By
Chimamanda U. Martha
April 18th, 2024
A recent hearing in the U.S. Congress included the discussion of fiat currencies, payment methods and cryptocurrencies. In this context, XRP and the efforts made by Ripple in the sphere of payments were directly mentioned.
Ripple and XRP were directly mentioned at a United States Congressional Hearing that was held on Thursday 30, January 2020. The hearing, which was titled ‘Is Cash Still King?’, was set by U.S. lawmakers to decide the fate of cash with relation to the rise of XRP and other cryptocurrencies.
During the hearing, Congress directly mentioned blockchain firm Ripple and the efforts it has made with the adoption of XRP. So, someone eventually got it to spot on by recognizing that there is a popular digital currency called XRP and the company behind it known as Ripple.
In a video uploaded by Youtube channel BankXRP, Rep. Tom Emmer was seen throwing the question at Christina Tetreault, senior policy counsel for Consumer Reports, whether she knows about some of the top cryptocurrencies and she was quick to recognize both Ripple and XRP.
A lot of American enterprises are now getting rid of cash and adopting digital payments as the latter provides more convenient ways to handle. The Financial Technology Task Force also examined whether the U.S. Dollar remains a feasible option for payments.
Rep. Donald Payne sponsored the Payment Choice Act of 2019, which would stop companies from accepting cash, was also discussed. And it was highlighted that up to 25% of U.S. households do not have bank accounts. The bill also emphasizes the need to have decentralized payment options.
In a report by Forbes, Bitcoin lawyer, Gabriel Shapiro claimed that it would be tremendously bullish for Bitcoin. He was quoted as saying:
“The idea that cash is essential in society is extremely bullish for Bitcoin…This is a big opportunity for Bitcoin and any other truly decentralized cryptocurrencies.”
Ripple and XRP Are Moving Forward
Ripple and the XRP asset continue to dominate the headlines this week. This is another positive news for the third-largest cryptocurrency and it will keep traders alerted. It comes after statistics that suggest that the XRP token could rise to as high as $14 stormed the crypto world in the coming weeks, as Coinspeaker reported on January 30, 2020.
The asset is close to breaking out from the downtrend resistance that trapped it down at low prices for over two years of the bear market. A 6000% rise is projected that would see it jump from its current price of $0.2358 to $14 on every token.
In another favorable development, Ripple is preparing to launch an XRP-based banking application called Xumm, which will enable users to store fiat and digital currencies in the wallet account, free of intervention from banks. The lead developer of XRPL Labs, Wietse Wind revealed this week as covered by Coinspeaker on Wednesday, January 29, 2020.