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Why the current crisis will have a silver lining for Ripple

The crypto sector is one of the beneficiaries of the current corona crisis. People have started to rely more on digital payments and this habit could be maintained after the crisis. Ripple CEO thinks that these developments will remain and become a catalyst for Ripple. The company’s primary goal remains the adoption of Ripple’s products, together with the use of the native cryptocurrency XRP.

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There is no doubt that the coronavirus and the countermeasures taken by states around the world have led to a change in our everyday lives and habits. Not only privately and economically, our life today looks very different from what it did a few months ago. Experts speculate about whether and to what extent the habits we are now forming will be preserved after the crisis and thus change our society in the long term. If Ripple CEO is right, people will continue to rely more on digital payments, especially after the crisis.

Find out more about how Ripple plans to take advantage of the current crisis with the Born2Invest mobile app. The application allows you to read the most important news in the crypto sector and the latest finance news taken from trusted sources around the world.

Ripple Executive sees a dramatic change

Ripple’s leader is Navin Gupta, Managing Director for Southeast Asia, the Middle East, and North Africa. In a new episode of the “Finance Magnates Blockchain” podcast, Gupta expressed his optimism that the current crisis will be positive for Ripple and XRP.

According to Gupta, the corona crisis has triggered a “dramatic shift” from physical to digital possibilities. This, of course, includes the way people pay. According to him, these developments will remain after the crisis and become a catalyst for Ripple.

“There are two things where we can see a dramatic change. First, we are seeing a big shift from paper, which is touch-based, or physical, to digital. So if Rachel had the choice, she wouldn’t want to go into a physical store if she could use an app to make the transfer possible. […] It is clear that this transition to digital is definitely happening. And I think that it has been accelerated by this crisis,” concluded Gupta.

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The adoption of Ripple’s products is still the most important goal

According to Gupta, Ripple with XRP plays this development into the cards. But instead of resting on its laurels, the company wants to benefit from this change even more than it would otherwise.

The primary goal remains the adoption of Ripple’s products, together with the use of the native cryptocurrency XRP. To this end, the company continues to look for banks and financial institutions in every possible market to implement the technologies.

“Ripple is already in the second phase, in which the technology has already proven itself. It is very important for us to ensure that we focus on having customers in every single receiver market around the world. And we make sure that we cover every type of product for the receiver who wants to receive money.”

How can the XRP course benefit from the Ripple adoption?

The question most Ripple fans ask themselves when making such statements is probably how and if the XRP course can benefit from the adoption. On the one hand, of course, there is the idea that with more banks and institutions using Ripple products, there will be more demand for XRP, and thus the price should rise in the long run. Unfortunately, this thesis has not yet proven to be clearly true.

Nevertheless, Ripple continues to be a very innovative company and XRP is not without reason the number 3 of all cryptocurrencies by market capitalization. A further adoption of the Ripple products will, therefore, not have a negative impact on the success story. So, it will be interesting to see what kind of partnerships Ripple will pull out of the hat in the coming months and how this will affect the XRP share price.

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(Featured image by WorldSpectrum via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Philip Gregg is a tech biz writer, with a keen understanding of blockchain technology, Internet of Things, and cloud services. He also serves as chief consultant for an IT business in Washington and a cryptowallet startup in Tokyo. Philip holds an MBA in finance and has previously worked at a Silicon Valley company before striking out on his own. He is a dad to three German Shepherds and owns a sweet vintage Mustang he fondly calls Sadie.