How High Can XRP Price Rise if Ripple Replaces the SWIFT Financial System?
- Patricia ArquetteOriginal
- 2024-10-31 10:06:15883browse
A YouTube video from The JWK Show Too, delves into the potential for Ripple's XRP to replace the SWIFT payment system.
A recent YouTube video from The JWK Show Too explores the possibility of Ripple’s XRP token replacing the SWIFT financial system, with support for the analysis coming from a Forbes report.
The Forbes report highlights how Ripple is targeting banks and financial institutions rather than retail users. It positions itself as a superior alternative to traditional cross-border payment methods like SWIFT.
If Ripple manages to supplant SWIFT, the analyst notes that XRP could be handling trillions of dollars in transactions. Such a high transaction volume could lead to a significant surge in XRP’s price, with AI predictions estimating it could reach anywhere between $50 and $500.
Further analysis from Watcher Guru predicts a more conservative value of $10 for XRP if it replaces SWIFT. However, the analyst finds this figure quite low, arguing that given SWIFT’s extensive daily transaction volumes, a much higher valuation for XRP is more plausible.
The video also touches on Ripple’s active engagement with key industry players. For instance, James Wallace participated in a panel discussion alongside Citibank’s Grace Chow at the New York Summit 2024, showcasing Ripple’s involvement in critical financial discussions.
Major companies like Citibank, S&P Global, and Coinbase were present at the summit, underscoring Ripple’s strategic positioning in the financial landscape.
The analyst recounts the ongoing rivalry between Ripple and Citibank. In a 2023 incident at the World Economic Forum in Davos, Ripple’s CEO, Brad Garlinghouse, pointedly referenced competition with Citibank’s liquidity services and SWIFT’s messaging system.
This rivalry was further fueled by Ripple’s acquisition of the custody platform Medico, which previously serviced Citibank. Following this acquisition, Citibank severed ties with Medico and even terminated Garlinghouse’s personal banking relationship.
Despite these challenges, the analyst remains optimistic about Ripple’s potential for growth and broader banking adoption. The video suggests that if XRP gains traction among banks globally, competitors may eventually need to adopt it to remain relevant in the evolving financial ecosystem.
In other news, the integration of the XRP Ledger with Metamask is announced, allowing its 30 million active monthly users to access XRP accounts seamlessly. New secure wallets for the XRP Ledger are also undergoing audits, enhancing security for users.
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