Over 500 Companies Use XRP as a Bridge, Can it Hit $1?

Fiona Murray, Ripple’s VP of Sales in APAC (Asia-Pacific), more than 500 companies have partnered with the fintech company and use XRP as a bridge currency. Murray made the revelation at the Ripple Payment Roadshow in Melbourne, Australia. The Australian Trade & Logistics Corporation (ATLC) hosted the event earlier this year in August.

Also Read: Ripple XRP to Rally 200% and Hit $1.88: Predicts Analyst

According to Murray, “Ripple believes in utility. Ripple has always taken that baseline technology, and we’ve said from the beginning that every technology needs a use case. For us, the very clear use case is payments.“

Murray further highlighted that the XRP ledger is built for payment services.

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Will Ripple’s XRP token rally to $1?

Institutional adoption is one of the biggest drivers for the price of an asset. Ripple has over 500 companies that use its services. Moreover, many expect the number to grow over the next few years. With more firms using XRP, we may soon see a spike in the token’s price.

Furthermore, Ripple was partially victorious in its legal battle with the SEC (Securities and Exchange Commission). A US court ruled that Ripple selling XRP to retail investors did not violate securities law. The “non-security” label and increased adoption could push XRP’s price to new heights.

Moreover, OpenAI’s ChatGPT chatbot claims that Ripple’s XRP could surge to $3 in 2024. The chatbot cites Ripple’s victory against the SEC and the possibility of a bull run in 2024 as possible reasons for an XRP rally.

Also Read: Ripple XRP: ChatGPT Predicts 400% Rally to $3, Here’s When

Although Ripple’s XRP has faced a 1.6% and 7.5% correction in the last 24 hours and 14 days, respectively, the token is still up by over 77% since the beginning of the year. If we enter a bull run in 2024, XRP might surpass its all-time high of $3.40, which it attained in January 2018, almost 6 years ago.