XRP, the cryptocurrency issued by the American fintech company Ripplecould register considerable gains if the strategy of its CEO, Brad Garlinghouse, pays off. The CEO has indeed announced that the company is preparing to spend 1 billion dollars to carry out new acquisition operations.
This news was announced by Garlinghouse during an interview on the stage of the Dubai Fintech Summit last week, in which the CEO made it clear that Ripple was ready to develop a new expansion strategy. These acquisition expenditures would be made from the company’s cash reserves.
“We have over a billion dollars of cash on our balance sheet, we want to deploy this to grow both organically internally but also inorganically through acquisitions“, Garlinghouse had said.
The CEO further pointed out that Switzerland and the United Arab Emirates (UAE) were the countries targeted by Ripple for its search for companies to acquire.
“[…] we will make acquisitions in markets favorable to these technologies […] You had representation from the United Arab Emirates, you had representation from Switzerland, these are countries that provide entrepreneurs with the clarity to invest and allow a company like Ripple, more important in terms of size, [d’investir] “, did he declare.
XRP price
If Garlinghouse’s strategy pays off and more businesses start using XRP for cross-border payment liquidity, there is strong reason to believe that the price of XRP would rise as well.
During the 2017 and early 2018 bull market, XRP was trading well above the $3 mark as optimism around the token’s use case grew.
However, the positive sentiment subsequently disappeared and XRP was trading near the $1.15 level during the ensuing bear market, before bouncing back above $1.8 during the latest bull market.
If Ripple manages to cement its position as the leading provider of cross-border crypto payments, the likelihood of XRP reaching the price levels seen in the 2021 bull market cannot be ruled out.
The UAE, a leading crypto jurisdiction
The United Arab Emirates, and Dubai in particular, are widely regarded as one of the most crypto-friendly jurisdictions today, and have adopted a positive approach against crypto.
The rise of the UAE as a top crypto jurisdiction has been aided by the Growing frustration from industry leaders in the United States that their own country is heading in the wrong direction in terms of crypto regulation.
Earlier this month, the Chief Strategy Officer of Binance, patrick hillmancriticized crypto regulation in the United States, claiming that enforcing cryptos rules had “been very confusing over the last six months”.
Moreover, Saqr Ereiqatco-founder of the venture capital creation company Crypto Oasisstated that the United Arab Emirates meets all the requirements in terms of “regulatory infrastructure, digital infrastructure and its ability to attract a global talent pool.”
“The UAE’s regulatory framework is more streamlined and business-friendly compared to the complex and fragmented regulatory environment in the United States,” Ereiqat had said.
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