- Ripple’s XRP ledger is paving the way for tokenization for a variety of valuable assets.
- Tokenization is gaining more popularity and XRPL can benefit from it if growth is maintained.
Ripple’s use of tokenization will be of major benefit to its network and native token. Tokenization will be in demand for its ability to track asset ownership using Blockchain technology.
$1 trillion is the value tokenization it is expected to hit in 2024. That value is expected to surge to $10 trillion by 2028.
Tokenization still has some barriers to demolish. Adoption is slow, but demand across big financial top-dogs is increasing.
Ripple’s XRP Lenger (XRPL) was the first blockchain to aid tokenization for a large number of assets. These assets include stablecoins, NFT tokens, and other cryptocurrencies like Bitcoin and Ethereum. The USD, Euros, gold, and even stocks can be tokenized, thanks to XRPL.
Although it is happening at a slower pace, XRPL is noting some big achievements on the Blockchain network. In a report recently published by Ripple, it was noted that on-chain activity on the XRPL platform was buoyant.
Tokenizing any asset on the #XRPL is easy as pie!🥧 All you need is a few lines of code, or a web interface that walks you through the process step-by-step.
Check out this video to review the basics. https://t.co/PJoKqp4YCG pic.twitter.com/Hhjb5zLE4j
— RippleX (@RippleXDev) February 2, 2023
The amount of transactions on the platform have skyrocketed this year. The ledger now records over a whopping 3 million to 106 million transactions.
NFT transactions are also experiencing the same levels of growth. In the last quarter, new wallet uses totalling 228,000 were ushered into the ledger.
Ripple also reported that Ripple has so far made a $8.4 billion purchase since the SEC lawsuit began.
XRPL surely holds the keys to a massive price hike for XRP, should it succeed in the Crypto market.
SEC vs Ripple; case so far
Meanwhile, the ongoing SEC vs Ripple case is entering a crucial period. The verdict of the case is expected to influence the price and performance of XRP, either in a positive or a negative manner.
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The motions for summary judgment have already been briefed last year. All that is left for the case’s conclusion is a judge’s ruling, which the public awaits.
There’s no specific date for when the case will eventually come to a close. But the CEO of Ripple, Brad Garlinghouse, insists that there will be an update within the first three months of 2023.
On the other hand, attention can be given to XRP’s price movement. XRP does not seem to be holding up too well at press time. XRP spiked by 1.14% in the last 24 hrs. But XRP’s losses outweigh the gains at the moment. XRPA’s price is now $0.415.