XRP | Bank of America Uses XRP Internally
XRP is making international headlines once again - this time, news of a collaboration with Bank of America is going around.
XRP gained against the trend on Wednesday, as other cryptocurrencies faced losses. The surge followed a photo shared by Ripple CEO Brad Garlinghouse, showing him dining with Chief Legal Officer Stuart Alderoty and President-elect Donald Trump.
But have we seen this before? In the past, Ripple has been known to make dodgy deals with news outlets and participate in unsolicited and unethical advertising - who remembers all the celebs they paid to speak out about XRP, and then the string of YouTube influencers? The SEC case cracked down on this "market manipulation" particularly hard, but it merely cost Ripple a few million dollars in fines.
Recently, David Stryzewski, CEO of Sound Planning Group, appeared on FOX Business to assert that Bank of America (BoA) is now utilizing XRP for 100% of its internal transactions. If verified, this would mark a groundbreaking step toward mainstream adoption of blockchain technology within major financial institutions. (This is a little worrisome - a validation from Bank of America would really be the only believable confirmation).
As per a recent article by The Crypto Times, a move of this magnitude could position XRP as a pivotal component in global banking systems. Notably, Bank of America’s relationship with Ripple is not new. The bank has been a member of RippleNet, Ripple’s blockchain-based global payments network, which facilitates secure and fast international money transfers. Bank of America's interest in blockchain technology dates back to at least 2017, when it filed a patent for a real-time settlement system referencing a "ripple" distributed ledger. Although the patent did not explicitly mention XRP, it signaled the bank’s intent to explore the integration of Ripple’s technology into its operations. According to Stryzewski, BoA has since filed 83 patents related to Ripple’s blockchain technology, underscoring its commitment to incorporating this transformative technology into its infrastructure.
Another recent publication by Binance expressed confidence in XRP’s long-term significance, praising the technology and Ripple's partnerships through RippleNet. Ripple’s official website lists Bank of America as a member of RippleNet, reinforcing the likelihood of ongoing collaboration.
If Stryzewski's claim proves accurate, it would represent a historic milestone for cryptocurrency adoption in traditional banking, potentially leading to a massive short-term pump. It is good to remember though, as with any news relating to Ripple and XRP, there are always many "if's" and "buts".
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XRPUSD XRPUSD 
XRPUSDT
XRP gained against the trend on Wednesday, as other cryptocurrencies faced losses. The surge followed a photo shared by Ripple CEO Brad Garlinghouse, showing him dining with Chief Legal Officer Stuart Alderoty and President-elect Donald Trump.
But have we seen this before? In the past, Ripple has been known to make dodgy deals with news outlets and participate in unsolicited and unethical advertising - who remembers all the celebs they paid to speak out about XRP, and then the string of YouTube influencers? The SEC case cracked down on this "market manipulation" particularly hard, but it merely cost Ripple a few million dollars in fines.
Recently, David Stryzewski, CEO of Sound Planning Group, appeared on FOX Business to assert that Bank of America (BoA) is now utilizing XRP for 100% of its internal transactions. If verified, this would mark a groundbreaking step toward mainstream adoption of blockchain technology within major financial institutions. (This is a little worrisome - a validation from Bank of America would really be the only believable confirmation).
As per a recent article by The Crypto Times, a move of this magnitude could position XRP as a pivotal component in global banking systems. Notably, Bank of America’s relationship with Ripple is not new. The bank has been a member of RippleNet, Ripple’s blockchain-based global payments network, which facilitates secure and fast international money transfers. Bank of America's interest in blockchain technology dates back to at least 2017, when it filed a patent for a real-time settlement system referencing a "ripple" distributed ledger. Although the patent did not explicitly mention XRP, it signaled the bank’s intent to explore the integration of Ripple’s technology into its operations. According to Stryzewski, BoA has since filed 83 patents related to Ripple’s blockchain technology, underscoring its commitment to incorporating this transformative technology into its infrastructure.
Another recent publication by Binance expressed confidence in XRP’s long-term significance, praising the technology and Ripple's partnerships through RippleNet. Ripple’s official website lists Bank of America as a member of RippleNet, reinforcing the likelihood of ongoing collaboration.
If Stryzewski's claim proves accurate, it would represent a historic milestone for cryptocurrency adoption in traditional banking, potentially leading to a massive short-term pump. It is good to remember though, as with any news relating to Ripple and XRP, there are always many "if's" and "buts".
__________________________
XRPUSD XRPUSD XRPUSDT 
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