- Cryptocurrency analyst Jack Straw suggests that XRP could emerge as an alternative to the U.S. dollar for Japan, citing Ripple’s collaboration with HashKey DX.
- Ripple’s recent actions, including locking 800 million XRP into escrow and transferring 60 million XRP to an undisclosed wallet, have garnered significant attention within the cryptocurrency community.
Renowned cryptocurrency analyst Jack Straw has proposed that XRP might serve as a viable alternative to U.S. dollars for Japan. Straw shared his perspective on X, referencing Ripple’s recent collaboration with HashKey DX to introduce solutions based on the XRP Ledger in Japan, as reported by Crypto News Flash.
This strategic move by Ripple, in partnership with the Japanese financial powerhouse SBI Group, aims to debut supply chain solutions for the finance sector utilizing the XRPL blockchain.
The role of blockchain in supply chain finance has steadily gained prominence, particularly as companies address security concerns. A recent research report anticipates a substantial increase in blockchain’s influence in this market, projecting growth from $360 million to $13.4 billion by 2030.
Ripple aims to capitalize on this burgeoning market by leveraging HashKey DX’s supply chain finance solution. Currently serving 4,300 suppliers and partnering with approximately 23 banks, this product has facilitated over $7 billion in trade volume since 2019.
Having already made headway in China, Ripple, in collaboration with HashKey DX, seeks to introduce this product to the Japanese market. The XRPL blockchain will power. Just last September 2023, Japanese payments giant SBI Group introduced an XRP-based cross-border payment service.
XRP Mass Adoption in Japan
In anticipation of this significant development, cryptocurrency expert Jack Straw contends that the widespread adoption of XRPL in Japan is already underway. He suggests that this transition will grant Japan greater flexibility concerning its local currency, the Yen.
Straw further speculates that XRP could serve as a reliable liquidity source, potentially replacing the dollar in Japan’s currency exchange activities going forward. He envisions this scenario extending to other nations involved in trade with Japan through a new trading framework.
According to Straw, this strategic shift would diminish Japan’s reliance on Swift while bolstering confidence in the XRP Ledger. He highlights the upcoming XRP stablecoin as a facilitator of seamless digital fund transfers in this evolving financial landscape.
“Now, we can expect the de-dollarization process to speed up in Japan as they begin the process of selling their dollars for gold,” said Jack Straw.
XRP Price Jumps 4% Amid Ripple’s Monthly Locking
Ripple’s recent move to secure 800 million XRP in escrow has captured the attention of investors and the wider cryptocurrency community, particularly as XRP prices surged by 6.1%, contradicting prevailing market sell-off trends. This strategic decision by Ripple, the entity behind XRP, involved locking 800 million XRP tokens into escrow. Interestingly, the transaction unfolded in three distinct series: 100 million, 200 million, and 500 million tokens, showcasing a deliberate approach to managing its token supply.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 500,000,000 #XRP (258,724,981 USD) locked in escrow at #Ripplehttps://t.co/gOe8fT1VvW
— Whale Alert (@whale_alert) May 1, 2024
In addition to the strategic maneuver mentioned earlier, Ripple’s transfer of 60 million XRP to an undisclosed wallet has sparked speculation within the XRP community about the purpose behind this action, per the Crypto News Flash report.