Ripple’s 2023 New Value Report; Decoding Top Crypto Trends in Business
The recently released 2023 New Value Report by Ripple, a leading player in the cryptocurrency and blockchain industry, paints an illuminating picture of the top trends shaping the global business landscape. The annual thought leadership publication, now in its sophomore year, provides a glimpse into the trajectory of crypto and blockchain solutions in businesses and beyond.
Per the report, this year’s edition focuses on three key areas –Tokenize, Manage and Move. It further presents insights from over 1,700 financial leaders worldwide, exploring decentralized institutional finance (DeFi), tokenization, Central Bank Digital Currencies (CBDCs), and much more.
Exploring the Key Crypto Trends
The report’s findings indicate an overwhelmingly positive sentiment toward cryptocurrency. Despite some volatility, over 90% of the respondents forecast a significant impact of crypto on business, finance, and society within the next three years. This shows that, instead of being deterred by turbulence, global financial leaders are leaning into crypto’s potential to drive meaningful change.
Notably, anticipation for tokenized real-world assets is on the rise. According to Boston Consulting Group, tokenizing global illiquid assets could present a $16 trillion business opportunity by 2030. In alignment with this, 72% of the respondents foresee using tokenization to drive innovation in their business in the coming years.
The report further suggests that payments remain the top use case for crypto. Nearly half of the global finance leaders view payments as the main gateway to crypto adoption. They acknowledge the role of crypto in accepting payments, enabling customers to make crypto payments, and facilitating cross-border transactions.
Another intriguing trend is the growing interest in institutional DeFi. Even though it’s a relatively new field, 76% of respondents are exploring the potential of institutional DeFi in driving business innovation, particularly in risk management, liquidity, and identity areas.
Despite these promising trends, challenges remain in achieving widespread crypto adoption. Concerns around privacy, regulatory clarity, risk management, and price volatility must be addressed to make crypto-enabled solutions a standard across industries.
However, the accelerating consumer demand, tangible business use cases, and the shift towards real-world utility are driving crypto adoption. It’s not a question of if but when businesses and financial institutions will leverage crypto’s advantages like speed, transparency, and cost savings.
XRP 24-Hour Price Analysis
In accordance with data from CoinMarketcap, Ripple (XRP) cryptocurrency has seen a surge of bullish activity over the last day. The token’s value reached new heights, hitting $0.5134, before going even higher to its current price of $0.5270.
Additionally, XRP’s market capitalization has witnessed a significant rise of 4.18%, reaching an intraday high of $27 billion and securing it the 6th position in market rank. However, it wasn’t all positive news, as XRP’s trading volume saw a substantial drop of nearly 24%, settling at around $2 billion.