XRP Price Prediction as Former Ripple Executive Says Smart Contracts are Coming – XRP to $1 Before 2023?
XRP price is up a subtle 1.1% on the day ahead of the weekend session. A buy signal may confirm on the daily chart within the day, bolstered by hints from a former Ripple executive that smart contracts will soon come to the XRP Ledger.
According to VanEck, a leading global investment manager, smart contracts in blockchain refers to an application or program. Think of it as a digital contract controlled by a predetermined set of guidelines.
Smart contracts have allowed people to create trustless programs that do not require further human intervention. Ethereum (ETH) is the largest smart contracts platform in the blockchain industry – others include Solana (SOL) and Cardano (ADA).
Matt Hamilton, Ripple's former director of developer relations, has insinuated that smart contract will soon arrive on the innovative XRP Ledger. According to Hamilton, the blockchain has inbuilt functionality for features like "fungible tokens, NFTs, escrows, multisig, and DEX." However, smart contracts are in development.
Smart contracts on the XRP Ledger will make the blockchain a direct competitor to Ethereum, Cardano and Solana, among other similar platforms. XRP's utility would grow exponentially, bolstered by its high transaction throughput.
Ripple is known for enabling cross-border payments worldwide using the On-Demand Liquidity (ODL) system. Most of its strategic partners are banks spread across key regions globally. As XRP's utility increases, so will its demand, thus paving the way for a rally and the possibility of reclaiming the third position in the market behind Bitcoin and Ethereum.
XRP price sits on top of the robust demand area, marginally above $0.30. The international money transfer token has, since June, upheld this support.
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