The crypto market has been extending gains for several weeks even though it was literally snowed under with negative news. Apparently, bitcoin, as well as other digital assets, are currently immune to dismal reports. Therefore, the crypto market may soon develop a steady rally.
Apart from an increase in bitcoin, another coin also showed staggering growth. Ripple managed to advance by more than 19%. Experts are sure the token added gains amid an ongoing lawsuit with the US Securities and Exchange Commission (SEC). Not long ago, the watchdog accused fintech startup Ripple Labs Inc. and two of its executives, alleging that "they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering." At the moment, the defense is seeking from the court to recognize the SEC's claims as groundless. However, the negative news did not prevent the digital currency from reaching new all-time highs.
In this kaleidoscope of negative reports, there are some good ones. A new remittance corridor gas has been opened between Japan and the Philippines based on Ripple’s own On-Demand Liquidity (ODL) technology. XRP will be used as an intermediate currency as it will enable clients to make fast and cheap transactions. "The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well," the company pointed out.
Currently, Ripple may expand partnership with SBI Remit, a large Japanese money transfer service, or Coins.ph, a Filipino developer of a mobile wallet. Reportedly, Filipinos from Japan send almost $2 billion annually to their homeland, ranking third in terms of money transfers from Japan.
