Just a few days ago, Ripple Labs’ Managing Director for Europe, Sendi Young, shared her predictions for 2023, as Bitcoinist reported. Now, in a brand new blog post, other Ripple executives have also shared what they expect for the long run and made their projections.
In doing so, the executives agree that technological advancements and regular 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 within 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 out there from highly speculative firms to firms developing crypto solutions to unravel real-world problems. Without putting the word Ripple in his mouth, it needs to 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 chairman (VP) of central bank engagements, predicts that in 2023, countries all over 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 comparable to real estate and carbon markets. In keeping with him, most of these applications will enable efficiency and transparency in ownership.
As well as, Brooks Entwistle, SVP and Managing Director for APAC, and Sendi Young expect more unsustainable crypto firms to be weeded out just like the “dotcom bubble.” In the long run, nevertheless, they predict the adoption of crypto solutions as a consequence of the potential gains in efficiency, transparency, and speed – possibly including XRP.
Banks and other large financial institutions will spend money on recent technologies with an expectation of realizing the advantages 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 giant non-governmental organizations (NGOs) will begin to integrate cryptocurrencies into their programs. This can occur because cryptocurrencies work higher as a cross-border payment mechanism than traditional corridors.
An enormous contribution might be made by cryptocurrencies, and XRP particularly, within the fight against climate change. Ripple has made a $100-million commitment to scaling voluntary carbon markets. In keeping with Weber, this momentum will proceed in 2023, with carbon markets emerging as a “clear use case.”
The Battle Of Ripple Vs. The SEC
Ripple also commented on essentially the most vexing issue for the corporate. Stuart Alderoty, General Counsel, predicts that the choice within the court case against the SEC will are available in the primary half of 2023 – “and one which’s favorable to Ripple.”
Alderoty believes this can be the catalyst needed to propel the crypto industry forward within the U.S. He said:
We’ve fought this case on behalf of all the crypto industry and American innovation so we are able to gain the regulatory clarity we desperately need for crypto innovation to flourish in the US.
At press time, the XRP price stood at $0.3638 and experienced a serious breakout beyond the $0.3560 resistance within the 1-day chart yesterday.
Featured image from iStock, Chart from TradingView.com