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Bitcoin (BTC) and altcoins experienced very large drops in a short period of time. While Bitcoin tested $60,000, Ethereum and altcoins also saw double-digit declines.
One of these altcoins is $XRP, which is currently trading approximately 70% below its record high of $3.65.
While $XRP’s decline has sparked debate in the market, former CFTC Chairman Chris Giancarlo has unexpectedly praised $XRP.
Speaking on the Paul Barron Podcast, Chris Giancarlo praised $XRP, describing it as a rare example of resilience in the face of intense regulatory pressure.
Giancarlo stated that $XRP has been able to remain operational and valid despite intense regulatory scrutiny in the US.
At this point, he argued that $XRP has shown great resilience and survived despite intense regulatory scrutiny, particularly during the terms of SEC Chair Gary Gensler and Senator Elizabeth Warren.
Giancarlo highlighted $XRP’s ability to remain operational and relevant despite being the focus of aggressive regulatory action, such as the SEC v. Ripple case.
At this point, Giancarlo urged the market to respect $XRP’s resilience in the face of these challenges.
Giancarlo concluded by stating that as regulatory clarity increases, banks are likely to accelerate their adoption of blockchain technology.
The renowned figure cited initiatives like the Canton blockchain, launched by Goldman Sachs, BNP Paribas, and Deutsche Börse, as examples of blockchain’s potential in corporate finance.
According to Giancarlo, once clear rules emerge in the crypto space, institutions will have no choice but to accept and adopt blockchain technology through $XRP Ledger or other blockchain systems. He believes the future of finance will lie in a multi-chain structure, not under the dominance of a single blockchain like Canton, Ethereum, or XRPL.
*This is not investment advice.