In recent discussions, Ripple’s Chief Technology Officer, David Schwartz, emphasized the core value of the XRP Ledger (XRPL) and its implications for the cryptocurrency landscape. He pointed out that while the XRPL does not directly cause price surges for XRP, its functionality and features indeed enhance the overall value of the token within its ecosystem.
Understanding the Functional Value of the XRP Ledger
According to a recent social media post, Schwartz emphasized that the design of the XRP Ledger focuses on offering fast, affordable, and secure transactions. This infrastructure is essential for those looking for efficient payment solutions. He clarified that the primary goal of the XRPL is not the speculative increase in XRP prices.
Despite this, Schwartz acknowledged that increasing adoption would certainly enhance the value of XRP due to its integral position within the network. As the exclusive asset with universal access and no counterparty risks, XRP stands out as a trustworthy option for investors. Furthermore, he described XRP as being jurisdictionless, adding to its appeal in the global market.
Previously, the Ripple CTO confirmed that XRP is destined to remain the central bridge currency within the XRPL, regardless of the rise of stablecoins like RLUSD. He pointed out that XRP’s widespread acceptance gives it an edge over these alternatives, reinforcing its reliability as a bridge currency.
Moreover, Schwartz addressed market anxieties regarding XRP’s price trajectory in the short and medium terms. He suggested that the utility of XRP hinges more on maintaining a stable and efficient network than on day-to-day price fluctuations, ensuring its scarcity and resistance to censorship.
New Initiatives Enhancing XRPL Utility
Recently, Ripple has partnered with Mastercard, WebBank, and Gemini to leverage RLUSD on the XRP Ledger, as disclosed in a press release. This collaboration aims to streamline blockchain-based settlement processes for Mastercard and WebBank and aligns with the launch of various credit cards, including one tied to XRP.
This initiative, starting with the Gemini XRP card, is anticipated to bolster XRP’s adoption significantly. Legal expert Bill Morgan highlighted that XRP transaction volumes have noticeably risen since the introduction of RLUSD, indicating a growing engagement with the ecosystem. He referenced community insights suggesting that once RLUSD settles on-chain, transaction volumes for XRP may see even greater upticks.
Currently, XRP hovers around a price of $2.34, marking an increase of over 4% in just the last 24 hours, as per the latest CoinMarketCap data.
