While one of the most controversial projects in the crypto industry is going through a significant number of dramatic events, positives news came to light as PNC announced that it would be the first US bank to use the Ripple network (RippleNet).
Reported by FinTech Futures on the 29th August, PNC announced that it would be the first bank in the US to use the Ripple network for cross-border payments. RippleNet (the name of the Ripple network) is an international economic network that the PNC joined in September last year. The network allows financial institutions to process international payments in a fast and cost-effective way.
The plan to use the Ripple network was first announced last year when PNC partnered with Ripple. At the time, the bank also revealed that it would use xCurrent, Ripple’s liquidity service. With the announcement, the XRP price skyrocketed, causing the currency to surpass ETH and become the second-largest crypto by market capitalization.
At the time of writing, XRP didn’t see any boost in price. However, the volatility of the market caused Bitcoin to plunge under $10,000, pulling along most of the market with it.
Furthermore, most XRP holders are angered by the decisions of executives. By continuously selling large amounts of the currency to clients, XRP took a massive hit.
In response, the crypto Twitter community announced that it would attempt a fork if the price continued to decrease. Following a tweet that called for action, the community created a petition named ‘Stop Ripple dumping,’ that gathered 2,626 signatures only a day after it was created.
The CEO of Ripple, Brad Garlinghouse, was forced to respond to the furious community. Garlinghouse described the ongoing drama as an attempt to share FUD (Fear, uncertainty and doubt). He additionally stated that the sales are actively decreasing the inflation rate of XRP and that it is lower compared to BTC and ETH.
August appears to be a difficult time for Ripple, especially considering that the project is facing a class-action lawsuit. An investor named Bradley Sostack decided to sue Ripple due to the reason that the company ‘misled investors’ by selling XRP as an unregistered security.