XRP price manages to retake the $2.3 level

XRP has maintained its footing above the $2.00 mark this week, even as the U.S. Securities and Exchange Commission (SEC) postponed its decision on multiple altcoin ETFs.

XRP price rose on Wednesday despite the U.S. Securities and Exchange Commission (SEC) pulling back from its decision on several altcoin ETFs, initially sparking a downturn.

After a hot streak that saw XRP price flirt with the $2.50 level on Tuesday, April 24, the SEC’s announcement of a delay in its verdict on Solana, Cardano, and Abalanche ETFs saw a capital rotation back into BTC and ETH.

This caused a 2.3% plummet in XRP price to open Wednesday’s session at $2.24, wiping out half of the previous day’s gains.

However, throughout the morning session, XRP price managed to maintain its footing above the $2.00 support.

This came after Bloomberg analyst Eric Balchunas confirmed that the ETF delays were part of normal review procedures by the SEC, raising the chances of approval later in the year.

Following this, altcoin markets began to regain their balance, with XRP price now on course to recover 1.7% to the $2.30 level at the time of writing.

What happened: Ripple CEO proposes new salary model to institutions

The CEO of blockchain firm Ripple, Brad Garlinghouse, has brought up the topic of real-world use cases for XRP, the cryptocurrency developed by Ripple.

In a post on X, previously known as Twitter, prominent analyst CryptoSensei shared a screenshot of Garlinghouse’s post, where he was pitching a new vision for how workers could be paid.

“Why not get paid daily, hourly, or even by the second?” Garlinghouse asked. The idea arose from a discussion of global payroll and the differences in pay cycles across countries, with some paying monthly and others biweekly.

Garlinghouse stated that the monthly or biweekly paycheck system is only necessary because of the time it takes for traditional financial institutions to settle cross-border payments.

He then suggested that, with blockchain technology, there’s no reason why salaries couldn’t be paid out instantly and in any frequency, allowing for a more flexible system.

“We can do better. And we should,” Garlinghouse concluded.

Insiders: Garlinghouse’s vision could bring huge opportunities for XRP

The post quickly gained attention among members of the XRP community, with many commenting on how useful Garlinghouse’s vision for a more efficient payroll system would be.

One user pointed out that the vision of real-time salary estimation and micro-payments would position XRP for major gains and international adoption.

Another user, an HR manager at a large U.S. corporation, said that the prospect of seamless cross-border payroll with crypto would be a game-changer for multinational companies.

The efficient micro-payment capabilities of XRP have been a point of discussion since 2023 began, as several analysts saw it as a key factor that could bring about large-scale institutional interest in the coin.

Earlier this year, a partnership between Ripple and MoneyGram was highlighted for enabling instant cross-border payments in a way that traditional financial institutions couldn’t.

This partnership, along with a new partnership with Meta (formerly Facebook) to bring blockchain technology to the metaverse, were seen as key developments that could bring about new highs for XRP in 2023.