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Ripple Unveils Crypto Utility Focus for 2023, XRP Price in Green: Details

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Wed, 11/01/2023 - 12:07
Ripple Unveils Crypto Utility Focus for 2023, XRP Price in Green: Details
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In a Ripple Insights report, the expectations of top Ripple executives for 2023 with a focus on crypto utility are revealed.

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The report continues: "What does 2023 hold for crypto and blockchain? in a word: utility. This was the watchword of nearly every Ripple executive that weighed in with predictions for the year. Most of the expectations for crypto this coming year involve its application for real-world utility.''

According to the report, "Greater utility lies at the root of continued institutional adoption of crypto and blockchain." At the time of publication, the XRP price was in the green, up 4.39% in the last 24 hours at $0.363. Notably, XRP is outperforming the top 10 in daily gains.

Lawsuit win, adoption, utility: Here are predictions by Ripple executives

In the first half of 2023, Ripple General Counsel Stu Alderoty anticipates seeing the judge's ruling in Ripple's ongoing case with the SEC — and that it will be in Ripple's favor. He thinks this will be the catalyst required to propel the U.S. cryptocurrency industry ahead and prevent companies from offshoring their crypto operations.

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Devraj Varadhan, SVP of engineering at Ripple, predicts that, in part as a response to the turmoil of 2022, there will be a general shift in the market away from highly speculative businesses and toward businesses that use crypto solutions to meet unmet customer needs and real-world problems.

Brooks Entwistle, SVP and managing director of APAC at Ripple, predicts that liquidity concerns will continue to eliminate cryptocurrency start-ups that have relied on hype cycles. He compares this evolution to the "dot-com bubble."

Because of the potential gains in efficiency, transparency and speed, Ripple MD of Europe Sendi Young anticipates that institutions will speed up their long-term adoption of crypto solutions despite the market slump.

Ken Weber, Ripple's VP of impact, predicts that large nongovernmental organizations (NGOs) will start incorporating cryptocurrency into their programming to better serve the financially vulnerable because it can serve as a cross-border payment mechanism when traditional corridors are compromised or ineffective.

The director of policy at Ripple, Susan Friedman, expresses her optimism that the U.S. will adopt a common-sense policy approach this year.

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