Unlike other blockchain projects, Ripple focuses on institutional and government solutions rather than the retail market.
Ripple's Focus on Institutional Clients
Business leader and performance expert Jake Claver recently noted that Ripple does not rely on individual blockchain adoption. According to Claver, the San Francisco-based company does not prioritize retail-focused use cases; instead, it focuses on enterprise and government-level solutions. Claver added, "While retail investors can hold XRP and use the XRP Ledger, Ripple’s primary aim is to facilitate institutional-grade transactions and cross-border settlements with speed and efficiency."
New Developments from Ripple
Earlier this year, Ripple announced its new RLUSD stablecoin, which entered a beta testing phase in early August. Ripple CTO David Schwartz recently revealed that the stablecoin will "only ever be available" directly to institutional clients.
Current State of the XRP Ledger
According to Artur Kirjakulov, CEO and founder of XPMarket, the market cap of the XRP Ledger ecosystem recently hit a new low of just $80 million. This shows that developers are leaving the ecosystem while capital is moving out. This underwhelming performance is largely due to the XRP Ledger's failure to make a dent in DeFi and the meme coin sector. After Ripple secured a significant win last year with the court's critical summary judgment ruling, the company predicted that US-based financial institutions would want to use XRP for conducting transactions. Earlier this year, a court document revealed that Ripple had allegedly switched from XRP to USDT for its On-Demand Liquidity (ODL) solution.
Ripple continues to focus on institutional and government solutions despite challenges with the XRP Ledger in the DeFi and meme coin sectors. Recent developments highlight the company's efforts to strengthen its position in these market segments.
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