Hugo Philion, CEO of Flare Network, forecast a gradual comeback for Ripple, the business linked to the XRP cryptocurrency, following its protracted legal issues.
In a recent tweet, Philion noted that regulatory uncertainty has greatly hampered the San Francisco-based blockchain startup since late 2020, which specialises on cross-border transactions utilising the XRP coin.
Despite the firm now having some clarity, Philion claimed that Ripple was 2.5 years behind owing to these issues.
Philion continued by saying that stablecoin providers have made substantial progress since then in the industry that Ripple has typically dominated.
Nevertheless, he believed that Ripple might still succeed in this industry, especially in regions that were underserved by conventional finance.
The disgraced FTX creator Sam Bankman-Fried (SBF), for example, has drawn controversy, and Philion warned that this increased scepticism inside traditional finance towards cryptocurrencies may make growth difficult or perhaps impossible.
Despite these challenges, Philion said that many people are attempting to create new use cases for XRP and XRP Ledger. He was upbeat about these initiatives but cautioned that it would take time for them to bear fruit.
According to U.Today, Monica Long, the president of Ripple, recently disclosed the company’s intentions to reenter the U.S. market following the court decision.
As Ripple enjoys significant expansion in foreign areas with clear regulatory rules, including as the U.K., Europe, Singapore, and Dubai, this strategic pivot, inspired by newly discovered regulatory clarity, is taking place.
