The Growing Momentum of the XRP Ledger
The XRP Ledger (XRPL) has reached a significant milestone, surpassing 83 million ledgers. This demonstrates the continuous evolution of XRPL as the central hub for smart contracts within the Ripple and XRP ecosystem. The question arises: can this progress elevate XRP’s global presence, particularly outside the complex regulatory environment in the United States? Although XRP and Fiat currencies have distinct qualities, they both have the potential to enhance the financial domain as people lose faith in traditional currencies.
Ripple’s Commitment to Global Expansion
Despite the ongoing SEC case, Ripple remains dedicated to expanding globally, with a focus on the Middle East and North Africa (MENA) markets, including Dubai. This year, Ripple has strengthened its presence in Dubai by opening an office in the Dubai International Financial Centre (DIFC). In a report by Sologenic, it is evident that Ripple understands effective business strategies, and by strengthening its ties now, it can gain an advantage in other countries before competitors enter the market. It is becoming increasingly necessary for crypto firms to shift their focus away from the US to ensure sustainability without fear.
Here’s why: At the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse revealed that XRPL has over 4.8 million wallets, with 20% of clients coming from MENA. The MENA region is crucial for Ripple as it houses key clients such as SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank. By leveraging strong regulatory tactics, the Middle East is fostering crypto growth and showcasing its potential to build a secure financial future. This makes it an attractive option for leading crypto firms today.
Here Comes the Next Chapter!
Sologenic, a native UAE firm, is excited to contribute to Ripple’s mission of attracting institutional investors. The platform has successfully onboarded over 200,000 customers onto the XRP Ledger, demonstrating the growing interest in XRP and its underlying technology.
On the other hand, XRPL has seen a 31.8% increase in new addresses, reaching 138,790 in 2022. Quarterly revenue has risen by 220.3% to $188,376. Currently, XRP’s price stands at $0.483 and is approaching the $0.476 support line. It was in an uptrend until a week ago but has since fallen by over 10.7%, losing both the uptrend and the $0.500 support level. However, this scenario may change with new adoptions on the horizon.
XRP Adoption on the Rise
XRP adoption is experiencing growth, driven by cryptocurrency payment processor Bitpay’s announcement that ExpressVPN and Kinguin now accept XRP payments. This integration strengthens XRP’s role in digital payments and highlights its speed and convenience. With Ripple’s global expansion efforts and XRPL’s development, the future looks promising for widespread XRP adoption.
Hot Take: The Path to Global Dominance
The XRP Ledger’s continuous evolution and Ripple’s dedication to global expansion are positioning XRP for success beyond the complex regulatory environment of the United States. By focusing on markets like the Middle East and North Africa, Ripple is capitalizing on regions that embrace crypto’s potential while deploying effective regulatory strategies.
Furthermore, partnerships with native UAE firms like Sologenic highlight Ripple’s commitment to attracting institutional investors and expanding its user base. As XRP adoption continues to rise, driven by integrations with major payment processors, the future looks bright for XRP’s global presence and its role in digital payments.
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