Web3 initiative for Japan – and still remarkably large XRP transfers – Block-Builders.de

While the process between Ripple and the United States Securities and Exchange Commission is still in summer recess, there is news about XRP elsewhere. These include a Ripple Web3 initiative for Japan and large XRP transfers.

From the perspective of observers, Ripple (XRP) has been on two tracks for 20 months: On the one hand, legal proceedings with the US Securities and Exchange Commission (SEC) dominate, where little is currently happening outside of public litigation. On the second track, Ripple tries to continue “business as usual”. So today we’re going to be looking at two smaller news. Ripple’s Vice President of Strategy, Emi Yoshikawa, by Twitter on a Web3 initiative for Japan. Together with the municipal administration of Fukuoka and the cooperation partner btrax, it is about exploring how XRP Ledger can be useful in the daily life of Japanese citizens. This includes not only payment processes, but also the secure transmission of data or digital identities. The decade-long history of Ripple’s network as a stable and profitable base is highlighted.

Ripple has established an XRP corridor to Japan as early as mid-2021 and is pleased that, for example, the trade in used cars from Japan to Africa can be settled with XRP. One of the reasons for the growing presence of Ripple and XRP in Japan is that with the SBI Group, a large shareholder of Ripple is based in Tokyo.

Ripples Escrow Accounts and Whale XRP Transfers

A second piece of news that is once again shaking the XRP community concerns the large transfers of the data service whale alert be reported via Twitter. There was confusion over 1 billion XRP released from Ripple’s escrow accounts. In fact, the program should have expired in July 2022 to release 1 billion XRP from Ripple’s reserves every month. But unbeknownst to many, the program was extended and Whale Alert actually showed that 800 million of the XRP in question had migrated to Ripple’s escrow accounts. As far as we know, the remaining 200 million XRP are not intended to fill Ripple’s coffers, but to guarantee the liquidity of ODL. With ODL (On-Demand Liquidity), Ripple supports the use of XRP as a bridge currency in international payment transactions and, according to the quarterly report, the program is becoming increasingly popular.

Meanwhile, it is less clear what the private XRP whales intend to do with their large transfers. They recently caught the eye with massive additional purchases of XRP, but currently appear to be moving millions of dollars between crypto exchanges. It cannot be clearly determined whether they are preparing for XRP sales.

Conclusion: SEC suspends Ripple and XRP

XRP has been trading in a corridor between US$0.30 and US$0.40 for three months now and has failed to develop its own momentum. Even positive news from Ripple HQ reporting success outside of the US will not change that. Here’s how you should sum it up for now: SEC stalling tactics in the XRP process are damaging Ripple without showing realistic ways out.

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