4 January 2024
Global crypto payments provider Ripple is poised to venture into a substantial $1.5 trillion industry, signaling a potential surge for XRP. The company is strategically positioning itself to provide solutions to the financial complexities within this industry.
Ripple’s Strategic Expansion
In a recent Wednesday report published on X (formerly Twitter), Ripple, a blockchain-based digital payments network, revealed its latest expansion target to be the $1.5 trillion IT industry. The crypto network has envisioned a transformative role for Ripple in the IT industry where difficulties with cross-border payments and other financial challenges have long persisted.
“97% of payments leaders believe blockchain and digital assets will have a significant role in enabling faster payments within the next three years. In our latest payments guide, discover how to accelerate global payments for an IT services business,” Ripple stated.
While Ripple expressed its ambition to extend into this thriving industry, the crypto payments provider also outlined several ways IT service providers can utilize blockchain-based payments to overcome their financial problems.
According to Ripple, by using blockchain technology, many IT services can easily streamline payments to suppliers overseas. Additionally, blockchain-based payments can effectively solve issues like slow and expensive international wire transfers, high transaction fees, restrictive banking hours, and a lack of transparency.
While Ripple anticipates the IT industry to hit $1.5 trillion by 2024, the crypto payments provider has also expanded its focus to other sectors. In November 2023, Ripple announced its intention to dominate the $300 trillion payments sector.
This strategic expansion aligns with the company’s vision to revolutionize the traditional finance system and could serve as a catalyst to trigger a long-awaited surge in XRP prices.
What’s Next For XRP – Potential Surge?
Ripple’s possible entry into a trillion-dollar industry comes as a ray of hope for XRP ‘hodlers’ who have been waiting years to see a significant shift in the price of XRP. If Ripple’s advanced payment technology successfully becomes integrated into the vast IT industry, demand for its native token, XRP may rise.
Since 2023 till date, XRP has been unable to break resistance to reach the $1 price mark. However, Ripple’s move into a multi-trillion dollar market could lead to broader adoption of the cryptocurrency, potentially pushing XRP’s price to values predicted by various crypto analysts in the industry.
At the time of writing, XRP is trading at 0.5771 according to CoinMarketCap. The cryptocurrency is still trading miles below its all-time high of $3.84 in 2018.