XRP News Today: XRP Falls Below $3 as Ripple Pursues Banking Plans, SpacePay Offers Retail Utility

XRP has fallen below $3 as Ripple continues its efforts to establish institutional banking services, including applications for an Office of the Comptroller of the Currency (OCC) charter and the integration of its RLUSD stablecoin. Despite these moves, the token has not seen a corresponding boost in market value, prompting questions about the real-world utility of XRP [1].

Ripple filed for a “Ripple National Trust Bank” in July under Section 25 of the National Bank Act, targeting trust and custody services for institutional clients. This initiative, however, does not provide immediate benefits for retail XRP holders who are seeking spending utility [1]. Unlike Ripple’s approach, SpacePay has taken a different route by focusing on consumer-oriented solutions. The platform has raised nearly $1.3 million in its presale and offers practical payment tools that allow XRP holders to spend their tokens immediately [1].

SpacePay’s SPY tokens are priced at $0.003181 and provide a flat 0.5% transaction fee, enabling real-time fiat conversion through existing XRP wallets. This approach does not rely on regulatory approvals or new banking infrastructure, making it functional today rather than waiting for future developments [1]. The platform is compatible with over 325 wallet providers, including major XRP-supporting apps such as XUMM, Exodus, and Ledger. Retail users can generate QR codes for payments, allowing merchants to accept XRP with simple scanning procedures [1].

The platform has already been recognized with the “New Payment Platform of the Year” at the CorporateLiveWire Global Awards 2022/23, highlighting the industry’s support for consumer-focused payment infrastructure. This recognition contrasts with the slower progress of Ripple’s institutional banking initiatives, which may take years before impacting retail users [1].

While Ripple’s strategy emphasizes integration with traditional financial infrastructure and the pursuit of a Federal Reserve master account, it offers little in the way of immediate spending utility for ordinary investors. SpacePay, by contrast, enables XRP holders to make purchases instantly using their existing wallet setups, without intermediaries or regulatory delays. Integration with current Android point-of-sale systems also allows shops to start accepting XRP payments immediately [1].

The divergence in approaches highlights a broader trend in XRP adoption: institutional infrastructure versus retail utility. Ripple’s trust and custody services may benefit large-scale financial operations but leave everyday investors without viable spending options. SpacePay, on the other hand, addresses retail needs directly by creating demand through real-world transaction volume [1].

The declining XRP price amid Ripple’s banking announcements suggests that markets may be prioritizing practical applications over regulatory progress. By generating revenue through SPY tokens tied to retail spending, SpacePay provides a model where value is derived from actual usage rather than institutional partnerships [1].

Retail users also benefit from customer support designed in everyday language, making it accessible to non-experts. This approach ensures that even those without deep financial knowledge can use XRP for everyday purchases. The platform’s focus on immediate utility aligns with the needs of XRP holders looking to monetize their holdings in the short term [1].

XRP holders can currently access SpacePay’s platform by connecting their existing wallets and purchasing SPY tokens at the current price of $0.003181. Supported payment methods include XRP and other major cryptocurrencies, enabling secure and instant access to the platform [1].

Source:

[1] XRP Drops Below $3 Despite Ripple’s Banking Plans: Could SpacePay Be the Real Utility Play?

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