XRP (XRP) has been in the news lately with regards to its status. All debate around it is whether it will be declared a security or not. This has negatively impacted on its price, though other factors have played a role too. But while there is so much focus on the pending SEC decision on XRP (XRP), aren’t investors missing out on the bigger picture? A quick look at XRP gives the indication that its reach is global in nature, and should not be viewed from a narrow Americentric perspective. As a matter of fact, XRP’s biggest potential is outside of the U.S. Its biggest market is Asia, one of the fastest growing economic regions in the world.
One example of ripple’s and XRP’s potential in Asia is its huge influence in the Japanese market. While debate rages on about the SEC decision in the U.S, the Japanese are adopting XRP in droves. SBI Japan through its consortium of bank is about to revolutionize Japanese banking through the use of XRP. The SBI exchange is also about to go live for retail investors, and will further serve to entrench XRP in this market. All this is happening while the securities issue is ongoing in the United States.
But it’s not only in Japan that XRP is making some huge moves. It’s also going big in India, one of the world’s most populous countries, and an increasingly important player in the global economy. According to ripple Vice President of product, Asheesh Birla, ripple now has control of over 50% of the Indian market, and that share is growing. They have achieved this through partnerships with the top 3 banks in India, as well as with Indian Telcom companies. India is a huge growth market, and as XRP gets used by a larger population in India, decisions far away in a different continent won’t matter that much.
Ripple is going big in Europe too, one of the wealthiest economic blocks in the world. The Santander group is already live with XRP for cross-border transfers in Europe. With time, other European banks will go live on XRP, since it has the capacity to cut cross-border costs by up to 60%. Of course, when you factor in other regions like the Middle East, it becomes clear that XRP is global. Decisions in the U.S might have a short-term effect on its price, but long-term, XRP is unlikely to suffer any adverse effects from the decisions of any one particular nation.
In essence, the whole debate around the SEC and XRP being declared a security is a little bit overblown. If XRP was heavily reliant on the American market, then it would be a different scenario altogether. But for a crypto as global as XRP, it’s irrelevant in the grand scheme of things. If anything, the SEC would only be holding the U.S back by declaring that XRP is a security, while the rest of the world has already fully embraced the tech. Since the SEC is not about stifling innovation, an adverse decision from their end is highly unlikely.