XRP predicted to challenge SWIFT, could surge to $10,000
Investing.com | Editor Rachael Rajan
Published Nov 24, 2023 12:12PM ET
The digital currency XRP is at the center of discussions about revolutionizing the global finance system, with Edward Farina from XRP Healthcare suggesting the coin could see an unprecedented rise in value if it captures even a fraction of the market currently dominated by SWIFT. Farina highlighted XRP's potential during today's conversations, citing its transactional efficiency and scalability as key factors that could see it become a major player in international finance.
Farina pointed out that XRP's current trading price stands at $0.6177, a figure dwarfed in comparison to the speculated $10,000 value should the cryptocurrency gain traction among financial institutions worldwide. The rapid 3-second settlement time of XRP transactions and an average fee of just $0.0002 were contrasted with the slower and more costly services provided by SWIFT, suggesting a significant competitive edge.
RippleNet, the blockchain network behind XRP, is seen as a viable contender to take over a substantial portion of SWIFT's transaction volume. This shift could lead to a dramatic increase in demand for XRP. Farina's theory is supported by Crypto Eri's highlighting of Ripple CTO David Schwartz's remarks on how higher liquidity can lead to increased asset prices and make high-value transfers more economical using XRP.
The optimism around XRP is further bolstered by Grayscale’s report, which identifies the cryptocurrency as a strong competitor for fast and cost-effective international payments. Moreover, with upcoming European Exchange-Traded Products (ETPs) and strategic partnerships such as Metaco/HSBC for security token custody and the National Bank of Georgia for Central Bank Digital Currency (CBDC) initiatives, there is potential for significant growth in XRP’s value.
XRP also boasts impressive technical capabilities with a reported throughput of 3,400 transactions per second (TPS), outperforming Bitcoin (BTC) and Ethereum (ETH) in terms of scalability. This advantage is crucial as XRP vies to transform cross-border payments and challenge the established financial messaging service SWIFT.
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