Earlier today, India’s Supreme Court reversed a ban against Bitcoin, Ripple’s XRP, and other cryptocurrencies. While this is a huge development for all digital assets — from the market leaders to the small altcoins that few know of — some are saying this ruling could have an outsized effect on XRP, which has been struggling in terms of price action over the past year and more.
India Reverses Key Anti-Crypto Regulation
For those who missed the memo, first, a quick recap: on Wednesday, India’s top court struck down a directive from the Reserve Bank of India that banned banks from offering services to those that dabble in cryptocurrency, whether it be Bitcoin or XRP or otherwise.
Vaibhav Kakkar, a partner at law firm L&L Partners explained to Bloomberg on the matter:
“With this order, there is a likelihood of more mature and balanced regulation of cryptocurrencies and the fintech sector as a whole.”
Could Be Bullish for XRP (And Ripple)
According to Credible Crypto, a prominent industry commentator and trader, this decision by the Supreme Court to reverse the ban will be especially bullish for XRP. He explained:
“Regulatory clarity was the final piece of the puzzle that was holding Ripple back from going after the Indian remittance market aggressively. Great for XRP.” Read More...