XRP Drops 0.241% Amid SWIFT Doubts, Ripple Enhances Compliance

XRP's latest price was $2.81, down 0.241% in the last 24 hours. The cryptocurrency has been the subject of recent discussions and updates within the financial and blockchain communities. SWIFT's Chief Innovation Officer, Tom Zschach, has expressed doubts about the viability of XRP and Ripple as settlement tools in the banking sector. His comments have sparked a debate within the industry about the potential of blockchain technology versus traditional financial systems. Zschach highlighted concerns about the lack of regulation and trustworthiness of XRP as a settlement tool, suggesting that banks might prefer tokenized assets under their control. Ripple has yet to respond directly to these remarks, but the discussion has underscored the ongoing tension between blockchain innovations and the regulatory frameworks of traditional finance.

Zschach's comments have led to a debate about the future of XRP in the financial landscape. Financial discussions are now centered on whether XRP can maintain its relevance in the face of stablecoins and regulated digital assets. The potential impacts on institutional adoption remain under scrutiny from banking sectors, with experts highlighting possible shifts towards regulated assets over external tokens. Historical data from prior market disputes suggests that any volatility is likely to be temporary rather than indicative of a fundamental shift. Long-term adoption strategies for blockchain technology are under continued evaluation as the industry monitors regulatory dialogues for future implications.

Ripple's XRP Ledger has received a new update aimed at enhancing its compliance capabilities. The credentials amendment, now active on the XRP Ledger, allows for the issuance of credentials to attest to compliance requirements such as KYC and AML for users or institutions. This update is part of a broader effort to enable compliance amendments on the network, with a focus on decentralized identities and credentials. Ripple and other stakeholders aim to utilize these compliance amendments to attract more institutions to the network, enabling them to adhere to traditional finance standards even on-chain. This move is part of Ripple's goal to become the go-to platform for tokenization, with the company predicting that 10% of global assets will become tokenized by 2030.

Ripple engineer Kenny has explained the significance of the credentials update, noting that it provides developers and businesses with a way to handle identity checks and compliance requirements directly on the XRP Ledger. This feature eliminates the need for manual approval of each account, streamlining the process and reducing privacy risks. Kenny highlighted that traditional verification methods for user credentials like KYC are inefficient and increase privacy risks because sensitive information has to be shared multiple times. The credentials update allows users to prove required criteria without undergoing repeated verification, improving the onboarding process and enhancing security while maintaining privacy. This feature enables credentials to be issued, stored, and verified natively on the XRPL, with a typical flow involving a business defining the required credentials, a trusted issuer creating and signing the credential, and the user accepting and storing these credentials in their XRP Ledger account.

Ripple's Chief Technology Officer, David Schwartz, has raised an alarm over a deepfake scam targeting Ripple CEO Brad Garlinghouse. The video falsely portrayed Garlinghouse outlining plans for XRP and attempting to deceive community members into engaging in a fraudulent scheme. Schwartz shared a warning to XRP holders to be wary of such scams, underscoring the increasing issue of fake personas being used to perpetrate impersonation fraud through the manipulation of digitization to propagate misinformation. Fraudsters are increasingly using deepfake technology to repurpose genuine footage of industry leaders, with the image of Garlinghouse being edited to advertise a counterfeit web page associated with crypto wallets. These scams typically present social wallet addresses and order payments, giving victims an illusion of authenticity. Deepfakes create a significant risk to investors because they can be hard to spot as fake. Impersonators have targeted Ripple executives on many occasions, with Garlinghouse becoming an easy target of such attacks. To enhance security, Ripple recently became a member of the Beacon network by TRM Labs, a real-time crime response platform to combat crypto fraud.

In July, Ripple CEO Brad Garlinghouse issued a direct warning to XRP holders during the ongoing market rally. He disclosed that unscrupulous people were also stealing genuine YouTube accounts and recreating them under the guise of Ripple. These offline promoters advertised bogus XRP giveaways, falsely indicating that Ripple promoted them. According to Garlinghouse, the company and he would never ask users to transfer XRP on any basis. Fraudsters have also been imitating Ripple’s branding, usernames, and visuals to deceive viewers. Most of them were based on fake live streams and falsified videos promising absurdly high returns to attract victims. Garlinghouse encouraged the XRP community to remain alert and report any suspicious material in a timely manner, emphasizing that fraudsters were increasing during the bull market and that sense-making was needed. Warnings from both David Schwartz and Brad Garlinghouse emphasize the growing risks of impersonation scams. As deepfakes and fake accounts spread, the XRP community must remain alert and verify information before taking action.

Webus International has forged a partnership with Air China through its travel brand Wetour. This partnership provides Wetour customers access to the PhoenixMiles loyalty program, which has over 60 million members worldwide. Wetour’s integration of XRP payments aims to redefine how transactions are processed in the travel industry by enabling faster settlements and blockchain-based rewards. The planned initiative centers around changing the current ways of payment, providing blockchain-secured vouchers, and tokenizing loyalty points. Although Bill Morgan, a noted XRP attorney, remarked that the press release’s phrase “XRP payment support” could be seen as ambiguous, he believes it marks a step toward broader adoption of XRP in real-world applications. This partnership is part of Webus’s $300 million XRP strategy, which aims to boost its digital asset management focus and integrate XRP payments globally. The integration of XRP payments in the travel industry represents a significant step toward broader adoption of blockchain technology in real-world applications, with the potential to transform loyalty programs and transaction processing.

Significant accumulation activity by large holders has been observed over recent weeks, with whales acquiring approximately 340 million XRP tokens. This sustained purchasing pattern indicates strong confidence in the digital asset's long-term potential despite prevailing market fluctuations and institutional selling pressure noted since July.

Analysis regarding the transformative potential of the XRP Ledger in global asset representation continues to generate discussion. A notable projection suggests that tokenizing just 10% of global assets on the XRPL, potentially representing a $50 trillion market by 2030, could fundamentally alter both the ledger's adoption curve and the utility of its native token. Such large-scale tokenization would necessitate unprecedented demand, potentially leading to significant supply dynamics.

Ripple's expanding institutional footprint remains a focal point. The company continues to forge significant partnerships within the realm of enterprise blockchain solutions, particularly emphasizing cross-border payment infrastructure. This strategy aims to leverage the inherent speed and cost advantages provided by its underlying technology. Consequently, the project's role in facilitating institutional movement of value is seen as increasingly central to its long-term proposition.

Further analysis regarding XRP's longer-term trajectory incorporates broader macroeconomic trends. Some commentators speculate that anticipated shifts in monetary policy, such as potential interest rate adjustments, could improve liquidity conditions within digital assets broadly, potentially serving as an indirect catalyst for projects like XRP. Strategic forecasts often cite late 2025 as a period where key developments could converge, influenced by ongoing adoption trends and technological milestones achieved by the ecosystem.

Concurrently, the evolution of the XRPL infrastructure is ongoing. Enhancements focus on improving scalability, transaction throughput, and developer tools, which are crucial for attracting significant tokenization projects and complex financial applications. These technological advancements represent critical building blocks for realizing the ecosystem's ambitions within global finance over the coming years.