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).
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.
Valeria Blokhina
