Ripple (XRP) is one of the most controversial yet intriguing cryptocurrencies in the crypto realm. With Ripple forging new milestones with each passing second, the XRP token is also inching towards breaking its current price juncture of $0.60.
At the same time, Ripple’s former global head of infrastructure innovation, Dilip Rao, was recently seen making comments on how XRP is not meant for retail, explaining another use case for the token to explore.
Also Read: Ripple (XRP) And Binance Coin (BNB) Price Prediction For August 2024
Former Ripple Global Head of Infrastructure: XRP Designed for Institutional Investors
At a recent Global Islamic Economy Summit, Dilip Rao, former Global Head of Infrastructure Innovation at Ripple, made exclusive comments about Ripple’s adoption.
When asked about investors’ recent purchase of XRP for short-term gains, Rao reiterated that this is not the token’s real use. The token is meant for nuanced institutional development, which will help it gain momentum in the space.
“It’s chicken and egg; you have to create a marketplace. And right now we have 152 global exchanges around the world that trade XRP. A lot of it, as you say, is very shallow trading by individuals, and that is not the use case that we are pursuing. What we are pursuing is the use of XRP as a financial asset by sophisticated institutions as a bridging mechanism. In the last quarter, the bulk of XRP sales were institutional.And as this transitions away from retail to institutions, we’ll start to use it for wholesale, for financial usage.“ – Dilip Rao
XRP Price Path: $1 In Sight, Analysts Predict
XRP is creating waves of change within the crypto realm. Per Dark Defender, a notable crypto analyst on X, the XRP price chart displays a pattern forming Ichimoku clouds.
“Breaking News: Prepare for liftoff! 🚀#XRP is soaring above the Ichimoku Clouds. With all indicators flashing green. Current price: $0.6503, but get ready for a potential surge by shattering down the $0.6649 into pieces. As we aim for $0.8,-$1.03,3and- $1.46 in the very short term. While this is not financial advice, the stars✨align for a stellar journey!.”
Also Read: BlackRock Reveals These Two Cryptocurrencies Are Worth An Investor’s Money
Future Prospects
As the SEC vs. Ripple case is inching to its end, the community hopes the token will breach new highs. At the same time, XRP enthusiasts want the token to claim its rightful position as the leading crypto governing the space.
Ripple’s XRP continues to be a pivotal player in the cryptocurrency market, with its future primarily influenced by institutional adoption and ongoing legal developments.
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