XRP Price Prediction as Ripple CEO Announces Plan to Utilize $1 Billion Cash Reserves for Company Expansion
XRP, the cryptocurrency issued by US fintech firm Ripple, could see massive price gains if CEO Brad Garlinghouse’s plan to spend $1 billion on acquisitions proves successful.
The plan to spend up to a billion dollars from the company’s cash reserves was announced by Garlinghouse in an on-stage interview at the Dubai Fintech Summit last week, where the CEO made it clear that Ripple is ready to grow.
“We have more than a billion US dollars in cash on our balance sheet, we want to deploy that to grow both organically internally but also inorganically through acquisitions,” Garlinghouse said from the stage.
The CEO further pointed to Switzerland and the United Arab Emirates (UAE) as countries that are attractive places for Ripple to look for companied to acquire.
“[…] we’ll make acquisitions in markets that are friendly to these technologies […] You had representation from the UAE, you had representation from Switzerland, these are countries that are providing the clarity for entrepreneurs to invest and that allows a company like Ripple, that is larger, [to invest],” he said.
If Garlinghouse’s plan proves to be successful and more companies start using XRP for liquidity in cross-border payments, there is reason to believe that XRP would also rise in price.
During the massive bull market of 2017 and early 2018, XRP traded well above the $3 mark as optimism around the token’s use case surged.
However, the positive sentiment later vanished, and XRP traded as low as $1.15 during the subsequent bear market, before it once again hit north of $1.8 in the latest bull market.
If Ripple manages to cement its position as the leading provider of cross-border crypto payments, prices like those seen in the 2021 bull market could perhaps again be
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