Ripple (XRP) token is holding strong despite market downturns with recent developments including updates on Ripple’s cross-border payment solutions and key legal victories, bolstering investor confidence.
Additionally, while Ripple co-founder Chris Larsen’s public endorsement of Kamala Harris for the 2024 US presidential election could have little impact on the XRP price, it highlights the growing influence of crypto leaders in broader political and economic landscapes.
XRP defying the current market downturn
XRP has shown impressive resilience despite a sluggish crypto market in early September 2024.
While Bitcoin (BTC) and Ethereum (ETH) experienced significant losses during the first week of the month, XRP has outperformed them, recording a smaller decline of 4% compared to Bitcoin’s 7%.
As of September 6, XRP had dropped below the critical support level of $0.54 but remained well above the support level at $0.5 with bullish momentum targeting the $0.57 resistance level.
If this resistance is broken, analysts predict a potential retest of the $0.65 mark.
On-chain data from CryptoQuant suggests that traders are increasingly moving XRP into long-term storage, signaling confidence in the token’s future performance.
The steady withdrawal of XRP from exchanges, with $60 million worth moved into long-term storage since August 1, underscores growing confidence in the token’s long-term potential.
Additionally, Ripple’s recent legal victory over the US Securities and Exchange Commission (SEC) has played a crucial role in stabilizing XRP’s price.
The case concluded with a $125 million settlement, significantly lower than what many had anticipated.
Adding to investor optimism, Judge Analisa Torres approved Ripple’s request for a stay of judgment, allowing the company to defer its payment until further legal proceedings are finalized.
Ripple’s new update on cross-border payments
Despite XRP going through some turbulent times, Ripple has continued to revolutionize cross-border transactions, offering a streamlined solution for businesses that struggle with traditional international payment systems.
This has led to growing confidence in the company which translates to the XRP token.
In its latest update, Ripple emphasized the speed and cost-efficiency of its payments infrastructure, which leverages the XRP Ledger to facilitate near-instant settlements at lower costs.
This is particularly beneficial for crypto businesses that operate around the clock, bypassing the limitations of conventional banking hours.
In the update, Ripple introduces a solution to address long-standing pain points in the financial sector, such as long settlement times, limited fiat off-ramp options, and liquidity issues.
By reducing the number of intermediaries in the payment process, Ripple helps businesses save on transaction costs and maintain liquidity, ultimately improving customer experience.
Its global network of payout partners also supports various fiat currencies, simplifying digital asset conversions for crypto firms and their users.
With this update, Ripple strengthens its position as a key player in the cross-border payments market, providing a robust alternative to traditional financial systems.
As more businesses integrate Ripple’s technology through a simplified API, the company’s influence in both the crypto and traditional financial sectors is expected to grow.
Ripple co-founder endorses Kamala Harris
In addition to Ripple’s technological advancements, its co-founder and executive chairman, Chris Larsen, recently made headlines by endorsing Vice President Kamala Harris for the 2024 US presidential election.
Larsen joined a group of 88 corporate leaders who publicly supported Harris, reflecting the increasing political involvement of key figures in the crypto space.
This endorsement comes amid Harris’ embrace of crypto donations for her campaign, signifying the growing intersection of politics and cryptocurrency.
Former Ripple board member Gene Sperling also left his position in the White House to join Harris’ campaign, adding further weight to the company’s political influence.
Ripple CEO Brad Garlinghouse has gone on record predicting that SEC Chair Gary Gensler will step down, regardless of the election’s outcome, indicating that Ripple’s leadership is closely monitoring how the election may impact the crypto industry.
Larsen’s endorsement of Harris demonstrates the deepening connection between Ripple’s leadership and broader political and economic discussions, positioning Ripple as not only a technological leader but also an influential player in shaping future regulatory frameworks for the crypto industry.
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