Ripple (XRP) seems to be living up to its billing, and it is now shutting down the mouth of deprecators in the crypto sphere.
The launch of Ripple (XRP) wallet by Wirex, placed the lovers of the cryptocurrency in euphoria, but as things look, the community will be more elated with the latest news in town.
Coming from the UK based company that specialises in the provision of cryptocurrency wallet, Wirex, is a news that lovers of Ripple are really turning up towards the latest development with a huge deposit on the wallet.
Wirex, in a tweet, aired that XRP deposits worth US$2,000,000 have been recorded on Wirex in the last 12 hours.
Just two days back, Wirex announced the launch of Ripple wallet in a release, and there comes today a news disclosing massive adoption of the wallet.
This news is adding feather to the cap of the altcoin’s token, XRP, as it was previously incited with claims it is only Ripple tools that are getting credence and adoptions in the fintech industry while the token is left behind.
However, with the latest news, it is now becoming apparent to the world that XRP is viable in real-world use cases, and it is gradually getting embraced by companies to execute their transactions.
Ripple And Security and Exchange Commission
There is a rumour that the Securities and Exchange Commission may hit Ripple because the crypto-coin may be listed as a security.
According to experts, the coin may be slain in a manner that may affect its future. While this may be a problem, there is assurance that Ripple will be able to move on in the face of turbulence.
Now, the US SEC is seriously debating XRP, a token linked to Ripple blockchain, on the basis that it may be caught in the new security law hindering cryptocurrency.
According to the law, Bitcoin and Ethereum have been excluded from the clause, and hence are not considered as securities.
To better make necessary clarification, Ripple has stated that the XRP token is a standalone digital asset, but observers say since Ripple Firm is still in possession of 60 billion of the 100 billion XRP tokens created on the blockchain, it is hard to shield Ripple from this security clause.
However, Cory Johnson, the chief market strategist at Ripple, confirmed on a CNBC programme in April that XRP is not security based on previous court history. Despite the SEC problem, it is awesome to Ripple flourish in the cryptocurrency space.