Russia's Central Bank Recognizes Ripple's Potential for Cross-Border Payments

Russia’s Central Bank has recognized Ripple’s potential for cross-border payments amidst ongoing uncertainty about the SEC’s appeal in its case against Ripple.

The Central Bank of Russia has recognized Ripple’s potential for cross-border payments, amid ongoing uncertainty about the SEC’s appeal in its case against Ripple.

In a report titled “Digitalization of Payments and Implementation of Innovations in the Payment Market (2024),” the Russian central bank highlighted several emerging players in global finance, including Ripple.

Alpha Lions Academy CEO Edo Farina highlighted the central bank’s update and emphasized XRP’s role in Ripple’s operations. According to Farina, the report positions XRP at the core of Ripple’s activities.

BREAKING: ? The Central Bank of Russia ?? has published a paper titled "Digitalization of Payments and Implementation of Innovations in the Payment Market (2024)" highlighting Ripple's system for cross-border payments, with $XRP at its core. pic.twitter.com/u07ew1PRBk

Farina also included a diagram of how Ripple handles cross-border transactions.

It’s important to note that the Russian central bank only highlighted Ripple’s potential for cross-border transactions and did not indicate whether Russia or any BRICS nation plans to use Ripple’s technology or XRP.

Read also : Ripple vs. SEC: Appeal Process to Drag on Until 2026

Meanwhile, confusion remains about the deadline for the SEC to submit Form C for its appeal. The key questions are when the 14-day timeframe began and whether the court recognizes Columbus Day as a holiday.

As of writing, some crypto community members think the SEC has missed the deadline, which they believe ended on October 16. Others think the commission has between 24 and 48 hours to file Form C and continue with the appeal.

XRP’s price reflected notable volatility following the recent events. CoinmarketCap’s data shows the crypto asset traded for $0.5565 at the time of writing, gaining 2.65% in the past 24 hours, which reflects a 6.18% gain in the past week. The SEC’s failure to continue with the appeal could influence XRP’s price and attract more bullish sentiments for the altcoin.

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