Bank of America To Partner With Ripple for ODL Services After XRP Lawsuit Finishes: Report

Bank of America is reportedly waiting for the end of the U.S. Securities and Exchange Commission (SEC) court case against Ripple to join forces with the San Francisco-based payments company.

Timeline of Xrp

Many reactions have emerged in the crypto space due to the FTX fiasco, the latest one is from the Ripple CTO, David Schwartz. The collapse of the FTX crypto exchange dealt a terrible blow to the crypto industry.

Ripple price analysis shows an uptrend in the cryptocurrency as it has managed to surge past its previous highs of $0.3734 after a string of bullish momentum. Bulls and bearish are struggling for dominance in the market, with support for XRP/USD seen at $0.3517 and key resistance at $0.3735.

XRP's price has been struggling to break back above the significant resistance level following the massive FTX market crash. The current outlook for the crypto asset has become negative, as bearish sentiment has been dominating the market once again.

Ripple's general council, Stuart Aldetory, in a recent tweet, cleared the air amid claims that the SEC had power to establish XRP's security status clarifying that the SEC had no such powers.

Recently, a former Goldman Sachs executive explained why he had “no issue” with XRP, the native digital asset of the open-source public XRP Ledger (XRPL), which was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto.

A bullish reversal from the rising support trendline may prolong the Ripple price consolidations for a few more days. However, under the influence of ascending triangle pattern, the altcoin should surpass the weekly resistance level of $0.4 and trigger a new recovery rally.

Macro expert and former Goldman Sachs executive Raoul Pal is expressing bullish sentiment on the digital asset XRP. In a new Ask Me Anything video, Pal says that XRP already has utility and is being used in money transfers.

Rumors about a close partnership between Ripple Labs and Bank of America have been circulating for quite some time. A tweet from Linqto now warms up this rumor again and reports a remarkable closeness between the company and the bank.

The XRP price has risen by 1.5% in the past 24 hours, reaching $0.358245 as the altcoin recovers from yesterday's market-wide selloff. It remains down by 23% in the last 30 days, yet hopes surrounding Ripple's case with the SEC promise to push it up higher in the coming weeks, as this case case draws to a long-awaited close.

Ripple CEO Brad Garlinghouse shows interest in purchasing companies owned by FTX that currently serve business customers According to Sunday Times, FTX CEO SBF called Garlinghouse before FTX went bust in plea to bid. There are currently 130 companies associated with FTX in bankruptcy filings The new FTX CEO John Ray admits that he has never seen such a complete failure of crypto controls as FTX.