Former Bank of America Executive Joins Ripple as Head of Regulatory Affairs

| Updated
by Bhushan Akolkar · 3 min read
Former Bank of America Executive Joins Ripple as Head of Regulatory Affairs
Photo: Shutterstock

At Ripple, the former BoA executive will be responsible for communicating all the regulatory-related matters with the U.S. Securities and Exchange Commission.

The blockchain startup Ripple is currently facing some major regulatory hurdles as investors have raised questions over the state of XRP being securities. To tackle this matter at hand, Ripple has brought some financial industry heavyweights to its board.

In one such move, Ripple has recently appointed ex Bank of America executive – Benjamin Melnicki – as its head of Regulatory Affairs. Melnicki’s job at Ripple will be communicating and maintaining absolute transparency regarding Ripple’s dealing with the U.S. Securities and Exchange Commission (SEC).

In the financial circle, Melnicki is known as a taskmaster in dealing with regulatory concerns. In the past, he worked as the Chief Compliance Officer for Noble Bank International as well as served as the Global Regulatory Council at a Blockchain crypto wallet provider.

Sudden Surge in XRP Transactions

XRP which has been an underperformer so far in 2019, has seen a massive surge in daily transactions in the last 24 hours. As per BitInfoCharts, XRP alone contributed 50% of the overall cryptocurrency transactions in the last 24 hours.

XRP recorded a massive 1.6 million daily transactions on Monday, October 28. It was the first time since the crypto bull-run of December 2017 that XRP has seen such huge transactions. The reason behind such a huge surge in daily transactions is unclear at this stage. But we never know what is cooking behind the scenes.

Having traded around $0.30 for a long time, analysts believe that the bottom of XRP is already reached. Popular crypto analyst Peter Brandt said that the XRP chart has formed a diamond pattern. He adds that once XRP price crosses $0.308 levels, it can show a sudden surge up to $0.4692, a 54% breakout in the XRP price.

Supporting the possibility of bullish momentum in XRP, another analyst CryptoGainz said that XRP has formed an inverse head-and-shoulders reversal pattern. A move above $0.3077 will spark the bullish momentum.

Another crypto trader Loma also expects a bullish breakout if XRP price crosses its diagonal resistance of $0.30.

MoneyGram Displeased with Ripple’s Growth

Last year, Ripple entered a partnership with financial and payments services giant MoneyGram. The aim of this partnership was to speed up the global remittance with Ripple being the technology provider offering its blockchain-based instant payment solutions to MoneyGram.

According to the deal, Ripple will be providing on-demand liquidity to MoneyGram customers through its xRapid payment solution. The xRapid payment solution uses XRP tokens to facilitate faster cross-border payments.

However, Ripple CEO Brad Garlinghouse recently received a call from MoneyGram CEO Alex Holmes wherein the latter expressed disappointment over the speed of XRapid’s growth and progress. Reportedly, Holmes also asked Ripple CEO if they were planning to launch on-demand liquidity in more markets.

Altcoin News, Blockchain News, Business News, Cryptocurrency news, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Related Articles