Market sentiment around Ripple and its native cryptocurrency XRP’s price has been bubbling lately and for good reasons.
Anticipation has been building up around the Ripple-SEC lawsuit, and institutions have been taking note of Ripple’s offerings.
Ripple launched its regulated stablecoin RLUSD a few weeks ago and enough time has lapsed for a preliminary judgement of its performance.
The stablecoin has so far achieved impressive growth, with its supply recently surpassing $120 million.
A CryptoQuant analyst recently pointed out that RLUSD’s supply initially grew rapidly on the Ethereum blockchain.
However, its pace of growth on the XRP Ledger recently outpaced Ethereum.
Despite the change in pace, Ethereum still holds majority of the stablecoin supply at 83.3 million RLUSD compared to 37.4 million RLUSD on XRPL.
However, with a higher rate of growth, the XRP Ledger could possibly narrow that gap.
According to the same analysis, the pace of adoption on the XRP ledger is currently higher courtesy of lower fees compared to the Ethereum network.
Japanese Banks Embrace XRP for Banking Efficiency
The RLUSD stablecoin only accounts for a small percentage of the hype around Ripple and XRP.
Recent reports indicate that Japanese banks have already started adopting XRP to tap into more operational efficiency.
This tracks with previous reports which stated that roughly 80% of Japanese banks were slated to incorporate XRP to improve cross-border payments.
If true, then this latest report could signal that the adoption race for XRP is already underway.
This is a complete 180 from the negative sentiment that plagued the cryptocurrency and its native coin not so long ago.
These developments come just days after previous reports indicating that the SEC has been retreating its aggressive stance against crypto.
The Ripple-SEC lawsuit has been the biggest roadblock in the way of Ripple services adoption and the XRP coin by extension.
Some analysts anticipate that the SEC may finally throw in the towel in its legal pursuits against Ripple now that Japanese banks are embracing XRP.
However, the final ruling continues to drag on, leaving the market in some degree of uncertainty.
Is XRP Finally Ready to be Unleashed?
Despite the lack of clarity over the matter, some see the decision by Japanese banks as a sign of the times. More banks across the world could soon follow suit.
It is worth noting that the potential impact of banks adopting XRP, as far as price action is concerned, remains unknown.
Nevertheless, holders remain enthusiastic that it will have a price positive impact.
The market is also eagerly anticipating the final judgement regarding the Ripple-SEC case.
Past wins and losses in the legal battle have historically influenced the cryptocurrency’s price action.
XRP holders expect things to be no different with the legal battle’s conclusion. A pro-Ripple outcome would be incredibly bullish while a loss would potentially be a bearish event.
