Ripple Partner Fidelity Files Updated Bitcoin ETF Application as Musk’s Tweet Triggers Response

Ripple Partner Fidelity Files Updated Bitcoin ETF Application as Musk’s Tweet Triggers Response

Key Insights:

  • Ripple partner Travelex scores major central bank partnership in Asia
  • Fidelity Files the crypto market with an updated Bitcoin ETF application
  • Elon Musk's new cryptic tweet triggers a loud response from XRP and SHIB enthusiasts  

A recent report states that Ripple partners with one of the best foreign exchange brands, Travelex, to form a lasting partnership with the National Bank of Cambodia.

With this new deal between Ripple and Travelex, it will become easier to travel through Singapore's Changi Airport.

Ripple Partnerships in Asia Soar

It will also be easy to trade with Cambodia's national currency, the Khmer riel, and other currencies like the U.S. dollar, the Singaporean dollar, the Australian dollar, and the European euro, amongst others. 

Ripple XRP/USD monthly chart, Source: Coinmarketcap
Ripple XRP/USD monthly chart, Source: Coinmarketcap

This is great news for the Asian crypto community, as it is the first time the Khmer riel will be used for buying and selling together with other currencies in Singapore. This also signifies a huge development for the Khmer riel currency to gain international recognition.

Fidelity Files the crypto market with updates on Bitcoin ETF applications

Eric Balchunas, a senior ETF analyst on Bloomberg, recently shared a post on the social media platform X (formerly Twitter) concerning Fidelity. He explained that Fidelity has recently filed for a spot in the Bitcoin ETFs application.

What this means is that the company has requested the SEC to allow the approval of an ETF to allow the tracking of Bitcoin's performance. If the ETFs are eventually approved, they will become a major contributor to the rise of coins in the crypto market.

Mainstream investors would also be offered a regulated way to invest heavily in the crypto market without owning any of the assets directly.

This will definitely create a huge inflow of capital into the crypto market and trigger a large demand, which will subsequently lead to a huge price increase. This can be likened to the false report of the Bitcoin ETF approval announced the previous week. It further pushed the crypto industry to new heights. 

Crypto industry reacts

As sustained victories for Ripple paint a relatively bullish narrative for cryptos, positive comments about Ripple and the crypto market surfaced from sector leaders.

Akash Mahendra, director at Haven1 Foundation, is of the opinion that a slew of recent legal victories for Ripple suggests crypto's fifth largest token by market cap, XRP, may finally be ready to emerge from the doldrums.

Mahendra, said,

"Last week, the US Securities and Exchange Commission (SEC) threw out its own case against Ripple's CEO and Executive Chairman, marking a string of small wins for Ripple. After a long, drawn-out legal battle with the regulator, it seems there's finally some light at the end of the tunnel. This development officially closes the door on the executives' trial, which leaves us to wonder what the future looks like for XRP.

With the SEC court case behind them, the team can finally breathe a sigh of relief. Previously, the SEC's lawsuit against Ripple forced trading suspensions, particularly in the US, which caused notable price fluctuations in XRP and left financial institutions re-evaluating their relationship with Ripple."

He further added,

The resolution of their regulatory status, which had previously cast a shadow over the project's future, provides much-needed clarity for Ripple and its stakeholders. Ripple can now shift its focus to development and adoption, using this legal victory to fortify partnerships with financial institutions, which had previously been cautious due to ongoing litigation. 

Ultimately, XRP's utility is nothing to sneeze at, with its primary use case being instantaneous cross-border payment settlements via RippleNet. Yet at $0.53, it's a far cry from its all-time high of $3.22, which it reached back in the pre-SEC battle days of January 2018. Now Ripple has reached regulatory clarity, the prospects for XRP look bright." 

Elon Musk's cryptic tweet triggers responses from XRP, SHIB enthusiasts 

Tech billionaire Elon Musk's recent post on the social media platform X has triggered a loud response from the crypto community. Musk shared a tweet with his millions of followers with a cryptic message that read, "In X S."

Following the message, his comment section was flooded with followers sharing their opinions and trying to discern his cryptic message. Members of the SHIB and Ripple communities were very active in the comment section, with so many ideas to share concerning Musk's tweet.

The XRP community opined that the "X" in Musk's tweet signifies the Ripple logo, while the SHIB enthusiasts maintained that the "S" referred to the SHIB logo. 

Vet Kusama, one of the SHIB team members, also made a comment on the post, which reads: "In X Shi," with Shi the stablecoin that is currently in development by the project team.

Elon Musk is yet to clarify what his tweets meant, even though there are already thousands of comments giving different ideas as to what he could have possibly meant.

Concluding Thought

As the world of cryptocurrency continues to grow and gets accepted by major countries around the world, it is only imperative to say that crypto coins are the future legal tender of the world.

Elon Musk is a famous figure, and when using his platform to share certain messages, it should be made clear and easy to understand because many people take his words seriously. This was evident in his last tweet. 

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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