Bank of America’s Alleged Use of Ripple’s XRP for Internal Transactions Remains Unverified
A recent claim by David Stryzewski, CEO of Sound Planning Group, stated that Bank of America (BoA) is using Ripple’s XRP for 100% of its internal transactions. However, the claim has not been confirmed by either BoA or Ripple. Bank of America has shown interest in blockchain technology and has been a part of RippleNet, Ripple’s payment network, but its usage of XRP specifically remains unclear. Stryzewski also mentioned BoA’s numerous patents related to Ripple’s technology, highlighting the potential for Ripple’s blockchain in modern banking. Despite these claims, using RippleNet does not necessarily mean using XRP, as RippleNet supports fiat transactions as well. This brings into question the validity and timeline of the CEO’s statement, as it could have referred to past usage before ongoing legal challenges faced by Ripple.
Neutral
The claim that Bank of America is using XRP for all internal transactions remains unverified, which introduces uncertainty and does not immediately influence market behavior. Traders need confirmed information for major market shifts. Furthermore, even if BoA utilizes RippleNet, it does not necessarily imply exclusive XRP use, thus maintaining the market’s neutral stance. Historical precedent shows that only confirmed partnerships or major technology adoptions cause substantial impacts on coin prices or market trends.