The cryptocurrency XRP, issued by US fintech company Ripple, may be poised for significant price gains if CEO Brad Garlinghouse‘s ambitious plan to spend $1 billion on acquisitions is successful. Garlinghouse revealed Ripple’s intentions during an on-stage interview at the Dubai Fintech Summit, stating that the company is ready to grow with both internal resources and external acquisitions.
Ripple’s CEO also highlighted Switzerland and the United Arab Emirates (UAE) as attractive countries for potential acquisitions, citing their friendly environments for fintech and blockchain technologies. Such supportive ecosystems can make it easier for larger companies like Ripple to invest in expanding their operations.
If Garlinghouse’s strategy succeeds and more businesses begin to use XRP for liquidity in cross-border payments, the cryptocurrency’s price may see a subsequent surge. During the 2017-2018 bull market, XRP reached over $3 as optimism for the token’s use case grew. However, XRP later dropped as low as $1.15 during the bear market before once again rising to above $1.8 in the recent bull market. Should Ripple further establish itself as a leading provider of cross-border crypto payments, these higher prices may well be attainable again.
The UAE remains a top crypto-friendly jurisdiction, with Dubai, in particular, taking a proactive approach to cryptocurrency and blockchain policies. The favorable environment has been bolstered by growing concerns from industry leaders that the US’s regulatory framework is impeding innovation.
Earlier this month, Binance‘s Chief Strategy Officer Patrick Hillman criticized US crypto regulations, stating that rules enforcement had been “very confusing.” Simultaneously, co-founder of venture-building firm Crypto Oasis, Saqr Ereiqat, praised the UAE, saying it checks all the boxes concerning “regulatory infrastructure, digital infrastructure, and its ability to attract a global pool of talent.”
In contrast to the complex and fragmented regulatory landscape in the US, Ereiqat noted that the UAE’s framework is more streamlined and business-friendly. As Ripple seeks to expand, these advantageous conditions could play a crucial role in the company’s growth and the adoption of its XRP cryptocurrency – ultimately leading to possible increases in the XRP price.
Source: Cryptonews
