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Ripple has expressed optimism that 2023 will be a banner year for crypto and XRP adoption.
The firm predicts that financial institutions such as banks would increase their spending on crypto solutions in 2023.
In a blog post published on January 10th, Ripple shared its predictions for the cryptocurrency industry in 2023.
Despite the crackdown by the Securities and Exchange Commission (SEC) on Ripple and cryptocurrencies, the fintech company based in San Francisco believes that the use of cryptocurrencies and XRP will continue to increase in the coming year.
Ripple forecasts that 2023 will see a renewed emphasis on the practical applications of cryptocurrencies, with a shift in the market away from highly speculative firms and towards those that use crypto solutions to solve real problems and meet unmet consumer needs.
According to the company, this increased practicality is the driving force behind the ongoing institutional adoption of cryptocurrency and blockchain technology.
Ripple argues that institutions will accelerate their long-term adoption of crypto solutions, despite the current market slump, due to the potential improvements in efficiency, transparency, and speed that crypto solutions can provide.
The company also predicts that major non-governmental organizations (NGOs) will begin incorporating crypto into their programs to better serve financially vulnerable individuals, such as refugees and displaced persons, as a way to make cross-border payments when conventional routes are corrupt or inefficient.
The Ripple team also predicts two changes in training and development in 2023 that will aid in the realization of its projections. First, colleges and institutions will start to explicitly educate students for employment in crypto and blockchain solutions in response to business demand and a competitive talent pool. Second, the sector will place a premium on user experience, particularly in terms of connecting the cryptocurrency and fiat currency markets.
The Ripple team is confident that 2022 will be seen as a turning point for the cryptocurrency industry, and that it will emerge stronger and more focused on practical applications. They believe that the crypto industry is going to mature just like the dotcom bubble, which also saw quick expansion, a subsequent collapse, and eventual industry maturity, and they think that issues about liquidity will continue to filter out the crypto companies that have depended on hype cycles.
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