Ripple Sets Sights on Leading Digital Asset Infrastructure, Aims to Bridge TradFi and Web3

• Ripple President Monica Long has shared big visions the payments company is nursing.
• Ripple plans to support and onboard non-crypto native business into the Web3 ecosystem.

Monica Long, the President of Ripple Labs Inc. recently disclosed a new direction the company intends to dive into as it aspires to become the leading digital asset infrastructure provider. In a new blog post, the president says Ripple aims to fill the vacuum between Traditional Finance (TradFi) and Web3.

Ripple’s Plan to Bridge TradFi and Web3

To achieve its plans, Long added that the firm will leverage its reputation, credibility, and trust as well as its technological capabilities like liquidity, custody, and compliance. 

“Ripple has the credibility, reputation, trust, advanced understanding, and operations for core services like crypto on and off-ramps, liquidity, custody, and compliance. And we’ll continue to evolve our product suite to provide the solutions that our customers want and need,” Long stated.

Also, Long envisions the firm being a solution for enterprises interested in integrating their businesses with blockchain. The firm’s main focus is on businesses without blockchain expertise, resources, or interest to develop and manage the technology internally. By providing a blockchain infrastructure to equip businesses, Ripple hopes to achieve its aim of being a leading digital asset infrastructure provider.

In the future, Long claims Ripple will integrate more of the XRP Ledger (XRPL) features directly into its business. This integration is anticipated to equip users across the globe with the benefits of Decentralized Finance (DeFi). 

As we discussed earlier, XRPL is the decentralized public blockchain that facilitates all XRP, fiat currencies, and other digital assets transactions on the blockchain. Following a sharp decline in mid-April, development activity on the Ledger has increased substantially. 

Increased developer activity indicates that developers are working to make the ledger run effectively and smoothly. Usually, this involves resolving bug issues and fortifying the blockchain to facilitate seamless transactions. Meanwhile, XRPL also experienced an increase in user transactions in the first quarter of 2024, as mentioned in our earlier article.

Long concludes that Ripple’s interest in blockchain technology and cryptocurrency gears toward advantages over existing technologies such as speed and cheaper financial services. “We’ll continue to provide best-in-class solutions, combined with innovative technology to bridge the gap between TradFi and Web3 to make that vision a reality,” stated Long.

XRP’s Current Movement and Forecast

XRP, the digital asset associated with Ripple, continues to see improvement in its price, as noted in our earlier post. As of this writing, XRP has experienced a surge of 1.03% in the past day. As of writing, its price is set at $0.6006. The trading volume also increased by 28.25% to over $2 billion.

XRP’s increased price movement shows resilience as the token was once stuck at the $0.5 level for quite a while. Analysts noted that XRP’s recent price movement resembles historical patterns that occurred before the 2017 bullish rise. As a result, there are expectations that XRP will rally further, possibly hitting $10 in the future.