According to the CEO of Sound Planning Group David Stryzewski who spoke to FOX Business, Bank of America is using XRP for all its internal transactions.
Stryzewski stated that XRP is used by the bank and the bank has filed 83 patent applications for blockchain technology related to Ripple. He referred to XRP as a key financial vehicle for the future.
Stryzewski’s statement has generated considerable discussion in the XRP community, which views it as a possible indication of mainstream banking adoption of Ripple’s payment token.
RippleNet Governance Committee Includes Bank of America
Bank of America is a member of Ripple’s RippleNet Governance Committee. This committee comprises global financial institutions such as Santander and Standard Chartered.
The committee works to establish standardized procedures for cross-border payment systems powered by Ripple’s blockchain technology.
RippleNet allows seamless communication and settlement between institutions, which aligns with Bank of America’s interest in real-time payment solutions.
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This association strengthens the perceived link between Ripple and the banking giant.
Patent Filing in 2017 References Ripple Technology
Additionally, Bank of America has had a previous interest in block chain technology as well. By 2017, the bank applied for a patent for a settlement system that in some way, referenced a “ripple” distributed ledger.
This proposed system aimed to enable real-time settlements and streamline interbank communications.
Although the patent discussed a prefunded ripple settlement, it did not explicitly refer to Ripple’s payment token, XRP.
This patent demonstrates Bank of America’s early interest in leveraging decentralized ledger technology to improve payment processes.
Ripple CEO at Mar-a-Lago with Donald Trump
Moreover, Ripple’s CEO, Brad Garlinghouse, recently disclosed that he met with the former US President, Donald Trump at his Mar-a-Lago estate.
With Ripple’s Chief Legal Officer, Stuart Alderoty, Garlinghouse said that the meeting was a great beginning to the year 2025.
This event is in line with the current developments in Ripple within the cryptocurrency market due to legal wins and developments in payment technologies.
This is because lately, Ripple has been performing well in the market and has recently launched its RLUSD stablecoin.
Following this development, veteran analyst Ali Martinez commented on these developments stating,
“Don’t sleep on $XRP!”
At the same time, Ripple’s stablecoin RLUSD has formed a partnership with Chainlink to supply accurate and reliable price data through Chainlink Price Feeds on the Ethereum mainnet.
This move aims to enhance RLUSD’s reliability and adoption in decentralized finance, positioning it as a trusted asset for institutional and DeFi applications.
Nevertheless, the XRP price remains negative as it dropped by 4.04% at the time of writing, and the price is at $2.32.
The market capitalization was down by 3.66%, the trading volume increased by 98.60% within the last 24 hours, trading at $9.05 billion.
However, top analysts have maintained a bullish outlook as the XRP is in a symmetrical triangle pattern on the daily chart.
According to analysts, Ripple (XRP) may have the possibility of a Q1 2025 breakout by 16th January.
