Asia is mainly unmoved by Ripple's legal uncertainties and remains a hot market for Ripple.
Brad Garlinghouse, Ripple CEO, has announced via social media that the company has so far signed 15 new clients since its case with the SEC began.
Major Signals
- Ripple has signed on 15 new clients after the SEC complaint.
- The company also expanded to Eastern markets where it is popularly received.
- Ripple owners will continue to build its innovative XRP Ledger (XRPL).
It's still business as usual for Ripple, even as they have a legal altercation with SEC since December of last year.
XRP took a significant 78% plunge from its high of $0.78 in mid-November 2020 because of the lawsuit. Some of the biggest cryptocurrency exchanges, such as Coinbase, Binance, Bittrex, etc., suspended all XRP trading activity.
It lost over 30% of its value as many of its token owners rushed to sell. But XRP recovered lost ground and currently trades at $0.25.
The company's CEO recently announced that they had added: "15 new clients after the SEC complaint." He also said that deals signed last year went up 80% year-over-year, with transactions growing 1,700% because of the adoption of Ripplenet.
Its innovative 'green' XRP Ledger (XRPL) has over a hundred projects utilizing it. They have also kept hiring top talent from companies like Amazon, Tesla, Paypal, Twitter, etc.
The company also has a strong presence in Asia, where there are substantial transactions and a lot of customer demand. Today, LuLu Exchange, a UAE-based exchange, announced its partnership with Ripple and India's Federal Bank, a top Indian private bank. The tripartite collaboration would serve to facilitate faster cross-border payments from UAE to India using Ripplenet.
General Manager of RippleNet, Asheesh Birla, revealed that the Asia Pacific (APAC) region remains Ripple's busiest region for customer demand and transaction growth.
Just in India, Ripple operates with 3 out of the 5 major banking players, with the fast-growing MENA-India corridor liable to become Ripple's most significant so far.
We are likely to see a change in Ripple's fate on the market. Although things may look a little grey at the moment, Ripple's silver lining may be around the corner.
