Ripple XRP is starting to make some waves in global finance. For those unfamiliar, Ripple Labs and XRP are one of the many platforms and digital currencies in the wide world of crypto. XRP is a cryptocurrency that runs on the XRP Ledger, a blockchain.
The XRP logo is a mirrored image of a boomerang.
Some sources are reporting that the XRP ledger is seeing over 1,000,000 million transactions per day since the beginning of August. Each country’s Central Bank Digital Currency (CBDC) is hosted on its own private XRPL. So what exactly are we talking about here? Ripple XRP basically opens the door to efficient cross- border transactions. Can you say gold standard world reserve bank currency? BRICS?
The BRICS Journal of Economics does mention XRP.
Ripple just joined the Bank of International Settlements (BIS) “task force” in early August.
Ripple joins BIS Cross-Border Payments Task Force (8/10/23)
Nearly simultaneously, it appears that the US Securities and Exchange Commission (SEC) decided to NOT appeal its case against Ripple, marking a significant shift or a memorable moment in the world of digital currency. It is not outside the realm of thinking to liken this moment to the “wild, wild west gold rush.”
Chief Legal Officer at Ripple, Stuart Alderoty, had this to say on Twitter when commenting on the ruling made in the case back in July.
With XRP removed from the SEC’s securities list as of early August 2023, Mr. Alderoty and other stakeholders reiterated that a securities agency ONLY has jurisdiction over securities. If XRP is NOT a security, the US SEC has NO say in the matter.
On the heels of this “partial” yet massive victory, Ripple was already encouraging US banks to utilize XRP in July.
Our team wanted to learn more about all of this so we checked the latest filings to get up top speed.
We then asked the simple question. How long has Ripple XRP been around? We assumed it was fairly new, but we wanted to understand the history to pretend to better understand any of this “crypto” world.
It appears that Ripple Labs first came on the scene around 2012 or 2013, and perhaps as early as 2009. This article would suggest that a new XRP giveaway was open to China in October 2013 so this was fully operational nearly ten years ago. However, the video link from this source was not accessible.
We can confirm with certainty that Saudi Arabia’s central bank signed a blockchain deal with Ripple in February 2018.
Saudi Arabia’s central bank signs blockchain deal with Ripple (2/15/18)
Even the Edmund De Rothschild Fund cited significant Ripple XRP holdings in their financial statements dating back to 2018. This quote describes EDR Holding S.a.
Edmond De Rothschild Holding S.a. has disclosed 719 total holdings in their latest SEC filings. Most recent portfolio value is calculated to be $ 10,574,421,172 USD. Actual Assets Under Management (AUM) is this value plus cash (which is not disclosed).
And here are few more recent stories further confirming that Ripple is just starting to make waves across the US and throughout the world.
Banks are being encouraged to utilize Ripple and XRP can be purchased on most exchanges seamlessly and immediately via linked bank accounts.
Ripple is a real-time gross settlement system, currency exchange and remittance network that is open to financial institutions worldwide and was created by Ripple Labs Inc., a US-based technology company.
Ripple joins ISDA, enters $1.2 quadrillion derivatives market (8/6/23)
The ISDA has 1000+ institutions as members spread across 79 countries. This membership places Ripple alongside other titans of the industry, such as J.P. Morgan, Goldman Sachs, CME Group, Citi, BNY Mellon, and the London Stock Exchange.
As of August 2023, the current market cap of XRP is around 35B so what happens if XRP processes 5 or 10% of the derivatives market?
Ripple and XRP are now listed as featured AWS partners with Amazon.
Paypal recently announced a feature allowing users to convert to XRP.
What about at the store level?
XRP now accepted as payment method across hundreds of stores worldwide (8/16/23)
The Shariyah Review Board (SRB) recently deemed XRP “Sharia compliant.”
And how about the Bank of England? Isn’t London considered one of the major financial arteries in the world?
And how about other central banks or reserve banks from around the world?
Ripple talks with Reserve Bank of New Zealand for CBDC on XRPL (8/11/23)
And how about Mastercard?
Mastercard forms CBDC partner program with Ripple, Consensys (8/18/23)
Ask yourself this question. Does this all seem to be way beyond the “introductory” or “conceptual” phase of development? This is BEYOND happening.
What will the boomerang effect be if a gold backed world reserve digital currency is utilized across the globe? It looks like Fubon Bank is using Ripple Labs, Inc.
Where would this potentially leave the US Dollar as the world reserve currency?
So even gold can be tokenized?
And what exactly is a boomerang effect?
A Boomerang's defining characteristic is that it's much like karma – what goes around, comes around, and a Boomerang always returns.
Get ready to ride some waves as a worldwide yachting party is about to launch!
And to be perfectly clear, The Fruited Plain or any of its associates or contributors are NOT financial advisors.
The interesting part about Ripple XRP is that we may not have to ever add this silly “disclosure” when talking about financial matters involving XRP. The SEC and/or FINRA are the primary entities that limit free speech on security matters, correct? If XRP is not a security, then free speech is quite literally “wide open” on this topic.
Want to learn more about emerging economies of BRICS or better understand the growing pressures on the US dollar?