Jake Claver, a business leader and performance expert, recently noted that Ripple is not actually reliant on individual blockchain adoption.
This sets it apart from other blockchain projects whose success directly depends on the strength of retail adoption.
According to Claver, the San Francisco-based company does not prioritize retail-focused use cases. Instead, it focuses on enterprise and government-level solutions that constitute the company's value proposition.
Tomiwabold Olajide"While retail investors can hold XRP and use the XRP Ledger, Ripple’s primary aim is to facilitate institutional-grade transactions and cross-border settlements with speed and efficiency," Claver noted.
Earlier this year, Ripple announced its new RLUSD stablecoin, which entered a beta testing phase in early August.
As reported by U.Today, Rippe CTO David Schwartz recently revealed that the stablecoin will "only ever be available" directly to institutional clients.
According to Artur Kirjakulov, CEO and founder of XPMarket, the market cap of the XRP Ledger ecosystem recently hit a new low of just $80 million. This shows that developers are leaving the ecosystem while capital is moving out. This underwhelming performance is largely contributed to the XRP Ledger's failure to make a dent in DeFi and the meme coin sector.
After Ripple secured a significant win last year with the court's critical summary judgment ruling, it predicted that US-based financial institutions would want to use XRP for conducting transactions.
Earlier this year, a court document revealed that Ripple had allegedly switched from XRP to USDT for its On-Demand Liquidity (ODL) solution.
Tomiwabold Olajide
Denys Serhiichuk
U.Today Editorial Team
Vladislav Sopov
Dan Burgin