Ripple Stands First Over 15 Competitors For CBDC

• Ripple targets a $213B reach of CBDC by the end of 2023.
• As per CoinMarketCap, XRP prices at $0.459 currently.

Ripple has its own cryptocurrency token named XRP. A recent study proclaimed that Ripple topped among the other 15 established competitors for Central Bank Digital Currencies (CBDC).

Meanwhile, Juniper Research, a digital sector reported that 213 billion dollars turn as the target reach annually by the end of 2030 and considerably 0.1K million in 2023. This was reported in Juniper Research on March 13 in Hampshire, United Kingdom.

Ripple’s $213B Target via CBDC

As per the reports, the subsequent growth of CBDC is declared to be over 2,60,000% but possibly, the true potential will be acknowledged in the upcoming years. Also, the motto of this report is to encourage financial add-ons and secure digital payments. In the long run, the domestic payments through XRP might count as 92% of the overall payments by the year 2030. 

However, Ripple’s cross-border payments are enabling the CBDC in each country. Juniper Research report’s author named Nick Maynard added:

“While cross-border payments currently have high costs and slow transaction speeds, this area is not the focus of CBDC development. As CBDC adoption will be very country-specific, it will be incumbent on cross-border payment networks to link schemes together; allowing the wider payments industry to benefit from CBDCs.”

On the other hand, the report points out the commercial product development lagging which recommends an end-to-end solution for the CBDC platform in the future term. Furthermore, Ripple works on pilot projects capitalizing on several countries. According to CoinMarketCap, XRP values $0.459 at a 0.41% increase regardless of the constraints. Whereas, there is a chance of a price surge since Ripple ranks first and as a leader for CBDC over the other competitors. 

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