- Ripple President Monica Long anticipates a significant shift in U.S. banks’ approach to blockchain technology and XRP in 2025.
- Remarks suggest Bank of America’s leadership is eager to engage with Ripple’s technology following regulatory changes.
Ripple President Monica Long has indicated a potential turning point for XRP and blockchain technology within the U.S. banking sector. Her comments suggest major financial institutions’ renewed openness and enthusiasm towards Ripple’s solutions, setting the stage for a potentially transformative year.
A Change in Sentiment
In a video excerpt shared by BullRunners, Monica Long described a noticeable shift in how U.S. banks are approaching blockchain technology and XRP. She noted that this change happened swiftly following the rollback of SAB 121, which had previously restricted banks from the crypto custody market.
Long also highlighted the immediate positive reactions from leading financial institution executives.
Long stated, “It feels like the floodgates are going to open this year, doesn’t it?” She pointed to Bryan Moynihan, CEO of Bank of America, as expressing that they were “all in,” signalling a readiness to deepen their involvement with Ripple’s offerings.
Moynihan himself has spoken about Bank of America’s preparedness to enter the digital asset space, indicating that they have been preparing for this moment.
Ripple’s established history with major U.S. banks, including Bank of America, traces back to its early emphasis on messaging software and payment solutions. While these institutions once collaborated closely with Ripple, increasing regulatory uncertainty and a hostile environment toward digital assets led to a period of distance.
However, Long noted that the environment is rapidly evolving. Post-election, Ripple’s discussions with banking partners regarding stablecoin integration and transaction banking “changed overnight.” This shift suggests a fundamental change in the regulatory landscape and a renewed appetite for digital asset solutions among traditional financial institutions.
The Trump effect on the crypto market has also contributed to this changing landscape. President Trump’s pro-crypto stance has fostered growth, with the SEC seemingly easing its stance on cryptocurrencies.
Ripple CEO Brad Garlinghouse has acknowledged this influence, attributing the renewed acceptance of cryptocurrencies to this effect. Furthermore, the SEC has dismissed its lawsuit against Ripple and recently filed a motion requesting court approval of the settlement terms.
Speculation about BlackRock’s potential involvement in the market, possibly through an XRP ETF, has further fueled optimism. While BlackRock has not yet filed for an ETF, its recent discussions with the SEC’s crypto task force regarding ETF approval standards suggest a keen interest in the market.
XRP Transfer to Korean Exchange
In related news, a substantial amount of XRP has been moved to a top South Korean exchange, coinciding with some price drops in the cryptocurrency. Whale Alert, a popular blockchain tracker, reported a massive transfer of 20,000,000 XRP to Bithumb, the second-largest crypto trading platform in South Korea. At the time of the transaction, the 20 million XRP was valued at approximately $50,123,331.
Initial speculation arose regarding the nature of this transfer, with some suggesting it might be related to a payment to the SEC. However, data from XRPscan indicates that both the sender’s and recipient’s addresses belong to Bithumb. This suggests that the transaction was internal, likely a reshuffling of the platform’s XRP holdings. The sender’s wallet still holds 1,544,938,371 XRP.
Long’s statements reflect a sense of optimism that the obstacles Ripple has faced are diminishing, with major banks beginning to view its products and XRP as viable components of the future financial system.
The anticipation is that 2025 will mark a significant turning point, with the “floodgates” opening for broader adoption and integration of XRP within the traditional financial sector. XRP is currently trading at $2.52, up 4% in the last 24 hours, with a trading volume of $147 B.
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