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Ripple Suffers From Delayed Market Development: Flare CEO

Sun, 08/06/2023 - 10:27
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Alex Dovbnya
Hugo Philion, CEO of Flare Network, forecasts challenging road ahead for Ripple after its protracted legal difficulties
Ripple Suffers From Delayed Market Development: Flare CEO
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Flare Network CEO Hugo Philion has predicted a slow recovery for Ripple, the company associated with the XRP cryptocurrency, after its longstanding legal woes.

In a recent tweet, Philion pointed out that the San Francisco-based blockchain company, which focuses on cross-border transactions using the XRP token, has been significantly hindered by regulatory uncertainty since late 2020.

Although the company now has some clarity, Philion said Ripple was behind by approximately 2.5 years due to these complications.

Philion added that in the interim, stablecoin providers have made significant headway in the market traditionally led by Ripple.

That said, he opined that Ripple could still find success in this market, particularly in areas poorly served by traditional finance.

However, Philion cautioned that progress may be slow due to heightened skepticism within traditional finance regarding cryptocurrencies, particularly in the wake of controversies surrounding figures like disgraced FTX founder Sam Bankman-Fried (SBF).

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Despite the headwinds, Philion also acknowledged that numerous individuals are working on developing new use cases for XRP and XRP Ledger. He expressed optimism about these efforts but warned that they would take time to yield results.

As reported by U.Today, Ripple President Monica Long recently announced the company's plans to reengage with the U.S. market after the court ruling.

This strategic pivot, influenced by newfound regulatory clarity, comes as Ripple experiences considerable growth in international markets with clear regulatory guidelines, such as the U.K., Europe, Singapore and Dubai.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.