Gate.io Blog Ripple (XRP) Ledger Sees a Surge in International Adoption Following Its Historic Win Against the SEC

Ripple (XRP) Ledger Sees a Surge in International Adoption Following Its Historic Win Against the SEC

17 August 15:52

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## [TL; DR]
There has been an increase in the adoption of Ripple’s CBDC technology after its win against the SEC.

Hong Kong’s Fubon Bank and South Korea’s Catalyze Research are examples of institutions that have partnered with Ripple.

After the SEC vs Ripple ruling the <a href="/pt/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP price</a> has been fluctuating between $0.60 and $0.965 levels.

## Introduction
Ripple’s (<a href="/pt/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>) historic win against the United States Securities and Exchange Commission (SEC) has resulted in an increase in its international adoption. Countries like Palau, Hong Kong and South Korea have partnered with Ripple to use its central bank digital currency (CBDC) technology. This shows that Ripple’s partial victory has a positive impact on the crypto sector.

Today, we discuss how Ripple’s win over the SEC has led to an increase in the adoption of Ripple’s CBDC technology. We will also explore the potential impact of the Ripple’s victory on the entire crypto sector.

Read also: [Bitcoin vs. Ripple: What's the difference?](https://www.gate.io/blog_detail/2101/bitcoin-vs.-ripple-what-s-the-difference "Bitcoin vs. Ripple: What's the difference?")

## Ripple’s Legal Battle Against the SEC
As you may know, Ripple had a legal battle against the SEC that stretched from 2020 to 2023. Basically, the US SEC had been accusing Ripple, the company behind [the XRP cryptocurrency](https://www.gate.io/learn/articles/what-is-xrp/225 "the XRP cryptocurrency"), of violating the United States’ securities laws by selling its crypto asset (XRP).

Nevertheless, on 13 July this year, U.S. District Judge Analisa Torres declared that XRP is not a security if it is being sold on crypto exchanges. This is because transactions do not constitute investment contracts. It, however, ruled that selling XRP directly to institutional investors makes it a crypto security.

## Ripple (XRP) Ledger’s Global adoption Surges
It is in the backdrop of such a ruling that the demand for Ripple’s central bank digital currency (CBDC) technology soared leading to greater XRP adoption.

Apart from establishing partnerships with various U.S. banks and financial institutions, Ripple has entered business agreements with several international organizations that are willing to use its CBDC technology. As an example, Ripple has partnered with Fubon Bank and Catalyze Research.

Read also: [How Has Ripple (XRP) Developed So Far?](https://www.gate.io/blog_detail/2745/how-has-ripple-xrp-developed-so-far "How Has Ripple (XRP) Developed So Far?")

## Ripple’s Partnership with Fubon Bank
Fubon Bank, a Hong Kong unit of Taiwan’s Fubon Financial Holding Co. has partnered with Ripple to use its XRP ledger to explore real-estate tokenization. In fact, Fubon Bank aims to roll out Hong Kong’s electric Hong Kong dollar (e-HKD) pilot program.

During the pilot program Fubon Bank will work with different industry leaders to establish use cases of the e-HKD as well as the scope of its implementation. The aim of Ripple-Fubon Bank cooperation is to establish the means to use Ripple CBDC platform to provide equity releases and real estate asset tokenization. This will enable commercial banks in Hong Kong to provide streamlined loan services.

It is essential to note that the Hong Kong Monetary Authority (HKMA) is behind this pilot program. To this effect, James Wallis, Ripple’s Vice President of Central Bank Engagements & CBDCs said, “It’s a huge honor for Ripple to be one of the select few organizations participating in the HKMA’s e-HKD Pilot Programme. We now have the opportunity to demonstrate how real estate asset tokenization could be brought to the citizens of Hong Kong.”

## Partnership with Palau Government
Ripple entered an agreement with the Palau government where it will use the CBDC ledger to develop its national currency. The country will embark on a pilot program to launch its stablecoin called PSC, pegged to the United States dollar.

[Jay Hunter Anson of the Ministry of Finance of Palau posted on Twitter](https://twitter.com/JHX_1138/status/1681135189236301824?ref_src=twsrc%5Etfw "Jay Hunter Anson of the Ministry of Finance of Palau posted on Twitter"), “The Republic of Palau stablecoin (PSC) aka “Kluk” is a prototype digitization of the US Dollar under development in partnership with @Ripple #Ripple using the #XRPL blockchain. If successful, the PSC limited and controlled pilot could revolutionize the way goods and services are paid for in Palau.”

According to [Ripple](https://www.gate.io/blog_detail/1063/what-is-ripple-xrp-one-of-the-first-cryptocurrencies-is-still-in-the-top-ranks "Ripple"), any central bank can use its CBDC platform to mint, distribute, and control its digital currency.

Read also: [How to Buy XRP (XRP)](https://www.gate.io/how-to-buy/xrp-xrp "How to Buy XRP (XRP)")

## Partnership with South Korea’s Catalyze Research
Also, Ripple has forged another partnership with Catalyze Research, a Web3 and blockchain consulting group, to tap into the Web3 developer community in the country. The partnership will result in the development of XRPL education program to capacitate the Korean developers.

According to Markus Infanger, VP of RippleX Growth at Ripple, this program will provide the right tools and education to unlock XRPL’s full potential. This partnership comes as no surprise since XRP is one of the most traded cryptocurrencies in South Korea.

## XRP’s Performance after Ripple’s Victory Against the SEC
The first and most important[ effect of Ripple’s partial victory](https://www.gate.io/blog_detail/2927/ripple-price-after-victory " effect of Ripple’s partial victory") against the SEC was a significant rise in [XRP price](https://www.gate.io/price/xrp-xrp "XRP price"). Within a day of the declaration that XRP is not a crypto security if sold on public exchanges its value rose by over 66% resulting in a market capitalization of about $41.1 billion.

That astronomical price increase led XRP to become the fourth largest cryptocurrency by market capitalization. From the time of the positive Ripple vs SEC ruling, the XRP price has been fluctuating between the $0.60 and $0.965 levels most of the time.

Read also: [XRP Price Prediction & Forecast for 2023, 2025, 2030](https://www.gate.io/price-prediction/xrp-xrp "XRP Price Prediction & Forecast for 2023, 2025, 2030")

However, there are two clear XRP price permutations. Some crypto analysts believe that if the SEC vs Ripple ruling comes under question its price may fall by around 25%. That change may force the XRP price to hover around the next support level of $0.520. And one of the worst scenarios would be a further fall of the XRP price to $0.392.

On the contrary, the price of XRP could revisit the range’s midpoint of $0.761, if the SEC does not appeal the ruling. The further adoption of XRP ledger may see its price rising above $0.965. Currently, XRP is trading at $0.633.

Read also: [Ethereum Surges to $2,000 Marking its First Return to this Level since May](https://www.gate.io/blog_detail/2962 "Ethereum Surges to $2,000 Marking its First Return to this Level since May")

## Conclusion 
There has been a surge in the adoption of Ripple’s CBDC technology following its [partial victory against the US SEC](https://www.gate.io/ru/blog_detail/2960 "partial victory against the US SEC"). For instance, Ripple has already forged partnerships with Hong Kong’s Fubon Bank, South Korea’s Catalyze Research and the Palau government. Currently, the XRP price is ranging between $0.965 and $0.60 levels.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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TL；DR

Introduction

Ripple’s Legal Battle Against the SEC

Ripple（XRP）Ledger’s Global adoption Surges

Ripple’s Partnership with Fubon Bank

Partnership with Palau Government

Partnership with South Korea’s Catalyze Research

XRP’s Performance after Ripple’s Victory Against the SEC

Conclusion

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