DOGE and SHIB are witnessing another altcoin project fulfilling the near-impossible $1 goal. Just like meme coins, this crypto has a one dollar price target in 2023.
Before DOGE or SHIB, this altcoin is ready to climb to $1
Setting out for the $1 price target again, Ripple seems to be the only candidate to do so with solid Blockchain foundations unlike DOGE or Shiba. Ripple was one of the few Blockchain-based digital payment networks that started the new year on a high note. Ripple’s On-Demand Liquidity (ODL) service currently has around 40 payment platforms available and accounts for about 90% of the foreign exchange market.
In a recent interview, Navin Gupta, Ripple’s Managing Director for South Asia and MENA, revealed that the foreign exchange market, based on Ripple’s ODL service, which supports these expectations, has recorded a staggering $6 trillion in daily transactions. WrathofKahneman, a prominent Ripple supporter, underlines what Gupta had to say in a recent thread of tweets and highlights some key takeaways.
According to Gupta, there is a significant demand for crypto-based cross-border remittance services among financial institutions in the Middle East and North Africa (MENA) region. Increasing demand causes an increase in the use of remittance within the countries of that region. He also noted that some regional payment service providers have begun to facilitate payments between the UAE and other countries around the world. Two of the local financial services currently using Ripple’s ODL service are LuLu, a financial conglomerate, and Pyypl, a digital financial services provider.
Ripple also has partnerships with several other major banks, including SABB in Saudi Arabia and QNB in Qatar.
Ripple’s work in the MENA region
According to Gupta, Ripple’s Managing Director for South Asia and MENA, the company is making future plans to expand its operations within the UAE as a result of its success rate. Gupta shared this in a recent interview:
As the Middle East and North Africa continues to be a growing region for remittances, our customers and partners in the region are using our ODL crypto solution to facilitate cross-border payments. We look forward to further expanding our presence in the region as our business grows there.
Gupta noted that traditional finance firms have been slower to adopt cryptocurrency in the MENA region. Meanwhile, the UAE continues to be home to many leading cryptocurrency companies, allowing growth in its developer ecosystem. According to Gupta’s statements:
Some of these developers choose to build on the XRP Ledger (XRPL). Developers can apply for grants from the XRPL Foundation and/or Ripple to create solutions suitable for the MENA market.
XRP is still on track to reach $1 in 2023
Accompanied by the company’s activities in the MENA region, XRP is also poised to make a big profit this year. XRP looks more promising than ever thanks to these partnerships. On the technical side, on January 1, technical analyst Michael van de Poppe noted that a significant amount of liquidity has been removed from XRP.
While the transactions did not significantly lower the XRP price, it did cause it to lose momentum at $0.34. XRP is now trading above the $0.33 zone that analysts predict will bounce back.
Meanwhile, the outcome of the ongoing SEC and Ripple litigation could have a positive or negative impact on XRP’s future prices. cryptocoin.comWe have included the current XRP price predictions in this article.