Recent reports have sparked widespread discussion about Bank of America (BoA) using Ripple’s (XRP) token for internal transactions. While such a move could be significant for digital payments, it’s crucial to approach these claims with caution until they are officially confirmed.
During a FOX Business interview on January 6, 2025, David Stryzewski, CEO of Sound Planning Group, made headlines by stating that BoA had integrated XRP for all its internal transactions. He also highlighted the bank filing 83 patents related to Ripple’s blockchain technology, indicating a substantial investment in the infrastructure supporting digital payments.
However, despite Stryzewski's claims, there has been no official confirmation from Bank of America regarding the use of XRP for internal transactions.
According to historical records, BoA has indeed been exploring blockchain solutions for several years. For instance, in 2017, the bank filed a patent for a real-time settlement system that mentioned a “ripple” distributed ledger without explicitly naming XRP. This action demonstrates an ongoing interest in decentralized technology but raises questions about its current adoption practices.
Meanwhile, in response to the news, XRP's market price experienced a notable increase. At the time of writing, according to data from CoinMarketCap, XRP is trading at $2.41, reflecting a 3.39% surge in value over the past 24 hours.
Among technical indicators, XRP price encountered a critical resistance at $2.89, while support is observed around $2.00, creating crucial levels for traders to monitor. Bullish sentiment is evident due to the potential for broader institutional adoption, although skeptics remain cautious in the absence of official statements.
If Stryzewski's claims are accurate, this development could set a significant precedent for cryptocurrency adoption within traditional banking systems. Notably, Bank of America's participation as a governance member in RippleNet showcases the growing collaboration between financial institutions and blockchain solutions.
In the absence of verifiable evidence, it is essential to rely on official updates and exercise caution before making any conclusions. Ultimately, the role of XRP in BoA's internal transactions remains a subject of speculation until further clarity is provided.
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