In a interviews with the Digital Pound Foundation, Ripple Head of Policy Susan Friedman shared her positive view of London’s potential as a crypto hub, highlighting her dedication to developing ecosystems for crypto assets and Central Bank Digital Currencies (CBDCs) .
Ripple Advocates For Encouraging CBDC Ecosystem Development
Friedman pointed out that Ripple’s goal is to advocate for global policy frameworks that encourage the development of an ecosystem for crypto assets, including CBDCs.
He expressed excitement for what is happening in the UK, as London and the government are taking a proactive approach to fintech and CBDCs. He cited the Bank of England’s work with the digital pound and the government’s consideration of all perspectives on the implementation of the CBDC.
According to Friedman, digital currencies and CBDCs are a natural evolution of how individuals and countries exchange value, as existing currencies were created in a less globalized world.
He also believes that CBDCs can provide the same protection as fiat and that most countries looking to implement CBDCs are exploring CBDCs to solve specific domestic challenges. Finally, he believes that all countries should develop a strategy to implement CBDCs in order to effectively interact with the global market.
Ripple’s policy chief also sees CBDC and cryptocurrencies as fueling financial inclusion, increasing access to financial services for under- and unbanked populations, and increasing speed and efficiency. of payments. He believes that digital currencies can also help reduce the use of energy and environmental resources by reducing the printing of paper money and the mining of coins.
However, Friedman acknowledged that central banks around the world are struggling to encourage this technology while maintaining financial stability and control over their monetary systems. He believes that there can be interoperability between these currencies in a way that maintains financial stability for all countries.
In conclusion, Friedman’s positive view of London’s potential as a crypto hub reflects Ripple’s dedication to promoting global policy frameworks that encourage the development of an ecosystem for crypto assets and CBDCs.
His insights into both the security and protection of CBDC and their potential to encourage financial inclusion and reduce energy use highlight the benefits of this technology.
As countries around the world explore the implementation of CBDCs, interoperability and maintaining financial stability will be critical factors to consider.
XRP Enters Crucial Phase
Market analyst Egrag Crypto shared his insights over the next 100 days for XRP, highlighting key support and resistance levels for investors to watch. As the market enters the third quarter of 2023, he believes it will be a make-it-or-break-it period for XRP, with the potential for significant price movement.
According to Egrag Crypto, XRP support levels are currently at $0.4570, $0.4250, and $0.4200, with major support at $0.3850. On the other hand, resistance levels for XRP are currently locked at $0.48 and $0.50, with major resistance at $0.54 and $0.58.
These levels may give investors an indication of where the XRP price may move in the coming months.
However, Egrag Crypto also stated that the ongoing legal process between Ripple and the US Securities and Exchange Commission (SEC) regarding the status of XRP as a security may affect the price of the cryptocurrency. Judge Torres’ decision could sling-shot the price of XRP in either direction, depending on the ruling and subsequent actions.
Despite this uncertainty, Egrag Crypto advises investors to keep a level head and maintain a long-term perspective. Short-term volatility can be unpredictable, and emotions can be high. He recommends maintaining a dollar cost averaging (DCA) strategy, as he believes in XRP’s potential and utility in the emerging digital economy.
At the time of writing, XRP is trading at $0.4657, following the overall market trend, having experienced a 0.4% decline in the last 24 hours
Featured image from Unsplash, chart from TradingView.com
