- A renowned lawyer has hinted that Canada’s new prime minister could extensively work with XRP through national policies.
- His reason stems from the past relationship between the Bank of England and Ripple when Mark Carney was working as the governor.
The governing Liberal Party in Canada has elected former central banker Mark Carney to replace Prime Minister Justin Trudeau, who announced his resignation in January. According to reports, one of his initial plans is to keep the retaliatory tariffs in place until “the US shows them some respect.”
Over the period, the trade war between the US and Canada has significantly affected the crypto market as “Extreme Fear” grips the market for the first time since the FTX collapse. Meanwhile, Carney is ready to continue the war.
There is someone who is trying to weaken our economy. Donald Trump, as we know, has put unjustified tariffs on what we build, what we sell and how we make a living. He’s attacking Canadian families, workers and businesses, and we cannot let him succeed, and we won’t.
The Overall Impact on Ripple (XRP)
Contrary to the public’s expectations, legal expert Fred Rispoli has disclosed that Carney’s leadership could significantly benefit Ripple regardless of the ongoing trade war. According to him, the newly elected prime minister once “collaborated with Ripple when running the Bank of England.”
Our research shows that Carney operated as the governor of the Bank of England from 2008 to 2020. Fascinatingly, he demonstrated his interest in financial innovation through a partnership with Ripple in 2017. This was part of the initiative to improve cross-border payments via the improvement of transaction speed and the reduction of settlement risks.
The Proof of Concept (PoC) with Ripple was also intended to show the synchronized movement of two currencies across two different kinds of real-time gross settlement (RTGS) systems. Within the same period, the bank was also working with an Artificial Intelligence (AI) start-up, MindBridge, on a PoC.
Fascinatingly, Carney appears not to be a fan of Bitcoin as he believes that its supply rule is a “serious deficiency”, making it difficult to handle economic dynamics, as detailed in our last news piece.
However, some crypto enthusiasts believe that Carney could certainly include his financial technology and cross-border payment solutions interest in national policies. A consideration of Ripple’s XRP Ledger could also increase adoption and make XRP a strong competitor in the cross-border ecosystem.
Amidst the backdrop of this, the US Office of the Comptroller of the Currency (OCC) has announced that it has rescinded some decisions to permit the access of national banks and federal savings associations to the crypto market. As outlined in our recent blog post, multiple analysts, including Xaif, have disclosed that this could be a more bullish catalyst for XRP compared to the strategic reserve.
Meanwhile, XRP seems to be struggling to hold above its crucial support level at $2 as it has declined by 4% in the last 24 hours and 9% in the last seven days. Meanwhile, renowned crypto analyst Egrag Crypto has set an ambitious target for the asset as he tips XRP to hit $27.
As indicated in our earlier analysis, Egrag Crypto believes that XRP could record some “pullbacks in-between”, henceforth, he advises traders to take profits at $8, $9, and $10.
