Global crypto payments provider Ripple is poised to enter a substantial $1.5 trillion industry, signaling a potential upside for XRP. The company strategically positions itself to provide solutions to the financial complexities within this sector.
Ripple’s strategic expansion
In a recent report published on Wednesday X (formerly Twitter) unveiled Ripple, a blockchain-based digital payment network, that its latest expansion target is the $1.5 trillion IT industry. The crypto network envisions a transformative role for Ripple in the troubled IT industry cross-border payments and other financial challenges have long existed.
“97% of payments leaders believe that blockchain and digital assets will play an important role in enabling faster payments within the next three years. Find out how to accelerate global payments for an IT services company in our latest payments guide,” said Ripple.
While Ripple expressed its ambition to expand into this booming industry, the crypto payment provider also outlined several ways in which IT service providers can use blockchain-based payments to overcome their financial challenges.
According to RippleBy using blockchain technology, many IT services can easily streamline payments to suppliers abroad. Additionally, blockchain-based payments can effectively solve problems such as slow and expensive international transfers, high transaction fees, limited banking hours and a lack of transparency.
While Ripple expects the IT industry to reach $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 world $300 trillion payments industry.
This strategic expansion aligns with the company’s vision to revolutionize the industry traditional finance system and could serve as a catalyst for a long-awaited rise in XRP prices.
Token price declines to $0.57 | Source: XRPUSD On Tradingview.com
What’s next for XRP – potential upside?
Ripple’s possible entry into a trillion-dollar industry is coming as a spearhead heap for XRP ‘hodlers’ who have been waiting for years for a significant shift in the price of XRP. If Ripple’s advanced payment technology is successfully integrated into the vast IT industry, the demand for its own token, XRP can rise.
Since 2023 until now, 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 wider adoption of the cryptocurrency, potentially pushing up the price of XRP. values predicted by several 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.
Featured image of Zipmex, chart from Tradingview.com
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