Ripple, the San Francisco based tech company that has been making waves in the industry, recently announced that it has taken a dive into the music industry using the XRP token. The company that has gotten Ripple’s attention is called Raised in Space Enterprises. It is led by the former CEO of BMG, Zach Katz and was founded by Ithaca Holdings.
Ripple Invests In Music Industry Using Xpring
The startup will serve as an investment group focusing on helping founders in developing innovative solutions that will be used in the music industry. This platform will provide guidance from the inception process to the adoption process. The startup Ripple has interest in has its headquarters in Santa Monica California. This is home to some of the world’s biggest record labels.
Ripple made the investment in the music startup using the Xpring initiative. This is according to the senior vice president of Xpring, Ethan Beard. Beard believes that this collaboration will make great things happen. The primary goal is to redesign the music industry using blockchain technology and cryptocurrencies. In his words:
“We are happy about the potential of blockchain technology to solve problems in the entertainment industry. It can be applied in a variety of ways from monetization of content to improving fan engagement. Ripple’s Xpring is used to empower innovative entrepreneurs who want to apply the new technology in novel ways.”
Beard said that forming the company is one step in the right direction. He continued:
“Developing the company is the first and most crucial step. Now, entrepreneurs can develop new solutions to reshape the entire music industry.”
What This Means For Ripple
Raised in Space Enterprises intends to build a community of experienced tech and music leaders who will focus on adding value to music. It is still deciding how to boost the adoption of XRP. This is something that is going to come when Ripple leverages the large audience of the music industry.
Ripple’s move into the music industry is one of the many attempts the company is making to ensure massive adoption of XRP and other Ripple solutions. If the company is able to find many use cases for its technology, there will be an increase in adoption. As long as the xRapid solution is gaining ground, XRP will gain ground too. This is because the xRapid, unlike xCurrent, depends on XRP. An increase in the adoption of XRP will lead to an increase in demand which will subsequently lead to a rise in the price.
XRP (XRP) Price Analysis
For now, XRP is trading red against the USD. The second largest cryptocurrency per market capitalization is struggling to hold on to the gains it gathers during the recent bull rally. Unfortunately, the bears are still in control of the market for now. The bulls will need to surge above the January 30th high if there is to be any hope of a takeover.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP was trading at $0.292627. This means that it is down by 1.98% against the USD and down by 0.42% against Bitcoin. The trading volume over a 24 hour period is $461,968,069 and the market capitalization is $12,047,202,947.
Do you think finding use cases in the music industry will boost the adoption of XRP? Feel free to share your thoughts.