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- SBI VC Trade, a subsidiary of SBI Holdings, has launched a validator node on the XRP Ledger (XRPL), demonstrating the firm’s support for Ripple’s native token, XRP.
- JackTheRippler, a prominent figure in the crypto sector, reveals Japan’s use of XRP, highlighting the acceptance of the token outside of the US.
- Despite these developments, XRP is currently experiencing a downward trend, with a 2%+ dip over the last day.
SBI VC Trade launches a validator node on the XRP Ledger, bolstering support for XRP. Despite this, the token is facing a downward trend. This article delves into these developments and their implications.
SBI VC Trade Becomes a Validator on XRPL
On May 10, SBI VC Trade announced its decision to become a validator on the XRP Ledger. This move by the subsidiary of SBI Holdings, one of Japan’s leading financial institutions, signifies the industry’s continued support for XRP and suggests potential wider adoption of the token. Validators play a crucial role in verifying transactions and securing the network. As a default Unique Node List (dUNL) validator on the Ledger, SBI VC Trade is set to reinforce trust in XRP.
Japan’s Use of XRP and the Token’s Market Performance
JackTheRippler, a well-known figure in the crypto world, recently shared a post revealing Japan’s use of XRP as a bridge currency. This highlights the acceptance and integration of XRP outside of the US. Despite these positive developments, XRP is currently trading at a downward trend. As of now, the token is priced at $0.4925, marking a 2.99% decline over the last 24 hours. Over the past week and month, the token has seen significant declines of 7.9% and 9.6% respectively.
Future Outlook for XRP
In a recent post, JackTheRippler forecasted a potential increase in XRP’s value, driven by major events within the ecosystem, including further integrations with financial institutions. He asserted that a new all-time high (ATH) for XRP is just a matter of time. Other significant events highlighted by JackTheRippler include the final judgment of the SEC-Ripple lawsuit, the potential Ripple IPO, and the possibility of XRP ETFs.
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Conclusion
Despite the current downward trend in XRP’s market performance, the launch of a validator node on the XRPL by SBI VC Trade and the revealed usage of XRP in Japan indicate a positive outlook for the token. With potential major events on the horizon, including further financial institution integrations, the final judgment of the SEC-Ripple lawsuit, and a possible Ripple IPO, the future of XRP could see significant developments.
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