Ripple Execs Predict Increasing Utility As Key Driver For 2023

Posted on January 11, 2023
News
By Mark Otto
168 Views

A few days ago, Ripple Labs’ Managing Director for Europe, Sendi Young, shared her predictions for 2023, as Bitcoinist reported. Now, in a new blog post, other Ripple executives have also shared what they expect for the future and made their projections. In doing so, the executives agree that technological advancements and steady steps into […][...]

In doing so, the executives agree that technological advancements and steady steps into the mainstream will help to make the negative headlines of 2022 a thing of the past.

The central buzzword of all Ripple employees is utility, whether in the realm of non-fungible tokens (NFTs) to central bank digital currencies (CBDCs) to sustainability – all subjects the San Francisco-based company is working on.

CBDCs, NFTs, And Institutional Adoption

In that respect, it’s no surprise that Senior Vice President of Engineering (SVP), Devraj Varadhan, predicts a general shift in the market from highly speculative companies to companies developing crypto solutions to solve real-world problems. Without putting the word Ripple in his mouth, it should be clear that Varadhan expects continued growth into the mainstream for his company.

Ripple also expects European countries outside the Eurozone to announce CBDC pilots in 2023. Alluding to its in-house solutions, James Wallis, vice president (VP) of central bank engagements, predicts that in 2023, countries around the world will launch more CBDC pilot programs, “with an emphasis on interoperable CBDC solutions that enhance cross-border payments.”

Ripple CTO Schwartz foresees a second wave of NFTs moving beyond digital artworks and driving real-world use cases such as real estate and carbon markets. According to him, these types of applications will enable efficiency and transparency in ownership.

In addition, Brooks Entwistle, SVP and Managing Director for APAC, and Sendi Young expect more unsustainable crypto companies to be weeded out similar to the “dotcom bubble.” In the long term, however, they predict the adoption of crypto solutions due to the potential gains in efficiency, transparency, and speed – possibly including XRP.

Banks and other large financial institutions will invest in new technologies with an expectation of realizing the benefits not in days and weeks, but in years, so we see the embrace of digital assets and blockchain continuing throughout 2023 and beyond.

Ken Weber, VP of Impact, forecasts that large non-governmental organizations (NGOs) will begin to integrate cryptocurrencies into their programs. This will happen because cryptocurrencies work better as a cross-border payment mechanism than traditional corridors.

A huge contribution can be made by cryptocurrencies, and XRP in particular, in the fight against climate change. Ripple has made a $100-million commitment to scaling voluntary carbon markets. According to Weber, this momentum will continue in 2023, with carbon markets emerging as a “clear use case.”

The Battle Of Ripple Vs. The SEC

Ripple also commented on the most vexing issue for the company. Stuart Alderoty, General Counsel, predicts that the decision in the court case against the SEC will come in the first half of 2023 – “and one that’s favorable to Ripple.”

Alderoty believes this will be the catalyst needed to propel the crypto industry forward in the U.S. He said:

We’ve fought this case on behalf of the entire crypto industry and American innovation so we can gain the regulatory clarity we desperately need for crypto innovation to flourish in the United States.

At press time, the XRP price stood at $0.3638 and experienced a major breakout beyond the $0.3560 resistance in the 1-day chart yesterday.