continue to leverage our foreign subsidiaries who are licensed by local regulators to lawfully conduct such activity.”

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Financial Implications of the SEC Lawsuit

The court filing also sheds light on Ripple’s financial reliance on XRP sales before the SEC lawsuit. Wrath of Kahneman (@WKahneman) shared the calculations of Ripple’s accounting expert Anthony Bracco, which revealed that, from April 1, 2014, through December 22, 2020, Ripple operated at a loss without revenue from XRP sales. This information underscores the significant financial impact of XRP sales on Ripple’s overall business during that period.

Read Also: Ripple vs SEC Lawsuit Update As of February 29, 2024 

While the redacted figures prevent precise analysis, the data suggests a strong correlation between XRP sales and Ripple’s financial stability.

The adjustments to Ripple’s ODL service demonstrate the company’s willingness to adapt to changing regulatory environments and stay within the confines of the law. This bolsters the company’s defense as the SEC cannot prove reckless disregard for regulation or harm to investors.

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The SEC’s current practice of going after crypto-focused companies and their cryptocurrencies has been criticized by many experts, and Gensler’s previous comments have added another reason for criticism of the regulator’s strategy. Some in the crypto community have also called for Gensler’s removal.

Read Also: Congressman Says Now Is A Great Time To Fire SEC Chair Following Pro-XRP Lawyer’s Critique

Ripple’s On-Demand Liquidity (ODL) and the SEC’s Classification of XRP

In 2018, Ripple, a company focused on cross-border payments, introduced its On-Demand Liquidity (ODL) solution, which leverages blockchain technology and the digital asset XRP, to facilitate faster and more efficient international transactions.

ODL garnered initial recognition from SEC Chairman Gary Gensler, who acknowledged its potential during an economic forum on blockchain’s impact on finance.

However, in 2020, the SEC took a starkly different approach, filing a lawsuit against Ripple, alleging that it sold XRP as an unregistered security.

This classification cast a shadow over Ripple’s operations and the development of ODL, raising concerns about the regulatory environment for blockchain-based assets. This lawsuit has severely harmed XRP’s adoption in the U.S. and has cost Ripple hundreds of millions of dollars.

Algorand (ALGO) Technological Prowess and the SEC’s Security Designation

Algorand, another prominent blockchain project, has also faced regulatory hurdles. In a 2019 presentation, Gensler praised Algorand’s technological capabilities, highlighting its potential for innovative applications. However, in April 2023, the SEC took a contradictory stance, labeling ALGO, Algorand’s native cryptocurrency, as a security.

This designation raised concerns within the Algorand community and the broader blockchain industry, as it could potentially stifle the development and adoption of the technology. The SEC’s actions have been met with criticism from some who argue that the agency’s approach to regulating blockchain technologies is overly cautious and stifles innovation.

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Read Also: Ripple CEO To Ex-SEC Chair Jay Clayton: “Watching this clip makes my blood boil”

The contrasting stances on XRP and ALGO highlight the challenges and opportunities associated with regulating blockchain technology. While the SEC’s role in protecting investors is crucial, its approach should not hinder the development of promising technologies that could revolutionize various industries, as it has done to XRP especially.

The SEC faces the delicate task of striking a balance between investor protection and fostering innovation, and according to Ripple co-founder Chris Larsen, the SEC will soon end its regulation by enforcement policy.

While regulatory oversight is essential, it should not stifle innovation. Finding this balance will require careful consideration of the unique characteristics of blockchain technologies and a willingness to adapt regulatory frameworks accordingly.

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XRP worth millions of dollars are on the move to a crypto exchange as the price dips closer to $0.50, the vital support level.

This move has triggered speculation of a potential sell-off, while a second thought is considering the fact that the exchange involved in the transaction is one of Ripple’s On Demand Liquidity (ODL) partners.

Whales Moved 15 Million Worth of XRP to Bitstamp

On August 24, Whale Alert, the tracker of large transactions of cryptocurrencies from one wallet to another, reported that a whale moved 29,300,000 XRP valued at $15.13 million to Bitstamp, a Ripple ODL partner.

29,300,000 #XRP (15,130,884 USD) transferred from unknown wallet to #Bitstamphttps://t.co/DhcHkKNdzc

— Whale Alert (@whale_alert) August 24, 2023

Further data shows that a few hours prior to the massive transfer, the whale moved a whopping 14 million XRP to Bitso, another Ripple ODL partner.

Since the two massive XRP transfers were to two major exchanges dedicated to ODL transactions, there may be no cause for alarm. However, the negative trend currently exhibited by XRP could trigger real selloffs of the digital asset.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

XRP in the Market

Since XRP is failing to hold upside momentum after Judge Torres’s verdict that classified it as a digital asset, whales and traders are seemingly losing faith in the crypto asset.

It’s worth noting that there were raised expectations for bullish momentum once the lawsuit ends in Ripple and XRP’s favor. Although XRP saw huge positive trends, which began on the 13th of July, it’s now back to the pre-verdict level, currently trading at $0.5118, according to CoinMarketCap.

XRP started trending downward since the U.S. regulator revealed its intention to appeal the verdict. The digital lost its footing further after the Judge granted the SEC’s request to file an interlocutory appeal. As things stand now, XRP must hold $0.50 support to avoid more major dips.

Meanwhile, the Ripple-SEC trial is likely to play out in April-end or mid-May as the parties involved recently submitted their blackout dates for trial as ordered by the court.

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Although the U.S. SEC has taken a grand step in appealing the ruling, XRP remains a non-security asset until the court says otherwise.

XRP’s Crucial Role in On-Demand Liquidity

Ripple underscores the significance of XRP in addressing the challenges faced by corporate businesses in conducting intercontinental transactions.

Read Also: Ripple Verdict Scores XRP Another Coveted Exchange Listing: Details

According to Ripple, institutions utilizing the On-Demand Liquidity (ODL) product leverage XRP as a bridge asset for various government-backed money pairs. While the US regulatory environment has posed obstacles to XRP’s role in this process, the July 13 court judgment declaring XRP as a digital asset has prompted Ripple to boldly reiterate XRP’s use in ODL.

Speed
Savings
Liquidity

Discover how our payments solution can minimize cross-border treasury management challenges for corporate enterprises, enable just-in-time treasury operations and more. https://t.co/w8oHRjE96F

— Ripple (@Ripple) August 15, 2023

However, it is important to note that Ripple’s sale of XRP to institutions remains a matter of ongoing debate within the US court system. Despite this, the XRP community no longer perceives it as a significant impediment.

Attorney Bill Morgan, a staunch supporter of XRP, pointed out that institutions utilizing Ripple’s ODL after purchasing XRP do so for the purpose of bridge currency transactions and related commercial reasons. He emphasized that these institutions did not acquire XRP solely for speculative purposes, challenging the notion put forth by regulators that XRP should be treated as a security contract.

Morgan expressed confidence that Ripple will successfully appeal the pending court case surrounding this matter. He rhetorically questioned how Ripple could not appeal the finding that XRP sales to ODL users are classified as investment contracts.

So institutions who use ODL and acquire XRP to use as a bridge currency may do so for these commercial reasons not for investments with an expectation of profits from XRP price appreciation. How can Ripple not appeal the finding XRP sales to ODL users are investment contracts. https://t.co/4f7LoiHFZI pic.twitter.com/6xffM6ZhD5

— bill morgan (@Belisarius2020) August 16, 2023

As Ripple reinforces XRP’s role as a bridge currency and legal battles continue, the focus remains on how regulatory clarity will shape the future of XRP and its utilization in cross-border transactions.

Read Also: Analyst: XRP Surging 568% to $3.30 Will Only Be the Start

Impact of the SEC Lawsuit on XRP

The SEC lawsuit against Ripple has had a significant impact on the price of XRP. The token has lost over half of its value since the lawsuit was filed in December 2020.

The lawsuit has also made it difficult for Ripple to attract new customers for its ODL solution. Some financial institutions are hesitant to use XRP because of the legal uncertainty surrounding the token.

However, Ripple remains optimistic about the future of XRP. The company believes that the recent court ruling will help to clear the way for the token to be used for cross-border payments.

If Ripple is successful in its appeal, it could lead to a surge in demand for XRP. The token could also become more widely accepted by financial institutions.

The outcome of the SEC lawsuit is still uncertain, but it is a major event in the history of cryptocurrency. The case could have a lasting impact on the regulation of cryptocurrencies and the future of XRP.

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XRP Will Be Utilized

Bill Morgan, an Australian-based lawyer, questioned if the new license would allow for the use of XRP in ODL transactions. According to pro-XRP lawyer John E. Deaton, the usage of XRP in ODL transactions is legal under the new license.

Read Also: Bank of America to Leverage Ripple ODL Services Once XRP Lawsuit Ends, Garlinghouse Affirms

The In-Principle license places Ripple in a select group of fewer than 20 companies that have earned such a license from the government. While this is major news, it did not cause the price of XRP to rise as expected.

Despite the fact that all XRP holders are in a joint venture with Ripple and rely on the company’s performance to make money, the coin’s price has not reacted to the news. Instead, it has continued to follow Bitcoin’s and the macroenvironmental developments.

For the record, this news from @Ripple is fairly significant. Less than 20 companies have received such a license in Singapore and XRP will be utilized. Yet, #XRP doesn’t move up, even a little. If all XRP holders in the are in a common enterprise with Ripple and relying on… https://t.co/TIakLamh0c

— John E Deaton (@JohnEDeaton1) June 22, 2023

While XRP rose slightly to 0.52 from 0.50 in the early hours of the release, most crypto assets gained somewhat as well. The ongoing SEC litigation against Ripple adds to the uncertainties surrounding XRP’s prospects.

Despite the absence of price movement, MAS certification is a key milestone for Ripple because it allows ODL transactions in Singapore to leverage XRP. With this approval, the ODL solution will be able to facilitate faster and more cost-effective cross-border settlements.

Read Also: Ripple Announces New On-Demand Liquidity (ODL) In Japan

Deaton emphasized the significance of Ripple’s freshly gained In-Principle certification from MAS in a tweet, adding that just about 20 businesses in Singapore have such a license.

However, he went on to say that XRP has continued to follow Bitcoin’s and the macro environment’s developments. While Deaton’s tweet did not contain any new information, it did highlight the viewpoint of a pro-XRP lawyer on Ripple’s In-Principle clearance and the present state of XRP’s price movement.

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Among the financial companies halting their adoption of Ripple’s ODL product because of the Ripple-SEC case is the Bank of America. Nonetheless, Ripple’s ODL products continue to grow significantly despite the enduring court battle involving XRP. 

Bank of America is a top American multinational investment bank and financial services provider headquartered in North Carolina. According to Linqto Director of Member Sales, Nick Burrafato, Ripple CEO Brad Garlinghouse said at the Ripple Swell 2022 summit that Bank of America is waiting for the XRP lawsuit to end before it starts leveraging Ripple’s ODL services. 

Related: Brad Garlinghouse States What Would Make Ripple Accept Settlement in XRP Lawsuit

Garlinghouse added that the banking firm stands to gain big if a settlement happens between the SEC and Ripple. He believes that adopting the On-Demand Liquidity products would give Bank of America a huge competitive advantage over its competitors.

Nick Burrafato narrated:

“[Brad Garlinghouse] made it clear that they’re ready to settle with the SEC as long as they can get clarity on XRP. I asked him if American companies were waiting on the sidelines to jump in the game once clarity happens – he said ‘Absolutely.’

“He specifically said Bank of America. Bank of America is a huge partner of Ripple. And he said Bank of America stands to gain really big when the settlement happens because [Bank of America is] going to have a huge competitive advantage over their competitors by using ODL on the marketplace. So Brad is very, very bullish.”

It bears mentioning that the Bank of America is currently a member of the RippleNet committee. The top bank aligned with Ripple way back in 2020.

Read Also: Brad Garlinghouse: Ripple Will Continue to Lead in Terms of Trust and Transparency

In response to being named as a member of Ripple’s global payment network, Julie Harris, the then Bank of America’s head of global banking said;

“It’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift. These are fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance, and we’re able to leverage our banking as a platform to deliver that to you.”

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To improve its internal treasury management, I-Remit, the largest non-bank remittance service provider in the Philippines, has stepped up its use of Ripple’s cross-border payment solution known as On-Demand Liquidity (ODL).

According to the release, the aim is to aid the financial entity to overcome the barriers and friction associated with traditional cross-border payments following the age-old infrastructure that correspondent banking relies on. 

It is worth noting that I-Remit first got into a strategic partnership with Ripple, the top enterprise blockchain and crypto solutions company, in 2018 to enable instant and cost-effective cross-border payments clearing into the Southeast Asian country. 

Read Also: XRP Ledger Adopted by Stably For Its Stablecoin (USDS) Issuance

The expansion of Ripple’s ODL application by I-Remit comes as the company has experienced the impact and capacity of the financial technology developed by Ripple.

Another thing that is noteworthy is that Ripple’s On-Demand Liquidity (ODL) utilizes XRP as a bridge between two fiat currencies. ODL enables instant and low-cost settlement without the need to hold pre-funded capital in the destination market.

Through Ripple’s ODL wider adoption, it is said that I-Remit will be able to get uninterrupted access to liquidity for their funding requirements, thereby enabling same-day settlement globally. “Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of their overseas subsidiaries and support its partners,” the announcement added. 

In commenting on the latest development, Harris D. Jacildo, the Chairman and President of I-Remit said; “As one of the earliest adopters of Ripple’s ODL solution, we’ve been able to scale and accelerate our extensive payout capabilities in the Philippines. We’re excited for this next chapter of our well-established partnership with Ripple to further utilize ODL for treasury management and provide the best possible service for our customers.” 

Related: Qatar’s Largest Bank, QNB Now Offers Direct Remittance Service to the Philippines Using RippleNet

Ripple then noted that the large volume of XRP tokens continuously being moved to and from major exchanges like FTX, Bitstamp, and Bitso is a resultant effect of ODL adoption by institutions like I-Remit, FOMO Pay, Travelex Bank in Brazil, Thunes in Morocco, Airwallex in New Zealand, and Tranglo among others. 

“Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems. We’re excited at the expansion of our partnership with I-Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business,” Brooks Entwistle, Senior Vice President and Managing Director at Ripple stated.

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FOMO Pay Partners with Ripple 

To improve its treasury flows, FOMO Pay has partnered with Ripple, a top blockchain company to utilize its cross-border payments solution, ODL.

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On-Demand Liquidity (ODL) employs the Ripple token, XRP, as a bridge between two fiat currencies. In turn, enabling instant and low-cost settlement without the need to hold pre-funded capital in the destination market. 

FOMO Pay is a licensed payment institution in Singapore and a leading one-stop digital payment and banking solution provider. Ripple’s payments solution, On-Demand Liquidity (ODL) helps in reducing the cost and delivery time for cross-border transfers. 

Reportedly, ODL has been primarily utilized for cross-border payments to help payment services providers (PSPs) and small-to-medium enterprises (SMEs) manage. Renowned companies like Tranglo and Novatti have adopted Ripple’s ODL for faster cross-border payments.  

Read Also: Qatar’s Largest Bank, QNB Now Offers Direct Remittance Service to the Philippines Using RippleNet

Part of the announcement read; 

“By leveraging ODL for treasury payments, FOMO Pay can get 24/7, all year round access to liquidity for EUR and USD, thereby enabling same-day settlement globally. ODL for treasury payments makes it easy for PSPs like FOMO Pay to improve internal business cash flows, thereby allowing them to reduce business costs and improve operations.”

“Before using ODL, FOMO Pay’s treasury managers had to use other modes of payment in EUR and USD where funds would take 1-2 days to reach destination accounts”, it added. 

It is worth noting that FOMO Pay has enabled merchants and financial institutions to accept a comprehensive suite of payment methods in emerging markets across Asia and Africa. Partnering with Ripple would help the payments company offer lower costs services to clients. 

In commenting on the strategic partnership, Louis Liu, Founder, and CEO of FOMO Pay noted;

“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our clients with more efficient and cost-effective payment modes in different currencies. We are excited to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us to achieve affordable and instant settlement in EUR and USD globally.”

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In a new press release, Ripple says it’s partnering with the Vilnius-headquartered FINCI to serve both retail and business-to-business (B2B) customers.

Read Also: Ripple Highlights Four Reasons Why SEC’s Attorney-Client Privilege Claim Is Wrong

According to the report, RippleNet’s On-Demand Liquidity (ODL) service will leverage the digital token XRP to facilitate payments between Europe and Mexico without requiring FINCI to pre-fund accounts located abroad.

Reacting to the new partnership with Ripple, FINCI CEO Mihails Kuznecovs, said:

“We’re excited to be working with Ripple to make it easier for FINCI customers to move money around the world. We share the same fundamental goal of removing the hidden inefficiencies affecting international payments.

The savings and operational improvements we’ll achieve by using Ripple’s ODL will allow us to put money back into the business and enhance our offering to our customers.”

FINCI is the first Lithuania-based customer secured by the blockchain payment firm. The new development implies that its ODL service has now made headway into over 24 payout markets, including Singapore, Poland, and Thailand.

Sendi Young, Ripple’s European managing director, explained how the use of ODL service makes international transactions become more efficient.

Read Also: Legal Expert Says a Breach of Ethics Could Mark SEC’s End in Lawsuit against Ripple. Here’s why

Sendi Young noted:

“Cross-border payments have traditionally been slow, complex and unreliable. ODL is the first enterprise-grade solution to address these cross-border payment problems by tapping into global crypto liquidity, giving our customers a completely new way of doing business to help them grow and scale.”

Despite that Ripple is still at loggerhead with the United States Securities and Exchange Commission (SEC) in the court over an allegation of selling XRP as an unregistered security, it continues to make progress outside the U.S.

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