The XRP price has struggled for the last three years, staying down even when Bitcoin and other altcoins rallied to possible new all-time highs. However, even through this, the XRP community has remained steadfast in their belief that the altcoin’s price will reach new peaks. Forecasts have ranged from reaching $1 to as high as $1,000. The latter has been hotly debated among crypto investors. However, one crypto researcher believes that the XRP price will be able to touch $1,000 eventually, giving reasons for why this could happen.

Dominating Global Banking Systems

The selling point of the XRP token has always been the fact that it is to be integrated into the world banking systems, allowing for cheaper, faster, and smoother transactions. The expectations for the token’s use in banking were the initial reason behind its meteoric rise, and this has continued to foster belief in its future.

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Crypto researcher CryptoTank took to X (formerly Twitter), to reiterate the value proposal of this for the XRP Price, alluding to this utility. The researcher points out that SWIFT is already integrating the RippleNet into its systems, and given SWIFT’s volume, it could mean a lot of inflow for the token.

They point out that SWIFT currently does around $5-$7 trillion in daily volume, even with high fees of $20-$50 per transaction. However, compared to this, using RippleNet would bring fees down to pennies, allowing the payment platform to save hundreds of billions of dollars yearly. Furthermore, the researcher explains that even if Ripple were to only get 10% of SWITF’s trading volume, it would mean a substantial $500 billion at least passing through RippleNet daily.

At this rate, the low XRP price would not be adequate to handle the volume from SWIFT alone. Thus, the researcher believes that the XRP price would rise to be able to compensate for this new volume. “XRP has to be very high to move just 10% of Swifts daily volume,” the researcher said. “When you start adding the other banks in it gets crazy how high XRP will go.”

XRP Price To $1,000 Debate

The recent debate surrounding the XRP price reaching $1,000 began with the Uphold crypto exchange asking the community what they would do if the XRP price were to hit $1,000. This sparked speculations on whether or not the altcoin can actually reach this price, triggering input from various angles.

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However, on-chain investigator TruthLabs debunked this possibility, citing how much the market cap would have to grow for it to hit this target. According to the investigator, the XRP market cap would have to reach $100 trillion, whi

Featured image created with Dall.E, chart from Tradingview.com

ch is 50x the current market cap of the entire crypto market.

Featured image created with Dall.E, chart from Tradingview.com

Gemini will shut down operations in Canada by the end of the year, according to a Monday email sent to customers. The exchange urged customers to start withdrawing their assets before December 31, 2024.

Gemini adds to the list of exchanges that have fled from the Canadian market amid tough regulatory conditions.

Gemini To Exit the Canadian Market

The exchange did not explicitly indicate the reason for its move to exit the Canadian market. Nevertheless, customers in Canada have a 90-day notice to withdraw their holdings with the Gemini.

The decision comes only months after the Canadian Securities Administrators (CSA) instructed all platforms to sign a pre-registration undertaking (PRU) as a condition of continuing to operate in the country. The CSA said the directive was intended to protect investors, citing the insolvencies of crypto firms like Voyager, Celsius, and FTX that spanned 2022.

“Investors have experienced significant harm from the collapse of unregulated VRCAs, other VRCA market disruptions, and the activities of unregistered crypto market participants. While other international jurisdictions are developing payment-based, banking-based or hybrid regulatory regimes for certain types of VRCAs, the CSA is not aware of any such regulated VRCAs being traded in Canada,” the regulator said.

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The directive includes regulations governing exchange-to-customer interactions and bans Canadian users from trading stablecoins without approval from the Canadian Securities Administrators (CSA).

Gemini signed the Pre-Registration Undertaking (PRU) and completed its filing, indicating compliance. The exchange viewed Canada as a key market for its international expansion. However, its recent decision to exit the Canadian market surprised customers.

Initially, regulators set an October deadline but later extended the compliance timeline to the end of 2024. Gemini’s decision to withdraw aligns with this revised schedule.

“The CSA has actively engaged with CTPs and crypto industry participants and remains open to proposals for alternative ways to address investor protection concerns raised by VRCAs.To that end, the CSA is further extending the October 31 deadline to December 31, 2024,” an excerpt in the September update read.

Failure to comply with the Canadian Securities Administrators (CSA) regulations could result in significant penalties for exchanges. For customers, this means potential loss of access to certain products. The CSA’s website indicates that only a few platforms, like Kraken and Coinbase, continue to operate under its stringent rules.

As Gemini prepares to exit the Canadian market, it joins Binance, Bybit, and Paxos, which have already withdrawn. Binance, which left over a year ago, attributed its exit to Canada’s challenging regulatory environment but expressed optimism about a potential return. 

“We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets,” Binance shared on X.

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Other platforms that exited due to amended regulations include OKX, Blockchain.com, and Deribit.